India Religious And Spiritual Market | Growth | Trends | Forecast to 2022-2027
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 represents an organized belief system containing practices related to worshipping a single or multiple supernatural forces. Commonly practiced beliefs include Islam, Sikhism, Hinduism, Buddhism, and Christianity. They involve various worldviews, texts, sentiments, revelations, morals, and prophecies that portray sacred significance to the members of a certain faith. Individuals also practice rituals, prayers, meditation, and feasts as per their devotion to religious faith. On the other hand, spirituality is an overlapping concept that includes traditions and beliefs around the connection, value, and meaning of the existence of an individual. It is usually practiced to achieve a positive state of mind with acceptance, contentment, and gratitude. Individuals indulge in donation drives, books and literature tools, flowers, candles, and incense sticks to practice their beliefs.
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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Report Coverage:
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
India Religious and Spiritual Market Trends:
The escalating pilgrimage tourism is among the primary factors driving the India religious and spiritual market. Besides this, the launch of several policies by the government bodies to promote the infrastructural development at various heritage sites, provide network connectivity, information centers, adequate resources for effective transport systems, drinking water, and renewable power for the enhanced convenience of pilgrims and tourists is further augmenting the market growth. Moreover, the increasing consumer preference for incense-based products for religious, spiritual, and meditational purposes is also catalyzing the market across India. Apart from this, the introduction of virtual reality (VR) kiosks to offer the devotees an interactive experience of sacred sites is expected to bolster the India religious and spiritual market in the coming years.
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.
Key Market Segmentation:
Breakup by Sector:
- 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 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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