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India Religious and Spiritual Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The India religious and spiritual market is expected to exhibit a CAGR of 10.15% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Religion can be defined as an organized belief system consisting of practices related to the worship of a single or multiple supernatural forces. Some of the commonly practiced religious and spiritual beliefs in India include Hinduism, Islam, Sikhism, Buddhism and Christianity. They involve various beliefs, worldviews, texts, revelations, morals and prophecies that portray sacred significance to the members of a particular faith. Individuals also practice sermons, rituals, prayers, meditation and feasts as per their devotion to religious faith. On the other hand, spirituality is an overlapping concept that involves practices and beliefs around the value, connection and meaning of the existence of an individual. It is usually practiced to achieve a positive state of mind with contentment, acceptance and gratitude. Individuals indulge in religious and spiritual tourism, donation drives, books and literature tools, flowers, garlands, candles and incense sticks to practice and propagate their beliefs.

 

 
 

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The India religious and spiritual market is primarily driven by the increasing pilgrimage tourism across the country. The Government of India is launching various initiatives and projects, such as pilgrimage rejuvenation and spirituality, heritage augmentation drive (PRASHAD) and heritage city development and augmentation yojana, for promoting the infrastructural development at various heritage sites. These policies aim to provide adequate resources for effective rail, road and water transport systems, network connectivity, information centers, drinking water and renewable power for the enhanced convenience of pilgrims and tourists. In line with this, the increasing consumer preference for incense-based products for religious, spiritual and meditational purposes is also contributing to the growth of the market. Temples, churches and other religious establishments widely use products, such as agarbatti, dhoop and candles, for their daily spiritual and religious regimes. Other factors, including the advent of virtual reality (VR) kiosks to provide an immersive and interactive experience of religious sites to the devotees, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India religious and spiritual market, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on sector, income source, distribution channel and religion.

Breakup by Sector:

 

 
 

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  • Organised
  • Unorganised
     

Breakup by Income Source:

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

Breakup by Distribution Channel:

  • Direct from Religious Places
  • Retail
  • Online
     

Breakup by Religion:

  • Hinduism
  • Islam
  • Sikhism
  • Buddhism
  • Christianity
  • Others
     

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Sector, Income Source, Distribution Channel, Religion, Region
Region Covered North India, West and Central India, South India, East India
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2299
Five User License: US$ 3399
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Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   India Religious and Spiritual Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Sector
    6.1    Organised
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Unorganised
        6.2.1 Market Trends
        6.2.2 Market Forecast
7   Market Breakup by Income Source
    7.1    Religious Tourism
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Donations
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Media and Music
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Religious Items and Merchandise
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Construction and Infrastructure
        7.5.1 Market Trends
        7.5.2 Market Forecast
    7.6    Others
        7.6.1 Market Trends
        7.6.2 Market Forecast
8   Market Breakup by Distribution Channel
    8.1    Direct from Religious Places
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Retail
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Online
        8.3.1 Market Trends
        8.3.2 Market Forecast
9   Market Breakup by Religion
    9.1    Hinduism
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Islam
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Sikhism
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Buddhism
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Christianity
        9.5.1 Market Trends
        9.5.2 Market Forecast
    9.6    Others
        9.6.1 Market Trends
        9.6.2 Market Forecast
10  Market Breakup by Region
    10.1    North India
        10.1.1 Market Trends
        10.1.2 Market Breakup by State
        10.1.3 Market Forecast
    10.2    West and Central India
        10.2.1 Market Trends
        10.2.2 Market Breakup by State
        10.2.3 Market Forecast
    10.3    South India
        10.3.1 Market Trends
        10.3.2 Market Breakup by State
        10.3.3 Market Forecast
    10.4    East India 
        10.4.1 Market Trends
        10.4.2 Market Breakup by State
        10.4.3 Market Forecast
11  SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12  Value Chain Analysis
13  Porters Five Forces Analysis

    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14  Price Analysis
15  Policy and Regulatory Landscape
16  Competitive Landscape

