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India Religious and Spiritual Market Report and Forecast 2024-2032

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    Report

  • 168 Pages
  • November 2023
  • Region: India
  • Expert Market Research
  • ID: 5912619
Description Jump to:
According to the report, the Indian religious and spiritual market size is projected to grow at a CAGR of 10% between 2024 and 2032 reaching a value of approximate USD 138 billion by 2032. Aided by the rise in spiritual tourism and growing number of tourists attracted by the events, the market is expected to grow significantly by 2032.

At the heart of the Indian subcontinent lies variety of diverse religious and spiritual traditions, each carrying with it a rich tapestry of customs, practices, and philosophies. India has been home to Hinduism, Buddhism, Jainism, and Sikhism, and has over time embraced Christianity, Islam, and other global religions, culminating in a complex web of faith-based systems and practices.

One of the prevalent Indian religious and spiritual market trends is an upsurge in demand for digitised religious content. The growing penetration of smartphones and the internet has encouraged the shift from traditional print to digital platforms for accessing scriptures, hymns, chants, and spiritual teachings. Many spiritual gurus and organisations now conduct online sessions, catering to the tech-savvy yet spiritually inclined younger generation.

Simultaneously, the demand for religious artefacts, idols, jewellery, and spiritual literature continues to rise, bolstering the Indian religious and spiritual market growth. Events such as religious festivals, pilgrimages, and spiritual retreats witness a significant rise in purchasing these items, reflecting the deep-rooted reverence towards religious symbols and practices in the country.

The spiritual and self-help literature sector, with books and publications on Indian spirituality, meditation, yoga, and philosophies gaining traction, not just domestically but internationally is observing a rapid growth. Authors and spiritual leaders from India are making their mark on global platforms, introducing the world to the treasures of Indian spiritual wisdom.

Another factor boosting the Indian religious and spiritual market demand is the integration of spirituality with wellness and tourism. Places like Rishikesh, Varanasi, and Dharamshala have become hubs for seekers from around the world, combining spiritual pursuits with yoga, meditation, and holistic health retreats. This confluence of spirituality and wellness tourism fuels the market size.

An in-depth Indian religious and spiritual market analysis also highlights the rise in demand for eco-friendly religious products. Given the increasing global emphasis on sustainability, eco-friendly incense sticks, organic offerings, and biodegradable religious artefacts have gained prominence. Such sustainable offerings go well with the respect for nature present in many Indian religious philosophies.

Market Segmentation

The market can be divided based on religion, income source, distribution channels, and region.

Market Breakup by Religion

  • Hinduism
  • Islam
  • Sikhism
  • Buddhism
  • Christianity
  • Others

Market Breakup by Income Source

  • Religious Tourism
  • Hinduism
  • Islam
  • Sikhism
  • Buddhism
  • Christianity
  • Others
  • Donations
  • Hinduism
  • Islam
  • Sikhism
  • Buddhism
  • Christianity
  • Others
  • Media and Music
  • Religious Items and Merchandise
  • Books and Literature
  • Idols
  • Flowers and Garlands
  • Candles and Incense Sticks
  • Others
  • Construction and Infrastructure
  • Others

Market Breakup by Distribution Channels

  • Direct from Religious Places
  • Retail
  • Online

Market Breakup by Region

  • North India
  • East and Central India
  • West India
  • South India

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Indian religious and spiritual market. Some of the major players explored in the report are as follows:

By Trust or Managing Bodies

  • Sree Padmanabha Swamy Temple Trust (SPST)
  • Shri Saibaba Sansthan Trust
  • Tirumala Tirupati Devasthanams (TTD)
  • Shri Mata Vaishno Devi Shrine Board
  • Shree Siddhivinayak Ganapati Temple Trust
  • Akal Takht
  • Others

By Media Companies

  • T-Series Pvt. Ltd.
  • Vedic Broadcasting Limited
  • Sanskar Info TV Pvt. Ltd.
  • Others

By Religious Travel Companies

  • Yatra Online Limited
  • Tour My India Pvt Ltd
  • Travel Planner
  • Spiritual India Tours
  • Others

By Merchandise Companies

  • Moksh Agarbatti
  • ITC Limited
  • NR Group
  • One Point Six Technologies Pvt Ltd (Leadstart)
  • Others

