According to the latest report by IMARC Group, titled “India Religious and Spiritual Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,”the India religious and spiritual market is expected to exhibit a CAGR of 10.15% during 2022-2027.
Religion is a standardized system of religious attitudes, beliefs, and practices. It is the service and worship of God or the supernatural. It is often based upon a historical or archetypal figure’s lives, teachings, and beliefs. This figure is the subject of worship and devotion and forms the foundation of a community’s religious practices and rituals. On the other hand, spirituality connotes an experience of connection to something larger than you. It involves living everyday life in a respectful and sacred manner. It is often based upon the practical application of the founder’s teachings.
The COVID-19 pandemic has adversely affected the religious and spirituality market in India. Temple visits, pilgrimages, and mass gatherings were halted due to the rapid spread of the coronavirus. It had significant ramifications for the religious tourism industry and impacted other related industries and services like hotels, transport, travel agents and tour organizers, tour guides, and all tourism service industries. On the other hand, the increasing prominence of online music streaming platforms and applications to listen to different forms of music, including spiritual and devotional songs, is strengthening the market growth.
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|Base Year of the Analysis||2021|
India Religious and Spiritual Market Trends:
The market in India is primarily driven by the rapid growth in the spiritual tourism. In line with this, several tourism programs initiated by the Indian government, such as Pilgrimage Rejuvenation and Spirituality Augmentation Drive, are creating a positive outlook for the market. Furthermore, the high number of tourists attracted by religious events is positively influencing the growth of the Indian religious and spiritual market. Apart from this, the tourism, roadways, and railway sectors are working on improving the connectivity between the pilgrimage sites, thus aiding the market growth. Moreover, the expansion of online retail channels acts as another major growth-inducing factor. Additionally, the rising integration of virtual reality (VR) with religious and spiritual services is anticipated to drive the market toward growth.
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.
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Key Market Segmentation:
Breakup by Sector:
- Religious Tourism
- Media and Music
- Religious Items and Merchandise
- Construction and Infrastructure
- Direct from Religious Places
- North India
- West and Central India
- South India
- 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.
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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