According to the latest report by IMARC Group, titled "Religious and Spiritual Market: India Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the India religious and spiritual market size reached US$ 54.1 Billion in 2022. Religion refers to a set of organized beliefs, practices, and rituals that are shared by a community of individuals. It involves the worship of a higher power or divine being, and it often includes a code of ethics, values, and morals that guide the behavior of its followers. On the other hand, spirituality is a more personal and individual concept that involves a sense of connection to something greater than oneself, which can be a higher power, nature, or the universe. It is often associated with a sense of inner peace, purpose, and meaning, and it can be expressed through various practices such as meditation, prayer, or mindfulness.
India Religious and Spiritual Market Trends:
The market in India is primarily driven by the increasing popularity of pilgrimage trips to religious destinations across India. Moreover, the shifting consumer preference for incense-based products for religious, spiritual, and meditational purposes is also contributing to the growth of the market. In line with this, temples, churches, and other religious establishments widely use products, such as agarbatti, dhoop, and candles, for their daily spiritual and religious regimes, thus acting as another growth-inducing factor. Furthermore, the Government of India is launching various initiatives and projects, such as pilgrimage rejuvenation and spiritual augmentation drive (PRASAD), for promoting the infrastructural development at various heritage sites that aims to provide adequate resources for effective rail, road, and water transport systems, network connectivity, information centers, for the enhanced convenience of pilgrims and tourists. Apart from this, continuous technological advancements are significantly supporting the market as digital platforms have made it easier for religious and spiritual leaders to reach a wider audience. Besides, considerable rise in the health and wellness industry is catalyzing the growth of the religious and spiritual market since individuals are adopting several practices, such as yoga, meditation, and mindfulness, to improve their physical and mental well-being. Other factors, including the advent of virtual reality (VR) kiosks to provide an immersive and interactive experience of religious sites to the devotees, expanding cultural heritage, and the rising sense of community among the masses, are projected to propel the market further. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 97.2 Billion by 2028, exhibiting a growth rate (CAGR) of 10.32% during 2023-2028.
- On the basis of the sector, the market has been divided into organized and unorganized.
- Based on the income source, the market has been segmented into religious tourism, donations, media and music, religious items and merchandise, construction and infrastructure, and others.
- On the basis of the distribution channel, the market has been bifurcated into religious places, retail, and online.
- Based on the religion, the market has been segregated into Hinduism, Islam, Sikhism, Buddhism, Christianity, and others.
- Based on the region, the market has been categorized into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
|Base Year of the Analysis
||Sector, Income Source, Distribution Channel, Religion, Region
||North India, West and Central India, South India, East India
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