Market Size of MICE Tourism Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | < 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific MICE Tourism Market Analysis
Asia-Pacific has been the fastest growing region for tourism in the world. The factors that promote the growth of Asia-Pacific travel & tourism industry include strong economic growth, increase in disposable income, political stability, and aggressive tourism campaigns.
International arrivals exceeded 1.5 billion for the first time only in 2019, the long-term evolution of tourism is proved to be greatly dependent on a decade of growth since the global financial crisis. Though, this last period of unhindered business tourism development has suddenly come to an end with the COVID-19. Accompanied by quarantine in most countries and closed borders worldwide, COVID-19 pandemic heavily hit the MICE industry. The majority of domestic and international airlines were forced to cancel their flights due to severe quarantine measures and a lack of passengers, as people were frightened
In the Asia-Pacific MICE business, China is likely to continue dominant and grow at a stable rate. Over the last 12 months, Shanghai and Beijing have hosted the bulk of MICE trips in China, followed by Guangzhou, Hong Kong, and Macau. Manufacturing, utility & agriculture, and forestry & fisheries are the primary industry areas driving MICE growth in China. Furthermore, the healthcare industry and the social work segment are expected to rise as the population ages. The market's growth is expected to be aided by an increase in business travel activity from these industries.
