The Indian Matrimony Market Landscape Has Changed
Published by Sharekhan Education | July 25, 2022
The Indian Matrimony Market Landscape Has Changed
Amit Pathak | Sharekhan Education
Introduction:
India believes in matrimony, where pre-marital relations are often frowned upon culturally. Matchmaking has traditionally been a very fragmented and unorganized industry in India, with friends and family being the predominant channel of matchmaking. Classifieds on Matrimony have gradually moved to digital from print. Indian matrimonial websites are a new and popular medium for seeking marriage partners. They have a large pool of candidates to choose from and profiles from various communities and geographical locations.
Growth of the Matrimony Market:
India has one of the youngest populations in the world, with a median age of 26.7 years. The estimated size of the population between the age of 18 and 44 years was pegged at 0.6 billion. India has seen incremental growth in its urban population over the past decade. The expected urbanization rate reaching 37-38% by 2025 will drive the demand for online matchmaking in these locales. About 10-12 million marriages take place every year in India, and less than 10% are online as of now. So, there’s plenty of scope in the online matrimony market.
The impact of the Covid-19 pandemic on matrimonial sites has been surprisingly positive. As people were confined to their houses, they spent more time actively browsing online matrimonial websites to find the right match. New registrations on matrimonial sites have witnessed a growth of 20-30 percent. The users are now more engaging in online matrimony services to find their match via voice and video calling. This interface is user-friendly for youths as well as parents, and the simple process adds value to the business as well as the clients.
People initially chose matrimony sites because none of the other options had succeeded for them. Now, though, the situation is quite different. Many top players in the industry have now created sites that cater to a specific market. For instance, today if elites or doctors wish to marry within their circle, these matrimonial sites cater to that particular need. Indians, either divorced or widowed, are increasingly creating second marriage profiles, marking a notable trend in the industry. Match-hunting has now become a sort of family affair.
About Bharat Matrimony:
The golden age of internet matrimony is clearly upon us. In this space, we are having a positive view of Matrimony.com, whose flagship brand is Bharat Matrimony. Matrimony.com is the market leader with more than 60 percent share. Revenues are expected to grow at 11% CAGR over FY22-24E on the back of healthy subscriber addition, increased penetration in north India, and inorganic opportunities. It has forward integrated into providing marriage services by aspiring to become a one-stop shop for customers. It’s WeddingBazaar online marketplace provides wedding-related services, with over 75,000 vendors. On the other hand, Mandap.com is a wedding venue booking platform, which provides the facility to book from more than 25,000 mandaps, banquet halls, and convention halls across the country.
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