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Indian Religious and Spiritual Market: By Religion: Hinduism, Islam, Sikhism, Buddhism, Christianity, Other Religions; By Income Source: Religious Tourism, Donations, Media and Music, Others; By Distribution Channels; By Sector; Regional Analysis; Historical Market and Forecast (2015-2025); Competitive Landscape & Supplier Analysis

Indian Religious and Spiritual Market Outlook

The Indian religious and spiritual market reached a value of USD 44 billion in 2019. The market is further expected to grow at a CAGR of 10% in the forecast period of 2020-2025.

The market is being driven by the increasing spiritual tourism. Puri, Varanasi, Tirupati, and Shirdi are some of the leading religious and spiritual tourism destinations in India. Cities such as Puri and Varanasi are not only providing a traditional religious experience but are also helping people rejuvenate themselves in yoga retreats and Ayurvedic spas, thus, attracting a wider clientele.

Several programmes initiated by the Indian government are also driving the growth of the market further. These programmes include the Pilgrimage Rejuvenation and Spirituality Augmentation Drive, also known as the PRASAD Scheme. PRASAD offers resources for road, rail, and water transport, network connectivity, information centres, the exchange of currency and automated machines (ATM), storage, parking, drinking water, toilet facilities, waiting rooms, first aid facilities, and renewable power. Research to expand religious tourism could also be done under the PPP (public-private partnership model) or under the head of Corporate Social Responsibility through central and state government agencies. Other such programmes include the HRIDAY Programme (Heritage City Development and Augmentation Yojana) and the Swadesh Darshan Yojana, among others. These programmes are aiding the growth of the Indian religious and spiritual market. Kumbh Mela – a mass pilgrimage, is another important religious event that takes place every year. The high number of tourists attracted by the event provides a further impetus to the growth of the Indian religious and spiritual market.

 

Properties and Applications

Religion is a collection of scriptures, rituals, and creeds that a group communicates about the transcendent, which has a connection with God(s). On the other hand, spirituality deals with the relationship of an individual with the transcendent issues that confront one as a human being.

The Indian religious and spiritual market based on religion can be divided into:

  • Hinduism
  • Islam
  • Sikhism
  • Buddhism
  • Christianity
  • Other Religions

On the basis of income source, the market is divided into:

  • Religious Tourism
  • Donations
  • Media and Music
  • Religious Items and Merchandise
  • Construction and Infrastructure
  • Others

Religious tourism and donations can be further divided into:

  • Hinduism
  • Islam
  • Sikhism
  • Buddhism
  • Christianity
  • Other Religions

Religious items and merchandise are further segmented into books and literature, idols, flowers and garlands, candles and incense sticks, and others.

The distribution channels in the industry can be divided into:

  • Direct from Religious Places
  • Retail
  • Online

The sectors in the industry can be divided into organised sector and unorganised sector.

The report also covers the regional markets of the Indian religious and spiritual market like North India, South India, West India, and East India.

 

Market Analysis

The growing pilgrimage tourism in India is propelling the growth of the Indian religious and spiritual market. The tourism, highway, and railway sectors are working on improving the connectivity between the pilgrimage sites. Much more visitors can now become pilgrims with the improved road, rail, and tourism infrastructure. Nearly 60% of the overall domestic tourists fall into the category of religious tourism. In India, religious tourism has two distinct dimensions. One of these is a belief of the tourist who has a spiritual connection to the god/destination in accordance with their personal religious beliefs. The others are the 'new' tourist, somebody of a different culture, area, or nation, who has the dimension of 'novelty' as a place of destination and religious practices. The growth of these two groups of religious tourists is aiding the growth of the Indian religious and spiritual market.

The Indian Railway plays a rather significant role in the linkage between the remote positions of Indian' Teertha Sthalas'. Some of the examples are The Ramayana Express, Jammu-Udhampur-Katra rail, the daily Shree Shakti Express from Delhi to Katra, and the bi-weekly Katra-Kalka Express, Jammu Mail and the Uttar Sampark Kranti Express, Solapur-Tuljapur-Osmanabad New Line, Agartala-Deoghar Weekly Express, The Buddhist Circuit, and The Panj Takht Express and the Gurudwara Circuit, among others. The greater connectivity to remote religious and spiritual sites is also aiding the growth of the market. In the coming years, the market is also expected to be driven by the expansion of online retail channels in the industry.

 

Competitive Landscape

The report gives a detailed analysis of the key players in the Indian religious and spiritual market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds. The key players are further divided into trust or managing bodies, media companies, religious travel companies, merchandise companies, and online service providers, among others.

