Wedding Planning (Services) Industry is Estimated to Reach $414.2 Billion by 2030, Registering a CAGR of 4.8% From 2021 to 2030

The global wedding services market size was valued at $160.5 billion in 2020, and is projected reach $414.2 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030. Catering services segment led in terms of Wedding services Market Share in 2020 and is expected to retain its dominance throughout the forecast period.

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Destination wedding is becoming very trending and popular among millennial and every 1 out of 4 couple is opting for destination wedding in the American region. In addition, the wedding in New York City are the most luxurious destination weddings by far. It is not astonishing that the average wedding cost is over $70,000. In addition, the top locations for destination weddings in the U.S. are California, Florida, and Nevada and the top locations for destination wedding outside the U.S. are Mexico, Caribbean, and Hawaii. Furthermore, 350,000 destination weddings take place every year and Las Vegas is the leader for weddings with around 1 lakh and more weddings per year. In addition, destination weddings are a very popular option for second marriages and every 1 in 3 of all destination weddings are from second marriages. Therefore, the ratio of a couple opting for destination wedding is rising every year, which is propelling the Wedding services Market growth in the process.

The wedding services industry is growing at a significant pace, and is anticipated to continue this trend in the coming years. Wedding events are playing a vital role in revenue generation and brand equations for corporates and associations. This industry is witnessing the entry of new and independent players who are leveraging technology to gain a competitive advantage in the today's consolidated environment. Conversely, the focus of companies is to enhance attendee experience and witness successful completion of a wedding services without any hindrance, thus driving the growth of the wedding services industry.

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In addition, a new products have been launched in the market in order to provide more realistic experience to the couples planning virtual weddings. In comparison to traditional photos and videos of a wedding venue, these products give couples the most realistic experience next to physically standing in an event space. With today's sheltering recommendations in place, this resource allows couples to take a real-life walk-through of a venue property completely virtually on any screen from home. Therefore, the industry is becoming dynamic in nature and is adapting the changing trends, which is propelling the market growth.

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The local wedding segment to maintain its leadership status throughout the forecast period

Based on wedding type, the local wedding segment held the highest market share in 2020, accounting for more than three-fourths of the global wedding services market, and is estimated to maintain its leadership status throughout the forecast period. There is more value and importance being held toward experiences first trend, which is propelling the couples to opt for local wedding. Moreover, the destination wedding segment is projected to manifest the highest CAGR of 5.6% from 2021 to 2030, owing to rise in trend toward destination wedding among the millennial couples.

The offline booking segment to maintain its lead position during the forecast period

Based on booking type, the offline booking segment accounted for the largest share in 2020, contributing to nearly three-fourths of the global wedding services market, and is projected to maintain its lead position during the forecast period. This is because numerous couples prefer to see what they'll be getting in person rather than ordering online. However, the online booking segment is expected to portray the largest CAGR of 5.5% from 2021 to 2030. Now-a-days people are preferring online wedding planners and bookings for their marriage, which is propelling the market growth for online booking of wedding services around the world.

Asia-Pacific, followed by North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly half of the global wedding services market. Moreover, the same region is expected to witness the fastest CAGR of 5.3% during the forecast period, as wedding services markets of Asia Pacific particularly from South East Asia are identical with opulent, extortionate multiple-day celebrations, which comprise a huge crowd with big celebration.

Leading Market Players

Augusta Cole Events
Colin Cowie
David Stark
Fallon Carter
A Charming Fête
Nordic Adventure Weddings
JZ Events
Lindsay Landman
Eventures Asia (Bali)
BAQAA Glamour Weddings and Events

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