The Meetings, Incentives, Conferences, and Exhibitions (MICE) industry refers to a sector that helps in organizing and hosting corporate events such as meetings, conferences, seminars, incentives tours, exhibitions, and trade shows. Some key products in this industry include venue booking services, audiovisual equipment rental, transportation services, catering, accommodation booking, and promotional materials. The global MICE industry plays a significant role in facilitating business interactions and networking opportunities amongst various organizations worldwide. It acts as a platform for companies to launch new products and services, negotiate contracts, train employees, promote brands, and celebrate achievements.
The global MICE Market is estimated to be valued at US$ 192.39 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing demand for corporate events: The growing need of companies worldwide to organize internal and external corporate events such as sales conferences, product launches, networking receptions is a major driver for the MICE industry. Such events help companies in building their brands, networking with distributors and clients, training employees that is expected to drive the demand in coming years.
Rising disposable incomes: Rising disposable incomes in developing economies such as India, China is enabling people and companies to spend more on leisure and business travel. This has led to increase in demand for MICE related services and travel for attending exhibitions, conferences which is propelling the market growth.
Segment Analysis
The Meetings, Incentives, Conferences, and Exhibitions (MICE) market can be segmented based on event type. The Conferences segment currently dominates the market with maximum market share as conferences are organized regularly within and across industries to discuss topics of interest, announce new products, services etc. The exhibitions sub-segment is also growing at a faster pace as exhibitions are an effective way for companies to showcase their products and connect with potential customers.
PEST Analysis
Political: Foreign diplomatic visits involving trade delegations have increased in recent years, boosting the MICE industry. However, regional political instability or tensions can negatively impact the industry.
Economic: A robust economy supporting corporate spending and tourism is favorable for the MICE market. However, an economic slowdown may lead to budget cuts impacting the industry.
Social: factors such as increasing education and lifestyle changes are driving demand for international business travels and leisure trips. Globalized business practices also support the need for networking events.
Technological: Advanced technologies facilitate hybrid/virtual conferences. Industry players are leveraging technologies for venue management, registration automation, payment solutions etc. to enhance customer experience.
Key Takeaways
The global Meetings, Incentives, Conferences, And Exhibitions (MICE) Market is expected to witness high growth over the forecast period supported by resurgence in business travels as mobility restrictions ease. The global MICE Market is estimated to be valued at US$ 192.39 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Regional analysis
The Asia Pacific region currently has the largest market share in the global MICE industry accounting for over 35% of the total market revenues. China dominates the regional market supported by large corporate spends and presence of major international exhibitions like the Canton Fair which attracts millions of visitors annually. Countries like India are also emerging as lucrative destinations for MICE tourism given advantages of inexpensive destinations and improving infrastructure.
Key players analysis
Key players operating in the MICE industry are Ancol Pet Products Limited, Blue Buffalo Co., Ltd., Champion Petfoods LP, Hill`s Pet Nutrition, Inc., and Mars, Incorporated. These companies focus on establishing strategic partnerships with major convention centers and hotels to expand offerings. They also invest in innovating event experiences through technology integration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.