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Indian Religious and Spiritual Market Share, Size, Analysis, Forecast: By Religion: Hinduism, Islam, Sikhism, Buddhism, Christianity, Others; By Income Source: Religious Tourism, Donations, Media and Music, Others; By Distribution Channel; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Indian Religious and Spiritual Market Outlook
The Indian religious and spiritual market reached a value of USD 44 billion in 2020. The market is further expected to grow at a CAGR of 10% in the forecast period of 2023-2028.
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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.
Market Segmentations Covered in the Report
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.
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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
- 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
The distribution channels in the market can be divided into:
- Direct from Religious Places
- Retail
- Online
The report also covers the regional markets of the Indian religious and spiritual market like North India, South India, West India, and East and Central India.
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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 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
The religious travel companies in the market are:
- 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 in the market are:
- Rgyan
- Kalpnik Technologies Pvt Ltd
- Templefolks
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 (2018-2022)
8.3 Global Religious and Spiritual Market Forecast (2023-2028)
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 (2018-2022)
9.3 India Religious and Spiritual Market Forecast (2023-2028)
10 India Religious and Spiritual Market by Religion
10.1 Hinduism
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Islam
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 Sikhism
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Buddhism
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Christianity
10.5.1 Market Share
10.5.2 Historical Trend (2018-2022)
10.5.3 Forecast Trend (2023-2028)
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 (2018-2022)
11.1.3 Forecast Trend (2023-2028)
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 (2018-2022)
11.2.3 Forecast Trend (2023-2028)
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 (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 Religious Items and Merchandise
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
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 (2018-2022)
11.5.3 Forecast Trend (2023-2028)
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 (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Retail
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Online
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
13 India Religious and Spiritual Market by Region
13.1 North India
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 East and Central India
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 West India
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South India
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
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 2028
2. India Religious and Spiritual Market: Key Industry Highlights, 2018 and 2028
3. India Religious and Spiritual Historical Market: Breakup by Religion (USD Million), 2018-2022
4. India Religious and Spiritual Market Forecast: Breakup by Religion (USD Million), 2023-2028
5. India Religious and Spiritual Historical Market: Breakup by Income Source (USD Million), 2018-2022
6. India Religious and Spiritual Market Forecast: Breakup by Income Source (USD Million), 2023-2028
7. India Religious and Spiritual Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
8. India Religious and Spiritual Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
9. India Religious and Spiritual Historical Market: Breakup by Region (USD Million), 2018-2022
10. India Religious and Spiritual Market Forecast: Breakup by Region (USD Million), 2023-2028
11. India Religious and Spiritual Market Structure
Key Questions Answered in the Report
The Indian religious and spiritual market reached a value of USD 44 billion in 2020.
The market is projected to grow at a CAGR of 10% between 2023 and 2028.
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.
Analyst Review
The Indian religious and spiritual market attained a value of USD 44 billion in 2020, 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 2023-2028 at a CAGR of 10%.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on religions, the market can be segmented into Hinduism, Islam, Sikhism, Buddhism, Christianity, and other religions. By income sources, the market is divided into religious tourism, donations, media and music, religious items and merchandise, and construction and infrastructure, among others. By distribution channels, the market can be divided into direct from religious place, retail, and online. The major regional markets for the religious and spiritual market in India are North India, South India, West India, and East and Central India. 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 include 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.
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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