    16.1    Market Structure
    16.2    Key Players
    16.3    Profiles of Key Players

List of Figures

Figure 1: India: Religious and Spiritual Market: Major Drivers and Challenges
Figure 2: India: Religious and Spiritual Market: Sales Value (in Billion US$), 2016-2021
Figure 3: India: Religious and Spiritual Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: India: Religious and Spiritual Market: Breakup by Sector (in %), 2021
Figure 5: India: Religious and Spiritual Market: Breakup by Income Source (in %), 2021
Figure 6: India: Religious and Spiritual Market: Breakup by Distribution Channel (in %), 2021
Figure 7: India: Religious and Spiritual Market: Breakup by Religion (in %), 2021
Figure 8: India: Religious and Spiritual Market: Breakup by Region (in %), 2021
Figure 9: India: Religious and Spiritual (Organised) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: India: Religious and Spiritual (Organised) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: India: Religious and Spiritual (Unorganised) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: India: Religious and Spiritual (Unorganised) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: India: Religious and Spiritual (Religious Tourism) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: India: Religious and Spiritual (Religious Tourism) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: India: Religious and Spiritual (Donations) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: India: Religious and Spiritual (Donations) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: India: Religious and Spiritual (Media and Music) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: India: Religious and Spiritual (Media and Music) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: India: Religious and Spiritual (Religious Items and Merchandise) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: India: Religious and Spiritual (Religious Items and Merchandise) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: India: Religious and Spiritual (Construction and Infrastructure) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: India: Religious and Spiritual (Construction and Infrastructure) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: India: Religious and Spiritual (Other Income Sources) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: India: Religious and Spiritual (Other Income Sources) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: India: Religious and Spiritual (Direct from Religious Places) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: India: Religious and Spiritual (Direct from Religious Places) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: India: Religious and Spiritual (Retail) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: India: Religious and Spiritual (Retail) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: India: Religious and Spiritual (Online) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: India: Religious and Spiritual (Online) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: India: Religious and Spiritual (Hinduism) Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: India: Religious and Spiritual (Hinduism) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: India: Religious and Spiritual (Islam) Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: India: Religious and Spiritual (Islam) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: India: Religious and Spiritual (Sikhism) Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: India: Religious and Spiritual (Sikhism) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: India: Religious and Spiritual (Buddhism) Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: India: Religious and Spiritual (Buddhism) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: India: Religious and Spiritual (Christianity) Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: India: Religious and Spiritual (Christianity) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: India: Religious and Spiritual (Other Religions) Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: India: Religious and Spiritual (Other Religions) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: North India: Religious and Spiritual Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: North India: Religious and Spiritual Market: Breakup by State (in %), 2021
Figure 45: North India: Religious and Spiritual Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: West and Central India: Religious and Spiritual Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: West and Central India: Religious and Spiritual Market: Breakup by State (in %), 2021
Figure 48: West and Central India: Religious and Spiritual Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: South India: Religious and Spiritual Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: South India: Religious and Spiritual Market: Breakup by State (in %), 2021
Figure 51: South India: Religious and Spiritual Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: East India: Religious and Spiritual Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: East India: Religious and Spiritual Market: Breakup by State (in %), 2021
Figure 54: East India: Religious and Spiritual Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: India: Religious and Spiritual Industry: SWOT Analysis
Figure 56: India: Religious and Spiritual Industry: Value Chain Analysis
Figure 57: India: Religious and Spiritual Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: India: Religious and Spiritual Market: Key Industry Highlights, 2021 and 2027
Table 2: India: Religious and Spiritual Market Forecast: Breakup by Sector (in Million US$), 2022-2027
Table 3: India: Religious and Spiritual Market Forecast: Breakup by Income Source (in Million US$), 2022-2027
Table 4: India: Religious and Spiritual Market Forecast: Breakup by Distribution Channel (in Million US$), 2022-2027
Table 5: India: Religious and Spiritual Market Forecast: Breakup by Religion (in Million US$), 2022-2027
Table 6: India: Religious and Spiritual Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: India: Religious and Spiritual Market: Competitive Structure
Table 8: India: Religious and Spiritual Market: Key Players


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Key Questions Answered in This Report

We expect the India religious and spiritual market to exhibit a CAGR of 10.15% during 2022-2027.

The rising indulgence of individuals towards religious and spiritual practices to achieve a positive state of
mind with contentment, acceptance, and gratitude is primarily driving the India religious and spiritual
market.

The sudden outbreak of the COVID-19 pandemic has led to the rising inclination towards worship
practices through livestreaming, owing to the temporary closure of various religious and spiritual places
across the nation.

Based on the religion, the India religious and spiritual market can be segmented into Hinduism, Islam,
Sikhism, Buddhism, Christianity, and others. Currently, Hinduism holds the majority of the total market
share.

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