What is the Market Size of Religious and Spiritual in India ? :
IMARC Group’s latest research report, titled “India Religious and Spiritual Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the religious and spiritual market size in india reached US$ 54.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 97.2 Billion by 2028, exhibiting a growth rate (CAGR) of 10.32% during 2023-2028.
Religion comprises a set of beliefs, practices, and rituals that relate to supernatural power, while spirituality is more broadly described as a sense of connection to something larger than oneself, which may or may not be associated with a particular religion. Religion can provide a framework for understanding the world and one’s place in it. It often involves a set of moral and ethical guidelines, as well as specific practices and rituals. On the other hand, spirituality can encompass a broader range of beliefs and experiences. It may involve a sense of connection to nature, to other people, or to a higher power or energy.
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India Religious and Spiritual Market Future Demand and Growth:
The market in India is primarily driven by significant growth in the tourism sector. Since India has many religious and spiritual sites, including temples, ashrams, and holy cities, which is providing a boost to the tourism sector across the country, thereby leading to a rise in the demand for religious and spiritual products, driving the growth of the market. Along with this, the large and diverse population has propelled the demand for religious and spiritual products and services, including books, music, spiritual retreats, and pilgrimage sites, further catalyzing the market favorably. Additionally, religion and spirituality are deeply ingrained in Indian culture and tradition, and many individuals value the role that they play in their daily lives. This is providing a lucrative opportunity for religious and spiritual products and services across India.
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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 industry has also been examined along with the profiles of the key players.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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