The latest report by IMARC Group, titled “India Religious and Spiritual Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the India Religious and Spiritual market is expected to grow at a CAGR of around 10.15% during 2022-2027. Religion refers to a set of socio-cultural practices and moral beliefs shared by a group or community. It is an organized belief system that is bound by the worship of a single or multiple supernatural forces. In India, commonly practiced religion includes Hinduism, Sikhism, Buddhism, Islam and others, which form a medium for seeking peace and solace in life. They are conveyed through the mediums of texts, revelations, prayers, meditation, feasts, rituals, sermons, beliefs, morals, prophecies, symbols, and worship of deities. Besides this, spirituality involves recognizing the feeling of connection or belief in the existence of an individual to achieve a positive state of mind with contentment, gratitude and acceptance. As a result, various religious and spiritual products are used across India, including candles and incense sticks, books and literature tools, statues of deities, stones, and crystals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Religious and Spiritual Market Trends:
The market is primarily driven by the increasing popularity of pilgrimage trips to religious destinations across India. For instance, Haridwar, Ajmer, Amritsar, and Varanasi are some religious places facilitating pilgrimage tourism. In addition to this, the Government of India is taking initiatives to launch projects such as pilgrimage rejuvenation and spirituality, heritage augmentation drive (PRASHAD), and heritage city development and augmentation yojana. These programs aim to promote infrastructural development at various sites and enhance convenience for tourists and pilgrims. They are also developing infrastructures, such as effective railways, roads, and water transport systems, network connectivity, information centers, drinking water, and renewable power, for the enhanced convenience of tourists and pilgrims. Moreover, the increasing adoption of incense-based products for religious, spiritual and meditational purposes is also accelerating the product demand. Furthermore, the increasing adoption of smartphones and the integration of virtual reality (VR) kiosks is offering an interactive and immersive experience to the devotees, which in turn is significantly impacting the market growth.
- Based on the sector, the market has been segmented into organized and unorganized.
- On the basis of the income source, the market has been classified into religious tourism, donations, media and music, religious items and merchandise, construction and infrastructure, and others.
- The market has been categorized based on the distribution channel into direct from religious places, retail, and online.
- On the basis of the religion, the market has been segregated into Hinduism, Islam, Sikhism, Buddhism, Christianity, and others.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been examined in the report, with the detailed profiles of the key players operative in the industry.
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