Trust or managing bodies in the industry can be divided into:

  • Sree Padmanabhaswamy temple trust
  • Shri Saibaba Sansthan Trust (Shirdi, Mumbai)
  • Tirumala Tirupati Devasthanams (TTD)
  • Shri Mata Vaishno Devi Shrine Board
  • Shree Siddhivinayak Ganapati Mandir Nyas (Prabhadevi) Trust 
  • Akal Takht Sahib, Amritsar

The media companies in the market include:

  • T-Series Pvt. Ltd.
  • Kamadhenu Tele Films Private Limited
  • Vedic Broadcasting Limited

The religious travel companies can be divided into:

  • Le Travenues Technology Pvt Ltd (iXiGO.com)
  • Tour My India Pvt
  • Travel Planner

Merchandise companies in the industry include the following:

  • Moksh Agarbatti
  • ITC Ltd (Mangaldeep)
  • NR Group (Cycle Pure)

The online service providers in the industry are segmented into:

  • Rgyan
  • Kalpnik Technologies
  • OnlinePrasad
  • Templefolks
  • MyMandir

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.

1    Preface
    1.1    Objectives of the Study
        1.1.1    Research Objective
        1.1.2    Key Findings of the Report
2    Research Methodology
    2.1    Data Extraction
    2.2    Data Corroboration
    2.3    Market Structure
    2.4    Assumptions
    2.5    Market Models
3    Introduction
    3.1    Market Outlook
    3.2    Market Scope and Segmentation
    3.3    Additional Insights
4    Executive Summary
    4.1    Key Market Developments
    4.2    Market Analysis
    4.3    Key Players
    4.4    Market Revenue and Growth
5    Market Dynamics
    5.1    Market Driver Analysis
    5.2    Market Restraint Analysis
    5.3    Industry Challenges
    5.4    Industry Opportunities
6     Indian Religious and Spiritual Market Analysis
    6.1    Figure: Indian Religious and Spiritual Market Historical Market (2015-2019) and Forecast (2020-2025)
    6.2    Figure: Indian Religious and Spiritual Market by Religion: Historical Market (2015-2019) and Forecast (2020-2025)
        6.2.1    Hinduism
        6.2.2    Islam
        6.2.3    Sikhism
        6.2.4    Buddhism
        6.2.5    Christianity
        6.2.6    Other Religions
    6.3    Figure: Indian Religious and Spiritual Market Breakup By Income Source: Historical Market (2015-2019) and Forecast (2020-2025)
        6.3.1    Religious Tourism
            6.3.1.1    Hinduism
            6.3.1.2    Islam
            6.3.1.3    Sikhism
            6.3.1.4    Buddhism
            6.3.1.5    Christianity
            6.3.1.6    Other Religions
        6.3.2    Donations
            6.3.2.1    Hinduism
            6.3.2.2    Islam
            6.3.2.3    Sikhism
            6.3.2.4    Buddhism
            6.3.2.5    Christianity
            6.3.2.6    Other Religions
        6.3.3    Media and Music
        6.3.4    Religious Items and Merchandise
            6.3.4.1    Books and Literature
            6.3.4.2    Idols
            6.3.4.3    Flowers and Garlands
            6.3.4.4    Candles and Incense Sticks
            6.3.4.5    Others
        6.3.5    Construction and Infrastructure
        6.3.6    Others
    6.4    Figure: Indian Religious and Spiritual Market by Distribution Channels: Historical Market (2015-2019) and Forecast (2020-2025)
        6.4.1    Direct from Religious Places
        6.4.2    Retail
        6.4.3    Online
    6.5    Figure: Indian Religious and Spiritual Market by Sector: Historical Market (2015-2019) and Forecast (2020-2025)
        6.5.1    Organised Sector
        6.5.2    Unorganised Sector
    6.6    Figure: Indian Religious and Spiritual Market by Region: Historical Market (2015-2019) and Forecast (2020-2025)
        6.6.1    North India
        6.6.2    South India
        6.6.3    West India
        6.6.4    East India
7    SWOT Analysis
    7.1    Overview
    7.2    Strengths
    7.3    Weaknesses
    7.4    Opportunities
    7.5    Threats
8    Porter’s Five Forces Analysis
    8.1    Overview
    8.2    Buyer’s Power
    8.3    Supplier’s Power
    8.4    New Entrants
    8.5    Degree of Rivalry
    8.6    Substitutes
9    Competitive Landscape & Supplier Analysis
    9.1    Trust or Managing Bodies
        9.1.1    Sree Padmanabhaswamy temple trust
        9.1.2    Shri Saibaba Sansthan Trust (Shirdi, Mumbai)
        9.1.3    Tirumala Tirupati Devasthanams (TTD)
        9.1.4    Shri Mata Vaishno Devi Shrine Board
        9.1.5    Shree Siddhivinayak Ganapati Mandir Nyas (Prabhadevi) Trust 
        9.1.6    Akal Takht Sahib, Amritsar
    9.2    Media Companies
        9.2.1    T-Series Pvt. Ltd.
        9.2.2    Kamadhenu Tele Films Private Limited
        9.2.3    Vedic Broadcasting Limited
    9.3    Religious Travel Companies
        9.3.1    Le Travenues Technology Pvt Ltd (iXiGO.com)
        9.3.2    Tour My India Pvt
        9.3.3    Travel Planner
    9.4    Merchandise Companies
        9.4.1    Moksh Agarbatti
        9.4.2    ITC Ltd (Mangaldeep)
        9.4.3    NR Group (Cycle Pure)
    9.5    Online Service Providers
        9.5.1    Rgyan
        9.5.2    Kalpnik Technologies
        9.5.3    OnlinePrasad
        9.5.4    Templefolks
        9.5.5    MyMandir
    9.6    Others
10    Industry Events and Developments

