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Indian Religious and Spiritual Market Share, Size, Report: By Religion: Hinduism, Islam, Sikhism, Buddhism, Christianity, Others; By Income Source: Religious Tourism, Donations, Media and Music, Religious Items and Merchandise, Others; By Distribution Channel; Regional Analysis; Competitive Landscape; 2024-2032
Indian Religious and Spiritual Market Outlook
The Indian religious and spiritual market size reached approximately USD 58.56 billion in 2023. The market is further expected to grow at a CAGR of 10% during the forecast period of 2024-2032.
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.
Indian religions, also referred to as Indic religions, are the religions that originated in some part of the Indian subcontinent and flourished to other regions. India is a country known for its religious diversity and cultural richness globally. Temple ceremonies, pilgrimages, traditional practices, and festivals play a central role in daily life of Indians, acting as a defining characteristic of the country.
The increasing spiritual tourism in regions such as Puri, Varanasi, Tirupati, and Shirdi is expected to be one of the key factors significantly aiding the Indian religious and spiritual market growth. Cities such as Puri and Varanasi not only provide a traditional religious experience but also help people rejuvenate themselves in yoga retreats and Ayurvedic spas, thus attracting a wider clientele.
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Key Trends in the Market
Religious tourism in India is a major part of the entire tourism market, with 60% of domestic tourists engaging in religious tourism, and it encompasses two primary dimensions, personal religious belief and new tourists.
Personal Religious Belief
Firstly, there are those visitors whose journeys are deeply rooted in a personal and spiritual connection to specific deities or sacred places, entwined intimately with their individual religious beliefs. These pilgrims embark on travels seeking a profound communion, drawn by the spiritual significance and sanctity these destinations hold for them.
New Tourists
On the other hand, a distinct and equally influential category arises, termed as the 'New Tourists'. These travellers hail from diverse cultural backgrounds, regions, or nations, arriving at these revered destinations with an eye not just for the spiritual significance but also for the novelty and fascination these places offer in terms of religious practices and experiences.
The growth of both these groups of religious tourists, driven by their spiritual connections or the allure of novelty, contributes substantially to the expansion of the Indian religion market.
Government Aids and Programmes to Support Spiritual Tourism
Several programmes, such as the PRASAD (Pilgrimage Rejuvenation and Spirituality Augmentation Drive) scheme, PPP (public-private partnership model), HRIDAY programme (Heritage City Development and Augmentation Yojana) and the Swadesh Darshan Yojana, among others, initiated by the Indian government have significantly enhanced the Indian religious and spiritual market value.
The PRASAD scheme offers resources for road, rail, 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 can also be done under the PPP (public-private partnership model) or 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 and government aids are enhancing the prospects of religious tourism in India.
Additionally, the promotion of these regions as cultural and spiritual hotspots by tourism authorities and local administrations has bolstered their recognition globally. These efforts also involve collaborative initiatives focused on preserving historical sites, encouraging sustainable practices, and organising various cultural events, in order to attract more visitors. Consequently, this enhanced attractiveness plays a crucial role in expanding the religious products market in India.
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Market Segmentations
The market, based on religion, can be divided into:
- Hinduism
- Islam
- Sikhism
- Buddhism
- Christianity
- Other Religions
On the basis of income source, the Indian religious and spiritual market segmentation includes:
- Religious Tourism
- Breakup by Religion Type
- Hinduism
- Islam
- Sikhism
- Buddhism
- Christianity
- Others
- Donations
- Breakup by Religion Type
- Hinduism
- Islam
- Sikhism
- Buddhism
- Christianity
- Others
- Media and Music
- Religious Items and Merchandise
- Breakup by Product
- Books and Literature
- Idols
- Flowers and Garlands
- Candles and Incense Sticks
- Others
- Construction and Infrastructure
- Others
By distribution channel, the market can be divided into:
- Direct from Religious Places
- Retail
- Online
The report also covers the major religious and spiritual markets in India like North India, South India, West India, and East and Central India.
