India Religious and Spiritual Market to Grow at a CAGR of 10% During 2024-2032, Driven by the Rising Spiritual Tourism in the Country

The presence of a large community following religions such as Hinduism in the country is contributing to the growth of the market. Activities such as temple donations, spiritual tourism, payments for ritual services, astrology services, purchase of offerings, and traditional home décor services are increasingly gaining popularity in the country.

Technological advancements are further expanding the market. Developments such as mobile applications allow customers from around the world to schedule and engage in customised rituals in India. Such developments also are making it easier for the upcoming generation to keep up with the traditions.

Moreover, with the increasing popularity of online pujas and darshans, religious institutions and priests benefit from a rising base of devotees. The easy availability of religious products through e-commerce channels including Amazon (NASDAQ: AMZN) is further supporting a greater adoption of the products, further contributing to the market growth.

In August 2023, the Shri Mata Vaishno Devi Shrine Board announced that it is expected to complete the three major projects in Jammu and Kashmir, including Skywalk, Parvati Bhawan with 1500 lockers and washrooms, and renovation of Atka Aarti area with a new Gate by October. The skywalk constructed with INR 15.5 crore is aimed at enabling the bifurcation of the entry and exit of the pilgrims at Mata Vaishno Devi Bhawan and controlling large crowds. Such projects initiated by key players are likely to favour the market in the forecast period.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Market Analysis by Religion, Income Source, Distribution Channel, and Region:

• The market, on the basis of religion, can be divided into Hinduism, Islam, Sikhism, Buddhism, and Christianity, among others.

• Based on income source, the market can be divided into religious tourism, donations, media and music, religious items and merchandise, and construction and infrastructure, among others.

• The different distribution channels in the market include direct from religious places, retail, and online.

• The major regional markets include North India, East and Central India, West India, and South India.

Key Findings of the Report:

• Favourable initiatives introduced by governments to promote spirituality and religion tourism are significantly contributing to the market expansion.

• Consumers are showing a growing interest in rejuvenation through yoga retreats and ayurvedic spas, contributing to the market growth.

• Growing technological advancements such as online transactions and online organisation of rituals are expected to significantly boost the market growth in the coming years.

• The rising popularity of spirituality in the country due to its benefits such as mindfulness is catering to the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the India religious and spiritual market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the religions, income sources, distribution channels, and major regions of religious and spiritual.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major trust or managing bodies in the India religious and spiritual market are Sree Padmanabha Swamy Temple Trust (SPST), Shri Saibaba Sansthan Trust, Tirumala Tirupati Devasthanams (TTD), Shri Mata Vaishno Devi Shrine Board, Shree Siddhivinayak Ganapati Temple Trust, and Akal Takht, among others.

Meanwhile, key media companies considered in the market report are T-Series Pvt. Ltd., Vedic Broadcasting Limited, and Sanskar Info TV Pvt. Ltd., among others. The major religious travel companies include Yatra Online Limited, Tour My India Pvt Ltd, Travel Planner, and Spiritual India Tours, among others.

The key merchandise companies in the market include Moksh Agarbatti, ITC Limited, NR Group, and One Point Six Technologies Pvt Ltd (Leadstart), among others. Furthermore, major online service providers considered in the market report include Rgyan, Kalpnik Technologies Pvt Ltd, and Templefolks, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email: sales@expertmarketresearch.com
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.