Weddings are surreal! People get together and enjoy for at least a week at weddings. The younger generation parties well and love having fun and frolic. So, it’s no wonder that the wedding market, in general, and the marriage hall market, in particular, is rapidly growing, and the annual turnover from this business is supplementing the economy annually with huge capital.
Not to mention that the banquet halls, which are known for drawing or pooling the maximum revenue in this industry, are also being used for corporate and other family events/ceremonies. This customary use of halls is paving the way for investors and businesses to gain from the marriage hall market.
Not only this, but the wedding halls are also gradually gaining popularity as a business opportunity for those who would like to earn easy profits while owning/renting out their premises for public weddings.
And with COVID-19 restrictions being lifted, the marriage hall industry is gearing up to go places and is all set to be the next big thing! In fact, the entire $50 billion marriage sector in the country is back on track.
That said, let’s take a sneak peek at the marriage hall market and its potential.
An Insight into the Market Drivers
A host of factors fuels the wedding hall market. Some of these include:
- The elevated population levels in the South East Asian nations, including India, China, and Korea as the major contributors. More than 10 million weddings happen in India alone annually.
- Increasing disposable incomes, especially considering that the average wedding cost ranges between 20 lakhs and 5 crores. That’s an enormous amount taking into account the average monthly salary of a person, which is INR 16,000 per month.
- Increasing divorces, which are escalating marriage ratios as people often get married again.
- The consumerist attitude among the young generation is also a deciding factor.
- The rise of social media and its influence over the younger generations – especially in modern Asian countries.
The last point needs further elaboration since it paves the way for the discussion around the online dating market, which has the potential to reach a market value of $3.592 billion by 2025 at a CAGR of 8.26%. The dating industry directly contributes to the marriage market, which in return expands the need for banquet halls for marriages.
Marring Hall Market – An Amalgamation of Several Industries
If you look at the wedding hall industry, it is guided linearly by the growth of the other adjoining industries more than any other sector.
By studying their growth, we can estimate how much the wedding hall industry will grow in the forthcoming period.
- The bridal wear industry stood at $59.1 billion in 2020 and will reach $79.8 billion by 2027, with an annual estimated CAGR of 4.4% during the forecast period.
- The wedding dress market will reach an estimated $4948 million by the year 2026 at a 6.3% CAGR from the 2020’s valuation of approximately $3421.8 million.
- The wedding planning market is forecasted to maintain a steady 6% CAGR between 2021 and 2028.
- The jewellery industry will soar through the ranks with a CAGR of 8.1% and worth $480.5 billion by 2025.
- The food and hospitability industry are set to reach a market size of $479919 million by 2026 at a remarkable CAGR of 19.28%.
- The catering industry is projected to maintain a CAGR of 4.45%, allowing it to grow to $104.92 billion by 2025.
The wedding hall market is also being regulated by other sectors like the wedding consultant industry. Even the sub-sectors like the Mehndi industry contribute significantly to the ascent of the wedding hall market. Indeed, one can derive a net estimation of the rise in wedding halls across the world as the other sectors grow.
The Opportunity to Invest in Marriage Hall Market
Due to the aforementioned sectors’ rapid expansion, marriage halls are slowly coming up even in rural parts of the world. An average investment of one crore can help create a 10,000 square feet hall, given the cost per square feet is 1000 INR. Naturally, numerous investors aim to bring up their marriage halls, given it is just a one-time investment reaping benefits for an extended period.
Conclusion
With the ever-expanding population, this is the right time to take a plunge in this business. But to get into the business, one must have the right data in place. Going with experts for acquiring data can channelize your investments in the right way. Establishing and flourishing in this industry requires an average estimate of every sector that deals with the marriage industry. Collect the right information, analyze the market in the right way and then create the business pool to expand it further in desired directions.
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