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Indian Religious and Spiritual Market Analysis
The surge in pilgrimage tourism across India has significantly contributed to the growth of the country's spiritual and devotional products market. Efforts within the tourism and railway sectors are focused on enhancing connectivity between these revered pilgrimage sites. The improved road, rail, and tourism infrastructure now facilitate easier access for a larger number of visitors to embark on pilgrimages.
The development of the Indian railway systems is one of the key Indian religious and spiritual market trends as it serves a pivotal role in linking some of the most remote Teertha Sthalas (sacred places) in India. Remarkable examples include The Ramayana Express, Jammu-Udhampur-Katra rail link, daily Shree Shakti Express from Delhi to Katra, bi-weekly Katra-Kalka Express, Jammu Mail, Uttar Sampark Kranti Express, Solapur-Tuljapur-Osmanabad New Line, Agartala-Deoghar Weekly Express, The Buddhist Circuit, The Panj Takht Express, and The Gurudwara Circuit, among several others. This enhanced railway connectivity has notably eased access to distant religious and spiritual sites, thereby contributing significantly to the growth of the market.
The greater accessibility to these remote religious and spiritual locations has played a crucial role in fostering the Indian religious and spiritual market expansion. Traditional pilgrims, deeply connected to these sites due to their religious beliefs, and 'new' tourists seeking novelty in cultural and religious practices, are driving this growth.
Competitive Landscape
The Indian religious and spiritual market report by EMR offers a detailed analysis of the key players, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, 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 market include:
- Sree Padmanabhaswamy Temple Trust (SPST)
- Shri Saibaba Sansthan Trust
- Tirumala Tirupati Devasthanams (TTD)
- Shri Mata Vaishno Devi Shrine Board
- Shree Siddhivinayak Ganapati Temple Trust
- Akal Takht
- Others
The media companies in the market include:
- T-Series Pvt. Ltd.
- Sanskar Info TV Pvt. Ltd.
- Vedic Broadcasting Limited
- Others
Companies for religious tourism in India are as follows:
- Yatra Online Limited
- Tour My India Pvt Ltd
- Travel Planner
- Spiritual India Tours
- Others
Merchandise companies in the market include the following:
- Moksh Agarbatti
- ITC Limited
- NR Group
- One Point Six Technologies Pvt Ltd (Leadstart)
- Others
The online service providers are:
- Rgyan
- Kalpnik Technologies Pvt Ltd
- Templefolks
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Religion |
|
| Breakup by Income Source |
|
| Breakup by Distribution Channels |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Religious and Spiritual Market Overview
8.1 Key Industry Highlights
8.2 Global Religious and Spiritual Historical Market (2018-2023)
8.3 Global Religious and Spiritual Market Forecast (2024-2032)
8.4 Global Religious and Spiritual Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 India Religious and Spiritual Market Overview
9.1 Key Industry Highlights
9.2 India Religious and Spiritual Historical Market (2018-2023)
9.3 India Religious and Spiritual Market Forecast (2024-2032)
10 India Religious and Spiritual Market by Religion
10.1 Hinduism
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Islam
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 Sikhism
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Buddhism
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Christianity
10.5.1 Market Share
10.5.2 Historical Trend (2018-2023)
10.5.3 Forecast Trend (2024-2032)
10.6 Others
11 India Religious and Spiritual Market by Income Source
11.1 Religious Tourism
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.1.4 Breakup by Religion Type
11.1.4.1 Hinduism
11.1.4.2 Islam
11.1.4.3 Sikhism
11.1.4.4 Buddhism
11.1.4.5 Christianity
11.1.4.6 Others
11.2 Donations
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.2.4 Breakup by Religion Type
11.2.4.1 Hinduism
11.2.4.2 Islam
11.2.4.3 Sikhism
11.2.4.4 Buddhism
11.2.4.5 Christianity
11.2.4.6 Others
11.3 Media and Music
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 Religious Items and Merchandise
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.4.4 Breakup by Product
11.4.4.1 Books and Literature
11.4.4.2 Idols
11.4.4.3 Flowers and Garlands
11.4.4.4 Candles and Incense Sticks
11.4.4.5 Others
11.5 Construction and Infrastructure
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 India Religious and Spiritual Market by Distribution Channel
12.1 Direct from Religious Places
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Retail
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Online
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
13 India Religious and Spiritual Market by Region
13.1 North India
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 East and Central India
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 West India
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South India
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 By Trust or Managing Bodies
