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20 FEATURE HOSPITALITY BIZ SEPTEMBER, 2024
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India’s MICE Hunt

India, till recently, only got a 1 percent

share of the global MICE business. A
renewed focus on the segment through

government’s approach and the private
sector push has led to a fast-changing

scenario with a projected grow at a

CAGR of 6 percent between 2024 and
2029. Hospitality Biz presents a report.

lobally, the Meeting, Incentives, Asia-Pacific region is expected to witness the inventory in these cities. Also, air and road
Conferences and Exhibitions (MICE) fastest growth, with a projected CAGR of 10 connectivity is super. As India is emerging as
Gmarket has been rapidly growing and percent during the forecast period, largely due a fastest growing economy, lots of businesses
is predicted to grow substantially in the coming to the rapid expansion of the travel and tourism are shifting to India. China + 1 is working
years. Expected to reach approximately US$ sector in countries like China, India, and Japan. well. India is a great destination for MICE
1,466.94 billion by 2030, according to reports India, despite being one of the fastest and conventions as it offers great pre and post
the market is expected to grow at a compound growing economies, commands less than one conference tours within short distance of the
annual growth rate (CAGR) of 9.1 percent from per cent share in the global MICE business. cities,” said Chander Baljee, Chairman, Royal
2024 to 2030. This statement holds great value There is an overall push is to get a bigger Orchid Group of Hotels.
for the travel and hospitality industries. Besides share of the market. Bharat Mandapam and “This particular sector, which is genuinely
creating a substantial contribution from the YashoBhoomi in the National Capital Region unexplored, has a great potential. As of now
corporate and business travellers, the MICE have been created by the government as prime MICE is about Rs. 35,000 crore industry, but
movement also contributes significantly to the infrastructures for promoting MICE. Jio World since India is progressing in all the sector,
economic growth of a country. Major regions Convention Centre in Mumbai is another the scope for MICE and convention is huge. I
like North America, Europe and Asia-Pacific major MICE attraction, providing state-of-the- believe that not only Tier 1 cities and metros,
have conventionally led the market, and with art infrastructural facilities. Interestingly, MICE but if we can include Tier 2 and 3 cities with
improved infrastructure there is a growing is also an initiative closely monitored by the ‘A tourism facilities and convention centres, it
demand in the emerging markets too. team’ of Prime Minister Narendra Modi. will work very well. As the economy continues
Europe currently holds the largest share of “India is being perceived as a great MICE to grow, all the branded players, like Marriott,
the global MICE market, accounting for almost destination with centres in Delhi, Hyderabad, or the Accor Group, or our own home-grown
41 percent share of the market in 2022. The Bengaluru, Mumbai. There is sufficient room brands, can play a vital role to expand branded

Chander Baljee Dr Kishor Navandar Jaychandran CR
Chairman CMD Vice President (Operations)
Royal Orchid Group of Hotels Blue Billion Group Niraamaya Wellness Retreats

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