Policy makers must rework on measures to bolster the exhibition industry

The India event and exhibition market size is estimated at $ 5.23 billion in 2024, and is expected to reach $ 7.80 billion by 2029, growing at a CAGR of 8.31% during the forecast period (2024-2029).

Exhibitions and events are some of the critical enablers and triggers of the economy. With India being one of the fastest-growing economies, the government initiatives to help enterprises in different industries are expected to improve the need for events and exhibitions in the country.

India has a vast consumer market, and it offers an unparalleled opportunity for enterprises to invest and expand in the country. According to the India Brand Equity Foundation and Retailers Association of India, the retail market size across India will reach $ 1,750 billion by 2026.

Exhibitions are among some of the powerful enablers of trade and economic growth globally. Various nations in Europe and Asia used exhibitions as business platforms to propel their regions' economic development and investments. In line with India's economic development, the exhibitions industry has seen rapid growth. Today, India is one of the prime exhibition destinations globally.

Event planning goes hand in hand with the marketing efforts of the organizers. In order to do so, such event organizers charge a hefty amount from participants. Inefficient marketing may lead to lower footfall which leads to lower sales for vendors that signed up for the exhibition. Such scenarios are why organizers tend to have hefty entry fees to communicate appropriately about the exhibition.

The Covid-19 pandemic had a harsh negative impact on various industries across the country. The event and exhibition industry was no stranger to this trend. With the lockdown announcement, the sphere of outdoor entertainment came to an absolute standstill. According to the Indian Exhibitions Industry Association (IEIA), India's exhibition sector lost an estimated INR 3,570 crore.

Geo-cloning for exhibition organizers involves replicating successful events in different geographic locations. This strategy is gaining traction in India as it allows organizers to capitalize on proven event formats, adapting them to various regions, thus maximizing success and audience engagement. The growing adoption of geo-cloning in the Indian market reflects a strategic approach to event planning and management, leveraging successful models for broader impact.

Geo-cloning has also become a go-to strategy for various major exhibition organizers looking to expand globally. It involves less of the risk of a brand-new launch and an existing brand reputation to use as a launch pad. Statement of intent geo-cloning has proven to be a valuable tactic.

With the growing construction, industrial manufacturing, textiles and apparel, and consumer durables market in India, various international events and exhibitions are keen on entering the country to offer their products and services, and such exhibitions are the means of networking and expansion opportunities to tie up with local vendors and distributors.