The increasing pilgrimage tourism is primarily driving the India religious and spiritual market.
According to the latest report by IMARC Group, titled “India Religious and Spiritual Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,”offers a comprehensive analysis of the industry, which comprises insights on the India religious and spiritual market 2022. The report also includes competitor and regional analysis, and contemporary advancements in the market. The India religious and spiritual market is expected to exhibit a CAGR of 10.15% during 2022-2027. Religious and spiritual practices represent an organized belief system related to the worship of a single or multiple supernatural forces. The commonly practiced religions in India are Hinduism, Islam, Buddhism, Sikhism, and Christianity. Religious and spiritual practices involve various beliefs, texts, worldviews, revelations, morals, and prophecies that portray sacred significance to the followers of a particular faith. They also include the practice of sermons, prayers, rituals, feasts, and meditation. Religious and spiritual values provide a positive state of mind with contentment, acceptance, and gratitude. As a result, they are extensively practiced by the people in India.
India Religious and Spiritual Market Trends:
The increasing pilgrimage tourism is primarily driving the India religious and spiritual market. Additionally, the launch of several favorable policies by the government bodies, such as heritage city development and augmentation yojana and pilgrimage, rejuvenation and spirituality, heritage augmentation drive (PRASHAD), aimed at improving the infrastructures of various heritage sites, is further stimulating the market across the country. Besides this, the development of effective rail, water, and road transport systems, information centers, network connectivity, drinking water facilities, and renewable power sources to ensure enhanced convenience of pilgrims and tourists is acting as another significant growth-inducing. Furthermore, the growing usage of incense-based products among temples, churches, and other religious establishments and by general consumers for spiritual, religious, and meditational purposes and the introduction of virtual reality (VR) kiosks to offer an immersive and interactive experience of religious sites to the devotees, are expected to propel the India religious and spiritual market in the coming years.