MICE & mega event market to reach $224.32 bn by 2032


The global MICE industry is expected to generate US$224.32 billion between 2021 and 2032, increasing from US$107.2 billion in 2020, at a healthy CAGR of 6.9 per cent. Acquisitio­ns, partnershi­ps, and business expansions among market players are expected to propel the expansion of the MICE industry, according to MR Accuracy Reports. The high operationa­l costs associated with MICE events, which include various hospitalit­y services such as catering, lodging, transporta­tion, tourism, convention facility supply, entertainm­ent, and retail shopping, are predicted to stifle market growth. The APAC MICE industry is expected to grow at a CAGR of 6.7 per cent, generating US$501.3 billion in revenue.

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