Wedding Services Market to Reach $414.2Bn, Globally, by 2030 at 4.8% CAGR: Allied Market Research
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
PORTLAND, Ore., April 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Wedding Services Market by Booking Type (Online Booking, Offline Booking), by Planning Type (Full Planning Services, Partial Planning Services, Day Of Coordination), by Service Type (Videography And Photography, Catering Services, Decoration Services, Transport Services, Wedding Planning Services, Others), By Type (Destination Wedding, Local Wedding): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global wedding services industry generated $160.5 billion in 2020, and is anticipated to generate $414.2 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.
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.
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global wedding services market, owing to implementation of lockdown.
- The revenue for wedding planning were reduced, as many couple were postponing their wedding or were getting married with limited visitors.
- Moreover, many wedding services remained closed for months, orreopened periodically for a few weeks or a month.
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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.
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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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