By Online Service Providers

  • Rgyan
  • Kalpnik Technologies Pvt Ltd
  • Templefolks
  • Others

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot7 Opportunities and Challenges in the Market
8 Global Religious and Spiritual Market Overview
8.1 Key Industry Highlights
8.2 Global Religious and Spiritual Historical Market (2018-2023)
8.3 Global Religious and Spiritual Market Forecast (2024-2032)
8.4 Global Religious and Spiritual Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 India Religious and Spiritual Market Overview
9.1 Key Industry Highlights
9.2 India Religious and Spiritual Historical Market (2018-2023)
9.3 India Religious and Spiritual Market Forecast (2024-2032)
10 India Religious and Spiritual Market by Religion
10.1 Hinduism
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Islam
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 Sikhism
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Buddhism
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Christianity
10.5.1 Market Share
10.5.2 Historical Trend (2018-2023)
10.5.3 Forecast Trend (2024-2032)
10.6 Others
11 India Religious and Spiritual Market by Income Source
11.1 Religious Tourism
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.1.4 Breakup by Religion Type
11.1.4.1 Hinduism
11.1.4.2 Islam
11.1.4.3 Sikhism
11.1.4.4 Buddhism
11.1.4.5 Christianity
11.1.4.6 Others
11.2 Donations
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.2.4 Breakup by Religion Type
11.2.4.1 Hinduism
11.2.4.2 Islam
11.2.4.3 Sikhism
11.2.4.4 Buddhism
11.2.4.5 Christianity
11.2.4.6 Others
11.3 Media and Music
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 Religious Items and Merchandise
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.4.4 Breakup by Product
11.4.4.1 Books and Literature
11.4.4.2 Idols
11.4.4.3 Flowers and Garlands
11.4.4.4 Candles and Incense Sticks
11.4.4.5 Others
11.5 Construction and Infrastructure
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 India Religious and Spiritual Market by Distribution Channel
12.1 Direct from Religious Places
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Retail
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Online
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
13 India Religious and Spiritual Market by Region
13.1 North India
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 East and Central India
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 West India
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South India
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 By Trust or Managing Bodies
15.2.1.1 Sree Padmanabha Swamy Temple Trust (SPST)
15.2.1.1.1 Company Overview
15.2.1.1.2 Service Portfolio
15.2.1.1.3 Demographic Reach and Achievements
15.2.1.1.4 Certifications
15.2.1.2 Shri Saibaba Sansthan Trust
15.2.1.2.1 Company Overview
15.2.1.2.2 Service Portfolio
15.2.1.2.3 Demographic Reach and Achievements
15.2.1.2.4 Certifications
15.2.1.3 Tirumala Tirupati Devasthanams (TTD)
15.2.1.3.1 Company Overview
15.2.1.3.2 Service Portfolio
15.2.1.3.3 Demographic Reach and Achievements
15.2.1.3.4 Certifications
15.2.1.4 Shri Mata Vaishno Devi Shrine Board
15.2.1.4.1 Company Overview
15.2.1.4.2 Service Portfolio
15.2.1.4.3 Demographic Reach and Achievements
15.2.1.4.4 Certifications
15.2.1.5 Shree Siddhivinayak Ganapati Temple Trust
15.2.1.5.1 Company Overview
15.2.1.5.2 Service Portfolio
15.2.1.5.3 Demographic Reach and Achievements
15.2.1.5.4 Certifications
15.2.1.6 Akal Takht
15.2.1.6.1 Company Overview
15.2.1.6.2 Service Portfolio
15.2.1.6.3 Demographic Reach and Achievements
15.2.1.6.4 Certifications
15.2.1.7 Others
15.2.2 By Media Companies
15.2.2.1 T-Series Pvt. Ltd.
15.2.2.1.1 Company Overview
15.2.2.1.2 Product Portfolio
15.2.2.1.3 Demographic Reach and Achievements
15.2.2.1.4 Certifications
15.2.2.2 Vedic Broadcasting Limited
15.2.2.2.1 Company Overview
15.2.2.2.2 Product Portfolio
