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Indian Religious and Spiritual Market

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.

 

Indian Religious and Spiritual Market

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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.

 

Indian Religious and Spiritual Market By Segments

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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.

 

Indian Religious and Spiritual Market Report

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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:

  • Religion
  • Income Source
  • Distribution Channels
  • Region
Breakup by Religion
  • Hinduism
  • Islam
  • Sikhism
  • Buddhism
  • Christianity
  • Others
Breakup by Income Source
  • Religious Tourism
  • Donations
  • Media and Music
  • Religious Items and Merchandise
  • Construction and Infrastructure
  • Others
Breakup by Distribution Channels
  • Direct from Religious Places
  • Retail
  • Online
Breakup by Region
  • North India
  • East and Central India
  • West India
  • South India
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • By Trust or Managing Bodies
    • 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
    • Akal Takht
    • Others
  • By Media Companies
    • T-Series Pvt. Ltd.
    • Vedic Broadcasting Limited
    • Sanskar Info TV Pvt. Ltd.
    • Others
  • By Religious Travel Companies
    • Yatra Online Limited
    • Tour My India Pvt Ltd
    • Travel Planner
    • Spiritual India Tours
    • Others
  • By Merchandise Companies
    • Moksh Agarbatti
    • ITC Limited
    • NR Group
    • One Point Six Technologies Pvt Ltd (Leadstart)
    • Others
  • By Online Service Providers
    • Rgyan
    • Kalpnik Technologies Pvt Ltd
    • Templefolks
    • Others

 

*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    Indian 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    Indian Religious and Spiritual Market by Religion
    10.1    Hinduism
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Islam
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    Sikhism
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Buddhism
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Christianity
        10.5.1    Historical Trend (2018-2023)
        10.5.2    Forecast Trend (2024-2032)
    10.6    Others
11    Indian Religious and Spiritual Market by Income Source
    11.1    Religious Tourism
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
        11.1.3    Breakup by Religion Type
            11.1.3.1    Hinduism
            11.1.3.2    Islam
            11.1.3.3    Sikhism
            11.1.3.4    Buddhism
            11.1.3.5    Christianity
            11.1.3.6    Others
    11.2    Donations
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
        11.2.3    Breakup by Religion Type
            11.2.3.1    Hinduism
            11.2.3.2    Islam
            11.2.3.3    Sikhism
            11.2.3.4    Buddhism
            11.2.3.5    Christianity
            11.2.3.6    Others
    11.3    Media and Music
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    Religious Items and Merchandise
        11.4.1    Historical Trend (2018-2023)
        11.4.2    Forecast Trend (2024-2032)
        11.4.3    Breakup by Product
            11.4.3.1    Books and Literature
            11.4.3.2    Idols
            11.4.3.3    Flowers and Garlands
            11.4.3.4    Candles and Incense Sticks
            11.4.3.5    Others 
    11.5    Construction and Infrastructure
        11.5.1    Historical Trend (2018-2023)
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others 
12    Indian Religious and Spiritual Market by Distribution Channel
    12.1    Direct from Religious Places
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Retail
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Online
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
13    Indian Religious and Spiritual Market by Region
    13.1    North India
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    East and Central India
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    West India
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    South India
        13.4.1    Historical Trend (2018-2023)
        13.4.2    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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