The Global Destination Wedding Market is expected to grow at a CAGR of 6% during the forecast period 2024-2029. The market value was at USD 25.63 billion in 2023 and the value is expected to reach USD 36.36 billion by the end of 2029.
Market Overview:
A destination wedding is usually planned at a high-end resort where all the wedding activities begin a week earlier along with the guests. The destination wedding can be small and intimate, and this wedding plan offers flexibility. A destination wedding is held away from the couple’s hometown. For tourism and travel, a destination wedding is an important business activity. The rise in the number of resorts, hotels, and flight connectivity in major places is creating interest for couples to marry at their desired destination. Now a day, couples are seeking unique and personalized experiences abroad that are anticipated to fuel the global destination wedding market.
Market Drivers:
The rise in the economy is a major driving factor for the destination wedding market to grow eventually. Couples' interest in marrying at their desired destination is inclined to propel the demand of the market to the extent.
Key players are offering all-inclusive discounts on the packages where the cost of the destination wedding is less comparatively. This is likely to prompt the growth rate of the market. Lifestyle changes and prior intimate marriages are accelerating the demand for the destination wedding market. Growing awareness of the destination wedding through social media influencers is also a factor that contributed to escalating the growth rate of the market. Many people are turning destination weddings into grand and once-in-a-lifetime vacations. This attribute is positively impacting the growth rate of the market. Also, destination wedding plans are personalized according to the couple’s interests. The players provide multiple options for the couples in various aspects like cuisine, ambience, and themes. This factor is enhancing the growth rate of the destination wedding market.
Market Restraints:
However, the growing costs of tour packages are slightly degrading the demand of the destination wedding market. Lack of complete knowledge of the events involved in the destination wedding is also hindering the growth rate of the market.
Market Opportunities:
The increasing prevalence of green wedding events and international scenic locations is attributed to providing growth opportunities for the market. Providing additional events such as pool parties, tracking, beauty pageants, and others are key trends for market growth in the future.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 – 2029 |
|
Base Year |
2023 |
|
Forecast Period |
2024 - 2029 |
|
CAGR |
6% |
|
Segments Covered |
By Season, Inclusion & Activity, Guest Capacity, Functions, Venues, Booking Channel, and Region. |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
White Eden Weddings, FiestaSol Tropical Wedding & Honeymoon, Magical Weddings, Sparkles & Bubbles, ALL THINGS BEAUTIFUL, PLANNED FOR PERFECTION, Peach Perfect Weddings, The Wedding Travel Company, LM WEDDING PLANNER, Jennifer Fox Weddings, W Day, The Destination Wedding, Wedding Planner Roma, Studio Brzak Events, and Others. |
Market Segmentation:
Mid-peak season segment held 26% of market shares. This segment has the dominant shares owing to the favourable weather conditions. The high-season segment is expected to have the highest CAGR with increasing disposable income amid rising costs in many developing countries.
The accommodation services segment is expected to register the highest CAGR, whereas the food service segment is anticipated to have the dominant share of the destination wedding market.
The below 100 guests segment is likely to have prominent shares of the market. The rising trend for micro wedding/intimate weddings due to the effect of the corona is majorly propelling the demand of the below 100 guests segment.
The wedding ceremonies segment is ruling the shares of the destination wedding market. The reception segment is next in leading the prominent shares. This segment is holding 33% of market shares over the forecast period. Wedding ceremonies are easy to implement and simpler to plan.
The international venue segment is accounted in holding 66% of destination wedding market shares. The growing prevalence of international venues among millennials is a major factor contributing to propelling the demand for the international venue segment. Their interest in a unique place for a wedding is enhancing the demand for this segment steadily. The national venue segment is also likely to grow at a significant rate as people in remote areas prefer their weddings according to their budget.
The in-person booking segment is leading with the dominant shares. 43% of shares are accounted for by the in-person booking segment. With the increasing IoT, the demand for the online booking segment is gaining traction over the shares of the destination wedding market.
North America is significantly holding the highest shares of the destination wedding market owing to the increasing economy and rising demand for intimate ceremonies. The US accounted for around 50% of shares in 2021, owing to the rising number of destination weddings. The increasing prevalence of eco-tourism is likely to lavish the destination wedding market growth.
Offering attractive discounts in packages is majorly gearing up the demand of the market in Europe. The presence of cultural and heritage locations in the country is leveraging the demand of the destination wedding market.
The Asia Pacific destination wedding market shares are esteemed to hit the highest CAGR in the coming years. India's destination wedding market is likely to have the largest shares. In India, the demand for destination weddings is rising enormously owing to the presence of popular traditional locations. Jodhpur, Jaipur, Udaipur, Mussoorie, Jim Corbett National Park, and others are popularly known as destination wedding locations in India. These places rely completely on wedding packages that attract customers. The growing population is also a factor in the increasing demand for destination weddings in APAC. Destination wedding market shares are booming in India owing to the launch of favorable tourism packages. The Middle East & African destination wedding market is likely to have growth opportunities in the forecast period.
Competitive Landscape:
Many key players are focussing on collaborations and partnerships along with finding a new location for wedding venues. This is expected to enhance the market position of the key player.
COVID-19 disrupted the destination wedding market shares. Many marriages got postponed across the world due the COVID-19 in 2020 and 2021. 45-80% of all weddings got canceled or postponed across the world. Because of the pandemic, millions of dollars stand to lose that rely on summer weddings. During the pandemic, tours and travel have been affected the most, where flights are cancelled, hotels are closed, and travel controls are enforced. This negatively impacted the growth rate of the destination wedding market. However, from 2021, the destination wedding market shares started to rise.
Market Key Players:
Key Developments in the Market:
Frequently Asked Questions
The market is expected to grow at a CAGR of 6% during the forecast period 2024-2029.
Lifestyle changes and rising social media influencers are driving the demand in the destination wedding market.
White Eden Weddings, FiestaSol, Tropical Wedding & Honeymoon, Magical Weddings, and Sparkles & Bubbles are top key players in the destination wedding market.
North America is gaining traction over the shares of the destination wedding market.
The wedding ceremonies segment is holding 33% of shares in the destination wedding market.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region