June 21, 2024
India Faith Based Tourism Market

India Faith Based Tourism Market Is Rising By Increasing Spiritual Tourism

The India faith based tourism market comprises religious pilgrimages, spiritual retreats and spiritual journeys catering to the religious beliefs and faiths of various communities residing in India and abroad. Faith based tourism offers tourists an opportunity to experience the rich heritage and culture along with visiting various religious places and shrines. Prominent faith based tourism destinations in India include Varanasi, Haridwar, Ajmer, Amritsar, Rishikesh, Tirupati and Puri among others.

India Faith Based Tourism Market is estimated to be valued at US$ 3,158.9 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the India faith based tourism are MakeMyTrip, Thomas Cook (India) Ltd, Cox & Kings Ltd, Mahindra Holidays & Resorts India Ltd, Yatra Online Pvt Ltd, International Travel House Ltd, Expedia, Ibibo Group, SOTC Travel Limited, Kesari Tours, Cleartrip, EasyMyTrip, Balmer Lawrie Travel & Vacations, Holy Voyages, Soul of India., Tour My India, and Prime Travels. The growing demand from both domestic and international tourists is augmenting the market growth. For instance, around 11-12 million domestic tourists visit religious places in India annually. India is also promoting faith based tourism to expand globally through various international campaigns.

Key players face intense competition in the market owing to presence of several regional players. However, industry leaders are focusing on expanding their portfolio and targeting international markets for sustained growth. For instance, in July 2022, Cox & Kings acquired Geneva-based luxury tour operator, Kamalaya, to expand its wellness tourism portfolio.

The growing demand from both domestic and international tourists is augmenting the India Faith Based Tourism Market Growth. Religious tourism promotes peace and religious tolerance among communities and strengthens economic and infrastructural development of popular pilgrimage sites. Moreover, rising income levels and increasing accessibility via road, rail and air transportation is positively impacting faith based tourism in India.

The globalization of businesses has led various key players to expand globally to tap market potential. Rising internet and smartphone penetration has enabled online bookings, further propelling market revenues. Key players are focusing on leveraging technological advancements like Virtual Reality (VR) and augmented reality to offer immersive cultural experiences to tourists.

Market key trends

One of the key trends influencing India faith based tourism market is increased focus on sustainability and responsible tourism. Various industry stakeholders and community leaders are promoting environmental protection initiatives around religious places. For instance, banning of single use plastic around major temples and conducting regular cleanliness drives. Digital and technology led innovations are also gaining traction such as offering virtual tours, augmented reality trails and cashless digital transactions. This is positively impacting tourist experience as well as conservation efforts.

Porter’s Analysis

  • Threat of new entrants: Low barriers to entry but established players have strong brand recognition.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but brand loyalty keeps it moderate.
  • Bargaining power of suppliers: Suppliers have low bargaining power due to availability of alternative suppliers and commodity nature of offerings.
  • Threat of new substitutes: Low threat as faith based tourism involves religious places with devotee base offering unique experiences.
  • Competitive rivalry: Intense competition among existing players to attract more tourists through competitive pricing and innovative offerings.

Geographical Regions

North India accounts for over 40% share in the India faith based tourism market value owing to the presence of popular pilgrimage destinations like Haridwar, Rishikesh, Mathura, Varanasi, Amritsar and Vaishno Devi. The southern region is the second largest market led by temples in Tamil Nadu andAndhra Pradesh along with pilgrimage sites in Kerala.The western region has major religious destinations like Shirdi, Ajmer, and Dwarika which attracts steady tourist footfall contributing around 25% to the overall market value. The east and northeast regions are emerging markets growing at over 20% annually driven by Buddhist centers and popular temples.

Fastest growing region for the India faith based tourism market is the northeast region led by Assam and West Bengal. The region saw an annual growth of over 22% during the forecast period driven by increased accessibility, infrastructure development around temples and monasteries, and government initiatives to promote local culture and heritage. Pilgrimage sites like Kamakhya Temple, Madan Mohan Temple, and Tarapith attract growing number of domestic as well as international tourists every year from southeast Asia and other buddhist countries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it