Dublin, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The "Global Wedding Services Market Outlook 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The global wedding service market is expected to grow from $175.46 billion in 2022 to $196.58 billion in 2023 at a compound annual growth rate (CAGR) of 12%. The market is expected to reach $295.47 billion in 2027 at a CAGR of 10.7%.
Quick Summary
The global wedding service market is witnessing robust growth, driven by an increasing number of marriages worldwide. The market represents a diverse array of services aimed at aiding and enhancing the matrimonial experience. Wedding services run a vast gamut from expertise and coordinative roles, ensuring a stress-free, memorable, and personalized wedding, to creative platforms such as Pearl by David's Bridal - an all-encompassing wedding planning and vendor connection tool. The growth in marriages, evidenced by data from the Centers for Disease Control and Prevention, signals a promising trajectory for the wedding service market.
The market is also witnessing a surge in innovation with major companies focusing on bolstering their offerings. Asia-Pacific emerges as a key region in the wedding service sector, while major players like BBJ Linen, Generation Tux, and David Stark Design continue to conceptualize and deliver innovative solutions. The wedding service market research report offers unparalleled insight into this dynamic market, providing crucial information on market trends, opportunities, and future scenarios vital for thriving in the wedding service industry.
Rising Marriage Numbers Fuel Growth in the Wedding Services Market
The wedding services market is set to experience significant growth, largely driven by an increasing number of marriages. Wedding services have emerged to support and enhance the marriage experience by offering expertise, reducing stress, ensuring smooth coordination, and creating personalized and memorable wedding events.
A notable example of the impact of rising marriages is seen in the United States, where the Centers for Disease Control and Prevention reported an increase in the total number of marriages from 1,676,911 in 2020 to 1,985,072 in 2021. This surge in marriages is expected to be a driving force behind the growth of the wedding services market.
Innovation Revolutionizes the Wedding Service Market
In the wedding service market, innovation is a prominent trend as major companies are dedicated to developing creative solutions to bolster their market presence. For instance, David's Bridal, a US-based bridal garment store, introduced "Pearl" in January 2023. Pearl is an all-in-one management platform and vendor marketplace that revolutionizes wedding planning. It serves as a comprehensive platform for brides to plan their weddings and connect with thousands of local suppliers across the United States. With Pearl, all aspects of a couple's wedding are seamlessly consolidated, simplifying the planning, organization, and enjoyment of this special day.
Asia-Pacific Leads the Way in the Wedding Service Market
As of 2022, Asia-Pacific stood as the largest region in the wedding service market. The market report covers various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa. Key countries featured in the report encompass Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Italy, Spain, and Canada.
Prominent Players in the Wedding Service Market
The wedding service market boasts a range of major players offering a diverse array of services. Some of the notable names in the industry include:
- BBJ Linen
- Generation Tux
- David Stark Design
- Couture Events
- Easton Events
- Geller Events
- Bridal Bliss
- Oren Co
- Amorology LLC
- LISA VORCE CO
- Alison Events
- KT Merry
- Chic Weddings
- Holly-Kate and Company
- Wedding Spot
- J.Lemons Events
- Genius Eventi S.r.l
- Bash Please
- Bluebird Productions
- Calder Clark
- Michelle Rago Destinations
- A Savvy Event
- Calluna Events
- Emily Clarke Events
- Stefanie Cove and Co.
- BAQAA Glamour Weddings and Events
- Marcy Blum Associates Inc
- Downey Street Events
- Firefly Events
- Zest Events
Strategic Acquisition Enhances The Knot Inc.'s Global Reach
In February 2023, The Knot Inc., a prominent US-based wedding coordinator, made a significant acquisition by purchasing Zankyou Ventures SL for an undisclosed sum. This strategic move positions The Knot to further develop and expand its product offerings for engaged couples and wedding planners on a global scale. Zankyou Ventures SL, headquartered in Spain, is known for providing wedding planning services, adding valuable expertise and capabilities to The Knot's portfolio.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $196.58 Billion |
| Forecasted Market Value (USD) by 2027 | $295.47 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Wedding Service Market Characteristics
3. Wedding Service Market Trends and Strategies
4. Wedding Service Market - Macro Economic Scenario
4.1. Impact of High Inflation on Online Therapy Services Market
4.2. Ukraine-Russia War Impact on Online Therapy Services Market
4.3. COVID-19 Impact on Online Therapy Services Market
5.1. Global Wedding Service Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
5.2. Global Wedding Service Forecast Market Size and Growth, 2022 - 2027, 2032F, Value ($ Billion)
5.3. Global Wedding Service Market Drivers and Restraints
5.3.1. Drivers of the Market
5.3.2. Restraints of the Market
6. Wedding Service Market Segmentation
6.1. Global Wedding Service Market, Segmentation by Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Destination Wedding
- Local Wedding
6.2. Global Wedding Service Market, Segmentation by Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Videography and Photography
- Catering Services
- Decoration Services
- Transport Services
- Wedding Planning Services
- Other Service Types
6.3. Global Wedding Service Market, Segmentation by Planning Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Full Planning Services
- Partial Planning Services
- Day of Coordination
6.4. Global Wedding Service Market, Segmentation by Booking Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Online Booking
- Offline Booking
7. Wedding Service Market Regional and Country Analysis
7.1. Global Wedding Service Market, Split by Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Wedding Service Market, Split by Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/kbp20j
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