Allied Market Research has highlighted that the South African MICE industry, valued at US$6.6 billion in 2023, is projected to grow to US$25.9 billion by 2032.
On the African continent, the business events industry is also experiencing significant growth. Valued at around US$16.6 billion in 2023, it is projected to soar to approximately US$65.6 billion (R1.2 trillion) by 2032, achieving a compound annual growth rate of 16.8%.
These statistics were highlighted by South Africa’s Minister of Tourism, Patricia de Lille, speaking ahead of her departure to the world's top business events trade show, IBTM World, which kicked off today (Tuesday, November 19) in Barcelona, Spain.
De Lille is leading a diverse South African delegation to the three-day event. The participants include business events professionals showcasing a wide range of products and services.
IBTM World 2024 is attracting thousands of exhibitors and buyers from over 150 countries. It is an ideal platform to connect with industry leaders and potential buyers.
SMME participation
Representing a wide range of products and services within the South African tourism industry, the South African contingent at IBTM World includes 18 exhibitors featuring established products as well as six small, medium and micro enterprises (SMMEs): Karibu Leisure Resort & Conference, Syavaya Corporate Travel, Get The Picture, Afri-Centric Luxury Experiences, Afrikan Native Travel and Offshore Adventures.
“This group will showcase the country's unique attractions, top infrastructure and world-class facilities while connecting with some of the 12 000 attendees and over 2 600 hosted buyers from around the world,” highlighted De Lille.
South Africa is determined to maximise this opportunity to grow the country’s standing as a leading business events destination and attract more business events to the country, she added.
“This is in line with our mission to fulfil the objectives of growing tourism’s contribution to inclusive economic growth and job creation in line with the Tourism Sector Master Plan, South Africa’s Economic Reconstruction and Recovery Plan and the priorities of the Government of National Unity.”
G20 Summit
South Africa, as Chair and host of the G20 Summit in 2025, will also further entrench awareness of the country at the event.
“With over 40 global heads of state expected to attend, the G20 Summit presents a tremendous opportunity to showcase South Africa's expertise in hosting high-profile international gatherings catalysing further growth in the sector.”
De Lille pointed out the strategic importance of hosting events, stating that these also benefit leisure tourism as business travellers often extend their stays to explore the destination or return to the country with their family and friends.
Additionally, business events stimulate demand for a wide range of services such as transportation, dining and entertainment, with benefits for local companies and communities.
