As India makes global headlines in its run to become the world’s third-largest economy by the end of the decade, it has brought its heft to the incentive travel storyline. The biggest contributor to this growth is India’s much-maligned manufacturing sector.
The Indian pharmaceutical industry was valued at an estimated US$ 50 billion a couple of years ago and is hopeful to reach US$ 130 billion by 2030, while the FMCG (Fast-Moving Consumer Goods) sector, as per the India Brand Equity Foundation, states, “The Indian Fast-Moving Consumer Goods (FMCG) sector, the fourth-largest in the economy, was valued at approximately US$ 211–245 billion in 2025, with projections to grow rapidly to over US$ 600 billion by 2027 and potentially exceeding US$ 1 trillion by 2030-2034. Growth is driven by rising rural consumption (over 38% share), rapid e-commerce expansion, and increasing demand for packaged foods.”
The pharmaceutical and medical event industry in India is notoriously fragmented. As much as there is no depository or one-point website or association that gives more data on this vital event ecosystem, it is virtually impossible to curate a list for it. This only reinforces my wish to have a specialised convention bureau for this segment.
One industry research indicated the market for dealer meets in India is valued at approximately USD 4.75 billion and is expected to reach USD 6.15 billion by 2026. These curated events incentivise its B2B network in segments such as automobiles, FMCG, consumer durables, and pharmaceuticals. The Indian automobile sector has over 15,000 dealers and, with over 30,000 outlets, creates a very keen, readymade market for the incentive proposition.
With serious projection such as this comes an opportunity that many countries around the world can only dream of. All forms of meeting opportunities, whether these are sales conferences or annual meets, product launches and trade exhibitions, dealer incentive travel programs, or a medical industry-specific conference, all have this big smile on their faces!
Mordor Intelligence, in its recent report, indicated that India’s B2B Events Market is estimated at USD 0.60 billion in 2025 and is expected to reach USD 1.04 billion by 2030, at a CAGR of 11.72% during the forecast period (2025-2030). Physical events held the highest share of 85.12% in 2023. The West region was valued and held the highest share of 35.19% in 2023. The report further added that Southern India is expected to witness significant growth. Key trends contributing to the overall growth in the region include major cities in South India, like Hyderabad, Chennai, Bangalore, Kochi, and Coimbatore, among others, with a robust infrastructure and connectivity.
The great Indian incentive, whether it is a company-funded junket to the beaches of Goa, the coffee country of Coorg, or, for that matter, even basking in the regal luxury of Rajasthan, has brought in more occupiable room nights to these destinations, bringing in tangible benefits to the local economy and the travel industry across spectrums of airlines, hotels, ground transportation, event management companies, et al. The improved flight connectivity within India has ensured that Tier 2 and Tier 3 cities now form part of the incentive power list. Cities like Coimbatore, Visakhapatnam, Jaipur, Lucknow, Cochin, Mysore, Nagpur, etc., with world-class hotels and meeting infrastructure, are hosting many national conventions, bringing in delegates from across the country.
Bringing the Indian infrastructure into the spotlight, it is no mean achievement that India now has over 150 functional airports, with 30 of them having the rights to let passengers fly in and out of the country! India is the world’s third-largest domestic aviation market, with the market expected to grow from USD 14.78 billion in 2025 to USD 28.96 billion by 2031. Driven by over 175-181 million domestic passengers projected in FY26, the sector is dominated by low-cost carriers (78% of capacity) and rapidly expanding infrastructure, with airports increasing from 74 to 163 between 2014 and 2025 (as per the IBEF).
As much as this has brought into the Indian incentive travel sector, an enhanced heft to the big number game, marketing incentives as a sustainable tourism product for Indian destinations is a challenge. Tourism boards, whether they are at the national or state level, seldom look at the domestic incentive travel market.
With the hospitality segment virtually exploding in India and with record hotels sprouting up all across the country with large event spaces, it is an opportunity for the domestic MICE player. Venues, though, have been created with the ‘big fat Indian’ wedding in mind and will also create space for the domestic incentive market. Grand View Horizon, a research company, in its recent report states, “The Indian MICE market generated a revenue of USD 49,402.6 million in 2024 and is expected to reach USD 103,686.5 million by 2030, at a CAGR of 13.2% from 2025 to 2030.”
Ken Research, in its recent report, indicated, “The Indian event venue market is experiencing rapid expansion, with the broader live events sector valued at approximately ₹20,861 crore in 2024, growing at 15% annually. Driven by corporate MICE (Meetings, Incentives, Conferences, Exhibitions), weddings, and entertainment, demand is strong in metros (Mumbai, Delhi, and Bengaluru) and emerging cities like Indore and Bhubaneswar.”
India offers a plethora of MICE offerings, which have been enhanced by world-class hotels, improved connectivity, and a much-improved meeting ecosystem. On the flipside, sometimes, there have been instances where a domestic destination has lost out to an international sojourn as the flights turned out cheaper than the domestic ones! As Indian hotels grapple with an upside in occupancies and higher ARRs, getting group rates amid ‘revenue management’ algorithms is always a task in the short term. Hotels in India have yet to figure out a way to incentivise incentive specialists with regard to the client’s food & beverage spending.
The recent free-trade agreements with Europe and the United States of America will only bring in more competition in India, and as usual, competition will surely bring in more investment into the world of marketing and events. Rising hotel inventory, better event infrastructure, and quality manpower are key for India to optimise and deliver. As the wise one once said, “In business, competition fuels performance—but it’s incentive events that turn ambition into unforgettable achievement!”