Indian Events & Experiential Addressable Market stood at Rs 85,086 Cr in 2019: BW Applause & everythingexperiential Report
The White Paper on India’s ‘Experiential Market Sizing study’ attempts to arrive at a realistic, addressable market size for 2019.
Mapping the events and experiential market in India has been a consistent conversation among industry stakeholders. There have been many attempts to estimate the total size of the events and expereintial market which spans across weddings, MICE, activations, Govt events etc, but the figures have not been convincing enough for brand marketers and sponsors.
At the 3rd edition of BW Applause and everythingexperiential.com Marketing Summit and Awards, a white paper on ‘Organising the Unoragznised Events & Experiential Market Of India’ was unveiled. The report is all about sizing the events and experiential market and giving the industry stakeholders a reliable metric to work with.
Media Industry’s well-known Analyst, Shripad Kulkarni, helmed the White Paper on India’s ‘Experiential Market Sizing study’ to arrive at a realistic, addressable market size for 2019. The study estimates that the Indian Events Experiential Market Size is Rs 85,086 Crores.
As per the report, “ The smaller and Regional agencies have registered an average of whopping 25%+ growth, on the back of big growth in Weddings. Regional players too see digital as an opportunity and a multiplier.”
The report estimates MICE market at Rs 34,216 Crores with a growth of 8% per annum.
While industry experts give estimates of 10 million weddings a year, with over a lakh crore as the size. As per the findings of the report, an addressable premium wedding event market conservatively stands at Rs 29,900 Crores in India.
As we know, Rural India accounts for about 50 percent of India’s GDP and nearly 70 percent of India’s population. The rural FMCG market accounts for 40 percent of the overall FMCG market in India. According to the report, the Rural plus activation – including Government, Political and CSR, the experiential segment is estimated conservatively at Rs 11,370 Crores.
Putting together the individual segments and discounting for duplication of measurement based on details and break up of the various studies and references listed, the report estimates that the India’s addressable events and experiential market size are a whopping Rs 85,086 Crores.
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