15.2.1.1 Sree Padmanabha Swamy Temple Trust (SPST)
15.2.1.1.1 Company Overview
15.2.1.1.2 Service Portfolio
15.2.1.1.3 Demographic Reach and Achievements
15.2.1.1.4 Certifications
15.2.1.2 Shri Saibaba Sansthan Trust
15.2.1.2.1 Company Overview
15.2.1.2.2 Service Portfolio
15.2.1.2.3 Demographic Reach and Achievements
15.2.1.2.4 Certifications
15.2.1.3 Tirumala Tirupati Devasthanams (TTD)
15.2.1.3.1 Company Overview
15.2.1.3.2 Service Portfolio
15.2.1.3.3 Demographic Reach and Achievements
15.2.1.3.4 Certifications
15.2.1.4 Shri Mata Vaishno Devi Shrine Board
15.2.1.4.1 Company Overview
15.2.1.4.2 Service Portfolio
15.2.1.4.3 Demographic Reach and Achievements
15.2.1.4.4 Certifications
15.2.1.5 Shree Siddhivinayak Ganapati Temple Trust
15.2.1.5.1 Company Overview
15.2.1.5.2 Service Portfolio
15.2.1.5.3 Demographic Reach and Achievements
15.2.1.5.4 Certifications
15.2.1.6 Akal Takht
15.2.1.6.1 Company Overview
15.2.1.6.2 Service Portfolio
15.2.1.6.3 Demographic Reach and Achievements
15.2.1.6.4 Certifications
15.2.1.7 Others
15.2.2 By Media Companies
15.2.2.1 T-Series Pvt. Ltd.
15.2.2.1.1 Company Overview
15.2.2.1.2 Product Portfolio
15.2.2.1.3 Demographic Reach and Achievements
15.2.2.1.4 Certifications
15.2.2.2 Vedic Broadcasting Limited
15.2.2.2.1 Company Overview
15.2.2.2.2 Product Portfolio
15.2.2.2.3 Demographic Reach and Achievements
15.2.2.2.4 Certifications
15.2.2.3 Sanskar Info TV Pvt. Ltd.
15.2.2.3.1 Company Overview
15.2.2.3.2 Product Portfolio
15.2.2.3.3 Demographic Reach and Achievements
15.2.2.3.4 Certifications
15.2.2.4 Others
15.2.3 By Religious Travel Companies
15.2.3.1 Yatra Online Limited
15.2.3.1.1 Company Overview
15.2.3.1.2 Product Portfolio
15.2.3.1.3 Demographic Reach and Achievements
15.2.3.1.4 Certifications
15.2.3.2 Tour My India Pvt Ltd
15.2.3.2.1 Company Overview
15.2.3.2.2 Product Portfolio
15.2.3.2.3 Demographic Reach and Achievements
15.2.3.2.4 Certifications
15.2.3.3 Travel Planner
15.2.3.3.1 Company Overview
15.2.3.3.2 Product Portfolio
15.2.3.3.3 Demographic Reach and Achievements
15.2.3.3.4 Certifications
15.2.3.4 Spiritual India Tours
15.2.3.4.1 Company Overview
15.2.3.4.2 Product Portfolio
15.2.3.4.3 Demographic Reach and Achievements
15.2.3.4.4 Certifications
15.2.3.5 Others
15.2.4 By Merchandise Companies
15.2.4.1 Moksh Agarbatti
15.2.4.1.1 Company Overview
15.2.4.1.2 Product Portfolio
15.2.4.1.3 Demographic Reach and Achievements
15.2.4.1.4 Certifications
15.2.4.2 ITC Limited
15.2.4.2.1 Company Overview
15.2.4.2.2 Product Portfolio
15.2.4.2.3 Demographic Reach and Achievements
15.2.4.2.4 Certifications
15.2.4.3 NR Group
15.2.4.3.1 Company Overview
15.2.4.3.2 Product Portfolio
15.2.4.3.3 Demographic Reach and Achievements
15.2.4.3.4 Certifications
15.2.4.4 One Point Six Technologies Pvt Ltd (Leadstart)
15.2.4.4.1 Company Overview
15.2.4.4.2 Product Portfolio
15.2.4.4.3 Demographic Reach and Achievements
15.2.4.4.4 Certifications
15.2.4.5 Others
15.2.5 By Online Service Providers
