Wedding services market seen reaching $414.3 billion by 2030

Allied Market Research projects the global wedding services market will grow from $160.6 billion in 2020 to $414.3 billion by 2030, supported by destination weddings and planning demand. The report also flags offline booking, catering and North America as current leaders even as declining marriage rates remain a drag.

Why it matters: - The wedding services market is projected to more than double by 2030, pointing to steady demand for planning, catering, photography and destination-event support. - Growth in destination weddings is helping offset pressure from falling marriage rates in some markets.

What happened: - Allied Market Research said the global wedding services market was valued at $160,587.40 million in 2020 and is estimated to reach $414,285.70 million by 2030. - The market is forecast to grow at a CAGR of 4.8% from 2021 to 2030. - The report said the full planning services segment is expected to be the fastest-growing planning category during the forecast period. - The report also said catering services led the market in 2020 and should keep its lead through the forecast period. - The research covers booking type, planning type, service type, wedding type and region.

The details: - Offline booking is expected to remain the dominant booking type and gain market share in the coming years. - Online booking is included as a separate segment in the report. - Service categories in the study include videography/photography, catering, decoration, transport, wedding planning and others. - Destination weddings and local weddings make up the wedding-type split. - North America led the market in 2020 and is expected to stay dominant through the forecast period. - The report also covers Europe, Asia-Pacific and LAMEA. - The report says destination weddings are increasingly popular with millennials. - The report says 1 in 4 couples in the American region choose a destination wedding. - The report says the average wedding cost is above $70,000. - The report says top U.S. destination wedding locations include California, Florida and Nevada. - The report says top destination wedding locations outside the U.S. include Mexico, the Caribbean and Hawaii. - The report says 350,000 destination weddings take place every year. - The report says Las Vegas hosts around 100,000 or more weddings per year. - The report says 1 in 3 destination weddings are second marriages. - The report includes companies such as Augusta Cole Events, Colin Cowie, David Stark, Fallon Carter, A Charming Fête, Nordic, Adventure Weddings, JZ Events, Lindsay, Landman, Eventures Asia and BAQAA Glamour Weddings & Events. - The report includes a sample request link: Request the sample PDF. - The report includes a purchase inquiry link: Enquire before buying.

Between the lines: - Destination weddings are carrying outsized importance because they tend to involve higher spend and more service categories than standard local ceremonies. - The report also points to a countertrend: U.S. marriage rates fell to an all-time low in 2018, dropping from 6.9 to 6.5 marriages per 1,000 people from 2017 to 2018. - Marriage rates have declined since the mid-1980s, with sharper drops among middle- and lower-income groups and minorities, which could limit long-term market growth. - The report links smaller wedding volumes to higher unwed childbearing over recent decades, especially among minority and lower-income groups.

What's next: - Full planning services and photography/videography are expected to be among the fastest-growing parts of the market over the forecast period. - Destination weddings should remain a key growth driver as couples keep spending on premium experiences and travel-based ceremonies. - North America is expected to keep its lead, while other regions continue to contribute to global growth.