Indian Religious and Spiritual Market Report and Forecast 2024-2032

Indian Religious and Spiritual Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), 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 EMR 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 by Expert Market Research 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

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.