India, till recently, only got a 1 percent share of the global MICE business. A renewed focus on the segment through government’sapproach and the private sector push has led to a fast–changingscenario with a projected grow at a CAGR of 6 percent between 2024 and 2029. Hospitality Biz presents a report.
Globally, the Meeting, Incentives, Conferences and Exhibitions (MICE) market has been rapidly growing and is predicted to grow substantially in the coming years. Expected to reach approximately US$ 1,466.94 billion by 2030, according to reports the market is expected to grow at a compound annual growth rate (CAGR) of 9.1 percent from 2024 to 2030. This statement holds great value for the travel and hospitality industries. Besides creating a substantial contribution from the corporate and business travellers, the MICE movement also contributes significantly to the economic growth of a country. Major regions like North America, Europe and Asia-Pacific have conventionally led the market, and with improved infrastructure there is a growing demand in the emerging markets too.
Europe currently holds the largest share of the global MICE market, accounting for almost 41 percent share of the market in 2022. The Asia-Pacific region is expected to witness the fastest growth, with a projected CAGR of 10 percent during the forecast period, largely due to the rapid expansion of the travel and tourism sector in countries like China, India, and Japan.
India, despite being one of the fastest growing economies,commands less than one per cent share in the global MICE business. There is an overall push is to get a bigger share of the market. Bharat Mandapam and YashoBhoomi in the National Capital Region have been created by the government as prime infrastructures for promoting MICE. Jio World Convention Centre in Mumbai is another major MICE attraction, providing state-of-the-art infrastructural facilities. Interestingly, MICE is also an initiative closely monitored by the ‘A team’ of Prime Minister Narendra Modi.
“India is being perceived as a great MICE destination with centres in Delhi, Hyderabad, Bengaluru, Mumbai. There is sufficient room inventory in these cities. Also, air and road connectivity is super. As India is emerging as a fastest growing economy, lots of businesses are shifting to India. China + 1 is working well. India is a great destination for MICE and conventions as it offers great pre and post conference tours within short distance of the cities,” said Chander Baljee, Chairman, Royal Orchid Group of Hotels.
“This particular sector, which is genuinely unexplored, has a great potential. As of now MICE is about Rs. 35,000 crore industry, but since India is progressing in all the sector, the scope for MICE and convention is huge. I believe that not only Tier 1 cities and metros, but if we can include Tier 2 and 3 cities with tourism facilities and convention centers, it will work very well. As the economy continues to grow, all the branded players, like Marriott, or the Accor Group, or our own home-grownbrands, can play a vital role to expand branded convention centers. All the players should come forward and make a consolidated effort for the same. For me, the future is bright,” said Dr Kishor Navandar, CMD, Blue Billion Group.
”India’s MICE tourism market has witnessed significant growth over the past decade. The country’s rich cultural heritage, diverse landscapes, world-class infrastructure, and skilled workforce have contributed to its popularity as a MICE destination. Government initiatives to promote India as a business-friendly destination have further boosted the growth of this market. However, the COVID-19 pandemic had a severe impact on the MICE industry, leading to the postponement or cancellation of numerous events. As the situation improves and travel restrictions ease, the MICE tourism market is expected to rebound strongly,” said Jaychandran CR, Vice President (Operations), Niraamaya Wellness Retreats.
The Indian MICE market, in line with the Indian hospitality segment, is experiencing a strong growth and is projected to grow at a CAGR of 6 percent between 2024 and 2029. This predictable growth is supported by initiatives of government and private sector to develop relevant infrastructure across emerging states of Rajasthan and Uttar Pradesh besides the key cities like Delhi, Mumbai, Bengaluru, Hyderabad and Chennai that are leading the charge with state-of-the-art facilities.
India’s MICE industry is becoming increasingly competitive on the global stage, particularly within the Asia-Pacific region, thanks to its world-class infrastructure, including over 1,300 star-category hotels and more than 70 convention centers. The Indian Convention Promotion Bureau (ICPB) and various government initiatives are further catalyzing the sector’s expansion, making India a preferred destination for international MICE events.
This robust growth is supported by a fragmented but vibrant market landscape, featuring numerous small and medium-sized enterprises. The positive outlook is underpinned by the increasing number of international conventions hosted in India, reflecting the country’s rising prominence in the global MICE industry. Key developments include the promotion of the “Meet in India” initiative by the Ministry of Commerce & Industry, which aims to enhance the country’s infrastructure, skill development, and branding specifically for MICE activities.
With its diverse offerings and potential, the MICE market holds immense opportunity for industry participants and stakeholders.
Key Market Insights
Market Drivers
(Source: MarkWide Research)
