The Global Wedding Market Continues To Witness Robust Growth: Report
The 127-page report by Benzinga features data, vital statistics, trends, and competitive landscape details in the sector
The Global Wedding market has witnessed massive growth from 2017 to 2022. According to the latest Benzinga Insider Report, the Wedding market size is expected to reach multimillion USD by 2029, exhibiting a robust CAGR during the period from 2023 to 2029.
The 127-page report by Benzinga features data, vital statistics, trends, and competitive landscape details in the sector. The report is the outcome of a rigorous primary and secondary research effort that presents a comprehensive overview of the market's present and future goals. The report includes a detailed analysis of the industry's competition, categorized by application, type, and regional trends. It also provides a dashboard summary of the leading companies' past and present performance. Various methodologies and analyses have been employed to gather precise and comprehensive information about the Wedding Market.
The report also details the influence of both COVID-19 and the Russia-Ukraine conflict on the wedding market. These two factors have had substantial repercussions on global supply chains and the pricing of raw materials.
This report assumes significance when seen In the Indian context as India is the fourth largest wedding industry in the world, India spends about 130 billion USD annually on weddings, just behind energy, banking, and insurance as per media reports.
The global wedding services market size was valued at $160.5 billion in 2020 and is projected to reach $414.2 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030. Within the global wedding market, the destination wedding segment is expected to grow to $64.01 billion in 2026 at a CAGR of 31.5%. As per experts the reason for this spike in destination weddings is the fact that destination weddings can at times be more cost-effective than traditional weddings
India is projected to host approximately 400 million weddings in the coming 15 years, surpassing the total population of the USA, which stands at 320 million. Notably, per capita wedding expenditures in India amount to just one-tenth of those in America. However, the urban regions of India exhibit a per capita wedding expenditure of 1.5 times the latter.
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