India Religious and Spiritual Market 2022 – Size, Share, Trends and Opportunities 2027 – Ripon College Days

The latest research report from IMARC Group, titled “Religious and Spiritual Market in India: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”,the Indian religious and spiritual market is expected to grow at a CAGR of 10.15% during the period 2022-2027. Religion comprises a set of socio-cultural system of moral practices and beliefs that are commonly shared by a group or community. On the other hand, while spirituality refers to an individual practice related to the process of building beliefs about the meaning of life. They both consist of prophecies, worldviews, holy places and symbols, as well as the worship of deities, which is often seen as a means of seeking peace and solace in life. Some of the popular religious and spiritual products used in India include candles and incense sticks, books and literary tools, statues of deities, stones and crystals. Due to the powerful religious and spiritual beliefs of the masses and their daily worship and religious rituals, there has been a tremendous increase in the adoption of these products across the country, propelling the growth of the market.

The sudden outbreak of the coronavirus disease (COVID-19) and subsequent lockdown restrictions have hurt the religious and spiritual market in India. The mandatory temporary closure of religious and spiritual places across the country had a negative impact on sales of these products at the start of the pandemic. However, with vast improvements in vaccination rates across India, physical spaces that offer religious and spiritual services are gradually opening their doors to the public. Along with this, continuous developments in e-commerce infrastructure and the advent of online delivery models are also boosting the sales of these products across the country. In addition to this, the introduction of online puja services and spiritual activities due to the penetration of high-speed internet connectivity is positively influencing the growth of the market.bh

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Religious and Spiritual Market Trends in India:

The market in India is mainly driven by the increase in pilgrimage tourism across the country. This is supported by the growing popularity of pilgrimage trips to religious destinations including Haridwar, Ajmer and Amritsar among the masses. Along with this, the launching of various rejuvenation and spirituality programs across the country are also gaining prominence among the masses. Moreover, the continuous technological advancements and the widespread integration of automation into the manufacturing processes of several products are creating a positive outlook for the market. Other factors including increasing adoption of smartphones by the masses and increasing investment and funding by private and public agencies in the development projects of religious institutions are further contributing to the growth of the market across the ‘India.

We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

Key Market Segmentation:

Breakdown by sector:

Explore the full report with table of contents and list of figures: https://bit.ly/32X6uua

Breakdown by source of income:

  • Religious tourism
  • Donations
  • Media and music
  • Religious items and merchandise
  • Construction and infrastructure
  • Others

Breakdown by distribution channel:

  • Directly from religious places
  • Retail
  • In line

Breakdown by religion:

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

Breakdown by region:

  • North India
  • West and Central India
  • South India
  • Eastern India

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.

Main 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
  • Complete mapping of the competitive landscape

Note: If you need specific information that is not currently covered by the report, we can provide it to you as part of the customization.

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