Indian Religious and Spiritual Market to Grow at a CAGR of 10% During 2024-2032, Aided by the Growing Number of Domestic and International Pilgrim Tourists

The presence of several pilgrimages, such as Kamakhya, Dwarka, Tirupati, and Amritsar, in India attracts a significant number of tourists each year. Some travellers take journeys intricately linked to their particular religion and based on a deep spiritual connection to certain deities or holy sites.

Holy pilgrimages such as Puri in Orissa recorded 875% and 110% growth in the arrival of foreign and domestic tourists, respectively, in 2022. Prayagraj emerged as the 2nd most visited pilgrimage in 2023, with an arrival of 4.5 crore tourists from January to September 2023. In 2023, Kashi was the most visited pilgrim destination in India.

The tourism and railway industries are working to improve the connectivity between these holy pilgrimage locations. Greater accessibility for devotees to go on pilgrimages is now made possible by the upgraded road, rail, and tourism infrastructure, aiding the Indian religious and spiritual market expansion.

In February 2024, the Railway Ministry of India (NSE: IRFC/IRCTC) sanctioned the plan of extending the train route from Una, Himachal Pradesh, to Haridwar to advance Himachal Pradesh’s infrastructural development and connectivity. As Haridwar is a major religious hub that draws many pilgrims from Himachal Pradesh, this train link aims to promote religious tourism by attracting a substantial number of tourists.

The acceptance of the Una Himachal-Saharanpur MEMU train route extension to Haridwar is intended to ease the transportation on this route. Passengers will have more convenience as the Una Himachal-Saharanpur MEMU train, which formerly went from Una to Saharanpur, will now stop in Haridwar.

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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 various distribution channels in the market include direct from religious places, retail, and online.

• The major regions in the market include North India, East and Central India, West India, and South India.

Key Findings of the Report:

• In 2022, India witnessed 1,433 million domestic tourists undertaking pilgrimages and 6.64 million foreigners visited the nation's holy places, which aided the market growth.

• Government programmes such as the PRASAD (Pilgrimage Rejuvenation and Spirituality Augmentation Drive) scheme, and HRIDAY programme (Heritage City Development and Augmentation Yojana) are attracting a significant number of pilgrims in India.

• To improve the connectivity to pilgrim sites and elevate local economies, the Indian government is constantly developing railway infrastructure. For instance, the government initiated six new Vande-Bharat Routes among which three routes link pilgrimage destinations such as Delhi with Amritsar, Ayodhya, and Vaishno Devi in Jammu, in December 2023.

• The cultural diversity of India is attracting foreign tourists, which is further expanding the Indian religious and spiritual market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the Indian 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 in India.

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

The key media companies in the market are T-Series Pvt. Ltd., Vedic Broadcasting Limited, and Sanskar Info TV Pvt. Ltd., among others. Meanwhile, the major religious travel companies studied in the market report are Yatra Online Limited, Tour My India Pvt Ltd, Travel Planner, and Spiritual India Tours, among others. Besides, key merchandise companies in the market include Moksh Agarbatti, ITC Limited, NR Group, and One Point Six Technologies Pvt Ltd (Leadstart), among others.

The major online service providers in the market are 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

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