June 21, 2024
MICE Market

The Meetings, Incentives, Conferences, And Exhibitions (MICE) Market Industry Is Trending Towards Sustainability And Experience-Based Events

The Meetings, Incentives, Conferences, and Exhibitions (MICE) industry supports effective business events through strategic conference planning and experience design. MICE organizers facilitate professional networking and knowledge sharing via targeted seminars, branded exhibits, and customized incentive trips.

The Global Meetings, Incentives, Conferences, and Exhibitions (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.

Key Takeaways

Key players operating in the Meetings, Incentives, Conferences, and Exhibitions (MICE) are Ancol Pet Products Limited, Blue Buffalo Co., Ltd., Champion Petfoods LP, Hill`s Pet Nutrition, Inc., and Mars, Incorporated. These companies develop innovative event technologies and services to enhance participant engagement. For example, Ancol Pet Products Limited utilizes virtual and augmented reality platforms to simulate on-site experiences for remote attendees.

The growing demand in the corporate training and team building sector is driving the Meetings, Incentives, Conferences, and Exhibitions (MICE) Market Growth industry. Many organizations rely on customized off-site conferences and educational trips abroad to foster collaboration, leadership development, and cultural exchange amongst employees. Furthermore, the rise of hybrid work models has increased the need for compelling digital and in-person networking opportunities within the professional events space.

The global expansion of the Meetings, Incentives, Conferences, and Exhibitions (MICE) industry is facilitated by emerging markets pursuing economic growth through tourism and foreign investment. Countries such as India and Indonesia are strengthening their conventions infrastructure and incentive travel programs to attract more international conferences and corporate meetings. Sustainable practices are also a major factor of global expansion, with event organizers increasingly prioritizing low-carbon site selections and emissions offset programs.

Market key trends

One key trend in the Meetings, Incentives, Conferences, and Exhibitions (MICE) Market is the shift towards more sustainable and locally immersive event experiences. Concerns over climate change and air travel emissions have motivated organizers to curate activities centered around cultural discovery, outdoor recreation, and learning from local communities. Wellness retreats integrated with environmental conservation projects are gaining popularity as an impactful alternative to large global conferences. This emphasizes experiential learning over consumption to appeal to evolving attendee values around health, purpose and environmental stewardship.

Porter’s Analysis

Threat of new entrants: The conventions and exhibition industry requires significant capital investments in infrastructure development and branding, limiting threats from new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power in the MICE market as there are many convention organizers and destination options to choose from.

Bargaining power of suppliers: Suppliers of venues, catering services, and other event requirements have low bargaining power due to the availability of alternative options.

Threat of new substitutes: There are few substitutes for in-person networking and experience-based events, reducing threats from new substitutes for the MICE industry.

Competitive rivalry: Competition in the global MICE industry is high as convention centers and destinations compete aggressively for clients.

Geographical Regions

North America currently accounts for the largest share of the global MICE market, valued at over US$ 40 billion in 2022. The US and Canada are major hubs for meetings, conferences, and exhibitions.

The Asia Pacific region is expected to be the fastest growing geographical segment during the forecast period. Countries such as China, India, and Thailand are witnessing increased investments in convention infrastructure and a rising number of domestic and international events.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it