The Personal Care Services gross output in the US reached $108.07 billion in 2023, showing a steady growth since 2013. Despite a slight dip in 2020 due to the pandemic, the sector rebounded with a notable recovery of 7.94% in 2021. Year-on-year growth in 2022 and 2023 was moderate at 2.43% and 2.33% respectively. Over the last five years, the average annual growth rate (CAGR) was 2.55%.

Future projections from 2024 onward indicate a slower growth rate compared to the past decade, with a forecasted five-year CAGR of 1.77%, leading to an anticipated gross output of $120.9 billion by 2028. The overall growth rate for this period is expected to be 9.15%.

Trends to watch for:

Impact of technological advancements and digital transformation in personal care services.
Shifts in consumer preferences towards sustainable and personalized care products.
Demographic changes influencing demand for different types of personal care services.