15.2.5.1 Rgyan
15.2.5.1.1 Company Overview
15.2.5.1.2 Product Portfolio
15.2.5.1.3 Demographic Reach and Achievements
15.2.5.1.4 Certifications
15.2.5.2 Kalpnik Technologies Pvt Ltd
15.2.5.2.1 Company Overview
15.2.5.2.2 Product Portfolio
15.2.5.2.3 Demographic Reach and Achievements
15.2.5.2.4 Certifications
15.2.5.3 Templefolks
15.2.5.3.1 Company Overview
15.2.5.3.2 Product Portfolio
15.2.5.3.3 Demographic Reach and Achievements
15.2.5.3.4 Certifications
15.2.5.4 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Religious and Spiritual Market: Key Industry Highlights, 2018 and 2032
2. India Religious and Spiritual Market: Key Industry Highlights, 2018 and 2032
3. India Religious and Spiritual Historical Market: Breakup by Religion (USD Million), 2018-2023
4. India Religious and Spiritual Market Forecast: Breakup by Religion (USD Million), 2024-2032
5. India Religious and Spiritual Historical Market: Breakup by Income Source (USD Million), 2018-2023
6. India Religious and Spiritual Market Forecast: Breakup by Income Source (USD Million), 2024-2032
7. India Religious and Spiritual Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
8. India Religious and Spiritual Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
9. India Religious and Spiritual Historical Market: Breakup by Region (USD Million), 2018-2023
10. India Religious and Spiritual Market Forecast: Breakup by Region (USD Million), 2024-2032
11. India Religious and Spiritual Market Structure
Key Questions Answered in the Report
The country’s religious and spiritual market reached a value of USD 58.56 billion in 2023.
The market is projected to grow at a CAGR of 10% between 2024 and 2032.
The major drivers of the market 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 market.
North India, South India, West India, and East and Central India are the leading regions in the market.
The major religions considered in the market include Hinduism, Islam, Sikhism, Buddhism, and Christianity, among other religions.
The leading income sources in the market can be divided into religious tourism, donations, media and music, religious items and merchandise, construction and infrastructure, among others.
The major distribution channels in the market include direct from religious place, retail, and online.
The leading trust or managing bodies are Sree Padmanabhaswamy 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. The media companies are T-Series Pvt. Ltd., Sanskar Info TV Pvt. Ltd., and Vedic Broadcasting Limited, among others. The religious travel companies are Yatra Online Limited, Tour My India Pvt Ltd, Travel Planner, and Spiritual India Tours, among others whereas the merchandise companies include Moksh Agarbatti, ITC Limited, NR Group, and One Point Six Technologies Pvt Ltd (Leadstart), among others. The online service providers include Rgyan, Kalpnik Technologies, and Templefolks, among others.
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