Wedding Services Market to Reach $414.2 Billion, Globally, by 2030 at 4.8% CAGR: Allied Market Research

According to a new report published by Allied Market Research, titled, "wedding services Market," The wedding services market size was valued at $160,587.40 million in 2020, and is estimated to reach $414,285.70 million by 2030, growing at a CAGR of 4.8% from 2021 to 2030.Catering services segment led in terms of market share in 2020 and is expected to retain its dominance throughout the forecast period.

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Prime determinants of growth

Every 1 out of 4 couples are opting for destination weddings in the American region, which is driving the growth of the global wedding services market. However, high cost of destination wedding hinders the market growth. On the other hand, the ratio of couple opting for destination wedding is rising every year, whichpresents new opportunities in the coming years.

Destination wedding is falling under wedding services market trends and is also becoming popular among millennial and every 1 out of 4 couples is opting for destination wedding in the American region which is leading to rise in wedding services market demand worldwide. In addition, the wedding in the New York City are the most luxurious destination weddings by far. It is not astonishing that the average wedding costs 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 very 1 in 3 of all destination weddings are from second marriages. Therefore, the ratio of couple opting for destination wedding is rising every year, which is propelling the wedding services market growth in the process.

However, the market is facing stiff challenge, according to the latest data from the National Centre for Health Statistics, marriage rates hit an all-time low in the year 2018, which is the most recently recorded year. Furthermore, the national marriage rate fell from 6.9 to 6.5 marriages every 1,000 people from 2017 to 2018. This drop in marriage ratio was a primarily noticeable change in a fairly-steady trend over the past decade, which is following a long decline starting in the mid of the year 1980s. In the year 2001, the national rate was 8.2 marriages per 1,000 people. Furthermore, while marriage rates have dropped for everyone; however, past Social Capital Project research has clarified that rates have majorly declined among those in middle and lower economic quintiles and minorities. Shrunken weddings is associated with increases in unwed childbearing over the last few decades, majorly for minority and less economic groups. Therefore, declining marriage rate is leading to drop in Wedding services Market demand.

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.

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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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