The three-day show will not go ahead in November because of financial uncertainty created by covid-19.
It is the first time the event has been cancelled since World War II.
While thanking members for being guardians of the show for 157 years the association said the decision was made in the best interest of the show in the future.
“If we continued to prepare for the show and find out the month before we are unable to run then the association would be bankrupted.
“It is with this in mind that the event management team, general committee and the board had to finalise a decision, sacrificing this year’s show to shore up its future,” the association said in a statement.
The association said its first objective as a charity is to protect its financial position at all costs to ensure the show can continue well into the future.
It has reduced event management fees by over 75% and scaled back the operation to ensure it avoids bankruptcy but that has not been enough.
“Unfortunately, this does not insulate us from the significant loss we have already experienced due to the fact we will not have a revenue from a 2020 show to cover the work done between December 2019 and May 2020.”
The association is asking for financial support through its Show Saviour campaign.
“The future of the show is not out of the woods yet and with a significantly reduced show team we are launching a Show Saviour campaign to our sponsors, trade exhibitors and the public.”
The association also hosts several other events throughout the year including a spring equestrian show and a prime cattle sale.
“It is our intention, Government guidelines permitting, that we will be able to host these smaller events this year and potentially even some new events too.
“We are discussing the way in which these events may have to adapt to survive.”