15.2.2.2.3 Demographic Reach and Achievements
15.2.2.2.4 Certifications
15.2.2.3 Sanskar Info TV Pvt. Ltd.
15.2.2.3.1 Company Overview
15.2.2.3.2 Product Portfolio
15.2.2.3.3 Demographic Reach and Achievements
15.2.2.3.4 Certifications
15.2.2.4 Others
15.2.3 By Religious Travel Companies
15.2.3.1 Yatra Online Limited
15.2.3.1.1 Company Overview
15.2.3.1.2 Product Portfolio
15.2.3.1.3 Demographic Reach and Achievements
15.2.3.1.4 Certifications
15.2.3.2 Tour My India Pvt Ltd
15.2.3.2.1 Company Overview
15.2.3.2.2 Product Portfolio
15.2.3.2.3 Demographic Reach and Achievements
15.2.3.2.4 Certifications
15.2.3.3 Travel Planner
15.2.3.3.1 Company Overview
15.2.3.3.2 Product Portfolio
15.2.3.3.3 Demographic Reach and Achievements
15.2.3.3.4 Certifications
15.2.3.4 Spiritual India Tours
15.2.3.4.1 Company Overview
15.2.3.4.2 Product Portfolio
15.2.3.4.3 Demographic Reach and Achievements
15.2.3.4.4 Certifications
15.2.3.5 Others
15.2.4 By Merchandise Companies
15.2.4.1 Moksh Agarbatti
15.2.4.1.1 Company Overview
15.2.4.1.2 Product Portfolio
15.2.4.1.3 Demographic Reach and Achievements
15.2.4.1.4 Certifications
15.2.4.2 ITC Limited
15.2.4.2.1 Company Overview
15.2.4.2.2 Product Portfolio
15.2.4.2.3 Demographic Reach and Achievements
15.2.4.2.4 Certifications
15.2.4.3 NR Group
15.2.4.3.1 Company Overview
15.2.4.3.2 Product Portfolio
15.2.4.3.3 Demographic Reach and Achievements
15.2.4.3.4 Certifications
15.2.4.4 One Point Six Technologies Pvt Ltd (Leadstart)
15.2.4.4.1 Company Overview
15.2.4.4.2 Product Portfolio
15.2.4.4.3 Demographic Reach and Achievements
15.2.4.4.4 Certifications
15.2.4.5 Others
15.2.5 By Online Service Providers
15.2.5.1 Rgyan
15.2.5.1.1 Company Overview
15.2.5.1.2 Product Portfolio
15.2.5.1.3 Demographic Reach and Achievements
15.2.5.1.4 Certifications
15.2.5.2 Kalpnik Technologies Pvt Ltd
15.2.5.2.1 Company Overview
15.2.5.2.2 Product Portfolio
15.2.5.2.3 Demographic Reach and Achievements
15.2.5.2.4 Certifications
15.2.5.3 Templefolks
15.2.5.3.1 Company Overview
15.2.5.3.2 Product Portfolio
15.2.5.3.3 Demographic Reach and Achievements
15.2.5.3.4 Certifications
15.2.5.4 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Religious and Spiritual Market: Key Industry Highlights, 2018 and 2032
2. India Religious and Spiritual Market: Key Industry Highlights, 2018 and 2032
3. India Religious and Spiritual Historical Market: Breakup by Religion (USD Million), 2018-2023
4. India Religious and Spiritual Market Forecast: Breakup by Religion (USD Million), 2024-2032
5. India Religious and Spiritual Historical Market: Breakup by Income Source (USD Million), 2018-2023
6. India Religious and Spiritual Market Forecast: Breakup by Income Source (USD Million), 2024-2032
7. India Religious and Spiritual Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
8. India Religious and Spiritual Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
9. India Religious and Spiritual Historical Market: Breakup by Region (USD Million), 2018-2023
10. India Religious and Spiritual Market Forecast: Breakup by Region (USD Million), 2024-2032
11. India Religious and Spiritual Market Structure

Companies Mentioned

  • By Trust or Managing Bodies
  • Sree Padmanabha Swamy Temple Trust (SPST)
  • Shri Saibaba Sansthan Trust
  • Tirumala Tirupati Devasthanams (TTD)
  • Shri Mata Vaishno Devi Shrine Board
  • Shree Siddhivinayak Ganapati Temple Trust
  • Akal Takht
  • By Media Companies
  • T-Series Pvt. Ltd.
  • Vedic Broadcasting Limited
  • Sanskar Info TV Pvt. Ltd.
  • By Religious Travel Companies
  • Yatra Online Limited
  • Tour My India Pvt Ltd
  • Travel Planner
  • Spiritual India Tours
  • By Merchandise Companies
  • Moksh Agarbatti
  • ITC Limited
  • NR Group
  • One Point Six Technologies Pvt Ltd (Leadstart)
  • By Online Service Providers
  • Rgyan
  • Kalpnik Technologies Pvt Ltd
  • Templefolks

Methodology

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