Key Questions Answered in the Report

The Indian religious and spiritual market reached a value of USD 44 billion in 2019. 

The market is projected to grow at a CAGR of 10% between 2020 and 2025.

The major drivers of the industry include rising disposable incomes, increasing population, expanding online distribution channels, and the rising pilgrimage tourism in India.

Various programmes initiated by the Indian government to promote religious tourism is expected to be a key trend guiding the growth of the industry.

North India, South India, West India, and East India are the leading regions in the market.

The major religions considered in the industry include Hinduism, Islam, Sikhism, Buddhism, and Christianity, among other religions.

The leading income sources in the industry can be divided into religious tourism, donations, media and music, religious items and merchandise, and construction and infrastructure, among others.

The major distribution channels in the industry include direct from religious place, retail, and online.

The major sectors in the industry can be divided into organised sector and unorganised sector.

The leading trust or managing bodies are Sree Padmanabhaswamy temple trust, Shri Saibaba Sansthan Trust (Shirdi, Mumbai), Tirumala Tirupati Devasthanams (TTD), Shri Mata Vaishno Devi Shrine Board, Shree Siddhivinayak Ganapati Mandir Nyas (Prabhadevi) Trust, and Akal Takht Sahib, Amritsar. The media companies can be divided into T-Series Pvt. Ltd., Kamadhenu Tele Films Private Limited, and Vedic Broadcasting Limited. The religious travel companies can be segmented into Le Travenues Technology Pvt Ltd (iXiGO.com), Tour My India Pvt, and Travel Planner, whereas the merchandise companies include Moksh Agarbatti, ITC Ltd (Mangaldeep), and NR Group (Cycle Pure). The online service providers include Rgyan, Kalpnik Technologies, OnlinePrasad, Templefolks, and MyMandir.

Analyst Review

The Indian religious and spiritual market attained a value of USD 44 billion in 2019, driven by the growth in the tourism industry. Aided by the various programmes initiated by the Indian government, the industry is expected to witness a further growth in the forecast period of 2020-2025 at a CAGR of 10%.

EMR's meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on religions, the market can be segmented into Hinduism, Islam, Sikhism, Buddhism, Christianity, and other religions. By income sources, the industry is divided into religious tourism, donations, media and music, religious items and merchandise, and construction and infrastructure, among others. By distribution channels, the industry can be divided into direct from religious place, retail, and online. Based on sector, the market can be divided into organised sector and unorganised sector. The major regional markets for the religious and spiritual industry in India are North India, South India, West India, and East India. The leading trust or managing bodies are Sree Padmanabhaswamy temple trust, Shri Saibaba Sansthan Trust (Shirdi, Mumbai), Tirumala Tirupati Devasthanams (TTD), Shri Mata Vaishno Devi Shrine Board, Shree Siddhivinayak Ganapati Mandir Nyas (Prabhadevi) Trust, and Akal Takht Sahib, Amritsar. The media companies can be divided into T-Series Pvt. Ltd., Kamadhenu Tele Films Private Limited, and Vedic Broadcasting Limited. Religious travel companies can be segmented into Le Travenues Technology Pvt Ltd (iXiGO.com), Tour My India Pvt, and Travel Planner, whereas the merchandise companies include Moksh Agarbatti, ITC Ltd (Mangaldeep), and NR Group (Cycle Pure). The Online Service Providers include Rgyan, Kalpnik Technologies, OnlinePrasad, Templefolks, and MyMandir.

EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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