The new report by Expert Market Research titled, ‘Indian Religious and Spiritual Market Report and Forecast 2022-2027’, gives an in-depth analysis of the Indian religious and spiritual market, assessing the market based on its segments like religion, income sources, distribution channels, sector, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2020): USD 44 Billion
- Forecast CAGR (2022-2027): 0%
The increasing inclination of Indians towards religious and spiritual practices is driving the market growth. The high number of temples and religious places in the country, coupled with the favourable government policies for pilgrims, is propelling the demand for religious items and merchandise. Over the forecast period, the increasing incidences of spiritual paths being taken by the working-class population is anticipated to provide further impetus to the market. The increasing footfall in yoga centres, Ayurvedic spas, and spiritual institutes are likely to augment the awareness about religious practices in the coming years. The market is likely to be aided by the increasing donations by businessmen and organisations in religious places, like temples and Gurudwaras.
Industry Definition and Major Segments
Religion is defined as an institutionalised system of beliefs or attitude regarded as holy, sacred, or divine. In other words, religion or spiritualism is aimed at garnering a relationship between humans and godly creatures or energies. Religious or spiritual activities demand commitment and devotion to a set of values or practices.
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On the basis of religion, the market can be segmented into:
- Hinduism
- Islam
- Sikhism
- Buddhism
- Christianity
- Other Religions
Based on income source, the market has been divided into:
- Religious Tourism
- Donations
- Media and Music
- Religious Items and Merchandise
- Construction and Infrastructure
- Others
By distribution channel, the market has been segmented into:
- Direct from Religious Places
- Retail
- Online
Based on sector, the industry can be segmented into the following:
- Organised Sector
- Unorganised Sector
The regional markets for religious and spiritual include:
- North India
- South India
- West India
- East India
Market Trends
The key trends in the religious and spiritual market in India include the thriving spiritual tourism. The secular culture of India is attracting high number of tourists from all over the world, which is boosting the demand for sacred religious items. Moreover, the increasing efforts by the Indian travel authorities such as Indian railways, to build a link between cities and pilgrimages, is likely to be a crucial trend in, the market. Furthermore, the thriving e-commerce industry in the country, offering diversified religious items, such as lockets, clothes, and idols, among others, along with the comfort of door-step deliveries is likely to bolster the market growth.
Key Market Players
The major players in the market include the following:
Trust or Managing Bodies:
- Sree Padmanabhaswamy Temple Trust (SPST)
- Shri Saibaba Sansthan Trust (Shirdi, Mumbai)
- Tirumala Tirupati Devasthanams (TTD)
- Shri Mata Vaishno Devi Shrine Board
- Shree Siddhivinayak Ganapati Temple Trust
- Akal Takht Sahib (Amritsar)
Media Companies:
- T-Series Pvt. Ltd.
- Kamadhenu Tele Films Private Limited
- Vedic Broadcasting Limited
Religious Travel Companies:
- Le Travenues Technology Pvt Ltd (iXiGO.com)
- Tour My India Pvt
- Travel Planner
Merchandise Companies:
- Moksh Agarbatti
- ITC Ltd (Mangaldeep)
- NR Group (Cycle Pure)
Online Service Providers:
- Rgyan
- Kalpnik Technologies
- OnlinePrasad
- Templefolks
- MyMandir
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
