The Business Research Company’s Personal Services Global Market Report 2021: COVID-19 Impact and Recovery to 2031
LONDON, GREATER LONDON, UK, January 6, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
The personal services market‘s growth is expected to be aided by stable economic growth forecast in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be about 3% from 2021 to 2023. Recovering commodity prices, after a significant decline in the historic period, is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India’s GDP is expected to grow at about 7%, whereas China is forecasted to register GDP growth of 6% in 2019. Stable economic growth is expected to increase disposable incomes, driving the demand for personal services.
The global personal services market is expected to grow from $982.6 billion in 2020 to $1057.8 billion in 2021 at a compound annual growth rate (CAGR) of about 7%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1411 billion in 2025 at a CAGR of 7%.
The personal services market consists of sales of personal services and related goods by entities (organizations, sole traders and partnerships) that provide personal and laundry services to individuals, households, and businesses. The personal services industry is segmented into personal care services market, death care services market, laundry and dry-cleaning services market, other personal services market, and private household services market.
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