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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Indian Religious and Spiritual Market Share
Hinduism is the most followed religion in India as the county is home to about 94% of the world's Hindu
Hinduism is the largest religion in India, with North India being a prominent hub of Hindu residents. Meanwhile, around 220 million individuals in India identify as Muslims and this contributes to the demand for Islamic products and services in the market. Additionally, donations from the Muslim community in mosques form a significant income source for the Indian religious and spiritual market. Islam has a notable presence in areas like West India.
Moreover, as per industry reports, currently Sikhism is practiced by roughly 2.4 crore individuals in India. Sikhism has a strong presence in North India, particularly in states like Punjab. Religion’s significant following in India, contributes to the market’s diversity.
As per Indian religious and spiritual market analysis, around 1 crore people adhere to Buddhism due to its unique teachings and practices. This religion has a significant presence in regions like East India, where Buddhist heritage sites attract many visitors.
Religious tourism generates the highest revenue due to the presence of several holy shrines, temples, mosques, and churches in India
Religious tourism dominates the Indian religious and spiritual market share in terms of revenue. The Char Dham Yatra in Uttarakhand, which covers four sacred Hindu shrines, attracts millions of devotees annually, boosting demand for religious items, accommodations, and services along the pilgrimage route.
Donations is another crucial income stream as it provides financial support for religious institutions and activities. Examples include the offerings made by devotees at temples like the Tirumala Venkateswara Temple in Andhra Pradesh, one of the wealthiest temples in India. These contributions not only sustain the operations of religious organisations but also fund charitable initiatives, community services, and infrastructure development within religious premises.
Construction and infrastructure development play a crucial role in shaping the Indian religious and spiritual market outlook. Projects like the ongoing renovation of the Kashi Vishwanath Temple in Varanasi, aimed at improving facilities for devotees and preserving the heritage of the site, exemplify the importance of infrastructure investments in maintaining sacred places.
Indian Religious and Spiritual Market Report Snapshots
Indian Religious and Spiritual Market Size
Indian Religious and Spiritual Market Growth
Indian Religious and Spiritual Market Trends
Indian Religious and Spiritual Market Share
Indian Religious and Spiritual Companies
Indian Religious and Spiritual Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the Indian religious and spiritual market reached a value of USD 58.56 billion in 2023.
The market is expected to grow at a CAGR of 10% between 2024 and 2032.
The major drivers of the market include rising disposable incomes, increasing population, expanding online distribution channels, and the rising pilgrimage tourism in India.
Key trends aiding market expansion include the government initiatives to promote religious tourism, introduction of digital platforms, and development of Indian railway to support the seamless travel of devotees.
Regions considered in the market are North India, East and Central India, West India, and South India.
The major religions considered in the market include Hinduism, Islam, Sikhism, Buddhism, and Christianity, among other religions.
The leading income sources in the market can be divided into religious tourism, donations, media and music, religious items and merchandise, construction and infrastructure, among others.
The major distribution channels in the market include direct from religious place, retail, and online.
The leading trust or managing bodies are Sree Padmanabhaswamy Temple Trust (SPST), Shri Saibaba Sansthan Trust, Tirumala Tirupati Devasthanams (TTD), Shri Mata Vaishno Devi Shrine Board, Shree Siddhivinayak Ganapati Temple Trust, and Akal Takht, among others. The media companies are T-Series Pvt. Ltd., Sanskar Info TV Pvt. Ltd., and Vedic Broadcasting Limited, among others. The religious travel companies are Yatra Online Limited, Tour My India Pvt Ltd, Travel Planner, and Spiritual India Tours, among others whereas the merchandise companies include Moksh Agarbatti, ITC Limited, NR Group, and One Point Six Technologies Pvt Ltd (Leadstart), among others. The online service providers include Rgyan, Kalpnik Technologies, and Templefolks, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124