IMARC Group’s latest research report, titled “India Religious and Spiritual Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,”the India religious and spiritual market share is expected to exhibit a CAGR of 10.15% during 2022-2027. Religion includes a set of a social-cultural system of practices and moral beliefs that is are commonly shared by among a group or community. On the other hand, , whereas spirituality refers to an individual practice that is related to the process of building beliefs about the meaning of life. They both consist of prophecies, worldviews, holy places, and symbols, and the and worship of deities, which is often considered as to be a medium for seeking peace and solace in life. Some of the Popular religious and spiritual products utilized across in India include candles and incense sticks, books and literature tools, statues of a deities, and stones and crystals.
The mandatory temporary closure of religious and spiritual places across the country had negatively impacted the sales of these products during the onset of the pandemic. However, with considerable improvements in vaccination rates across India, the brick-and-mortar spaces that offer religious and spiritual services are gradually opening their doors to the public. Along with this, continuous developments in the e-commerce infrastructure and the advent of online delivery models are also providing a boost to the sales of these products across the country.
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India Religious and Spiritual Market Trends:
The market in India is primarily driven by the rising pilgrimage tourism across the country. This is supported by the increasing popularity of pilgrimage trips to religious destinations, including Haridwar, Ajmer, and Amritsar, among the masses. Along with this, the launch of various rejuvenation and spirituality programs across the country is also gaining prominence among the masses. Furthermore, continuous technological advancements and the widespread integration of automation with the manufacturing processes of several products are creating a positive outlook for the market. Other factors, including the increasing adoption of smartphones among the masses and rising investments and funding by private and public agencies in the development projects of religious establishments, are further contributing to the market growth across India.
COVID-19 Overview:
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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