Spiritual & Devotional Products Market to Reach Worth of US$ 8.3 billion in 2031, Expanding at a CAGR of 8.7%: TMR Report

WILMINGTON / ACCESSWIRE / June 12, 2023 / Transparency Market Research Inc. - In 2022, the global spiritual & devotional products industry was estimated to be worth $3.6 billion. It is expected to increase at an 8.7% CAGR from 2023 to 2031, reaching US$ 8.3 billion by the end of 2031.

Spiritual and devotional items are thought to bring advantages such as stress and anxiety decrease, promotion of healthy behavioral changes, depression relief, increased self-esteem and confidence, and sleep improvements.

For a variety of reasons, there is mounting evidence that spiritual practices are related with improved health and well-being. A strong spiritual attitude can assist in finding significance in life's challenging circumstances. As a result, rising demand for these products, together with rising disposable income, presents attractive potential for market expansion.

According to research, using these goods in daily life can improve a person's general well-being by lowering negative thinking. Furthermore, customers are turning to practices like meditation and prayer to alleviate stress and worry. This is one of the primary reasons for the widespread use of spiritual and devotional products around the world.

Based on the Bureau of Economic Analysis, disposable personal income in the United States climbed to US$ 19,707.51 billion in February from US$ 19,617.58 billion in January 2023.

According to the State Council Information of China study, per capita disposable income in China in 2022 will be 36,883 Yuan (about $5,487), rising 5% year on year in nominal terms. During the projected period, the spiritual & devotional items market size is expected to be driven by increased consumer spending and increased adoption of spiritual practices.

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Market Snapshot:

Key Takeaways from the Market Report

• The market is expected to reach US$ 3.9 billion by 2023.
• Online retail sales will exceed US$ 6.17 trillion by 2023, with e-commerce websites comprising 22.3% of overall retail sales.
• During the projected period, the Indian market is expected to increase at a CAGR of 10.4%.
• Based on the Indian Brand Equity Foundation (IBEF), the Indian e-commerce market grew by 21.5% by 2022, reaching US$ 74.8 billion.
• By 2030, India's e-commerce business is anticipated to be worth US$ 350 billion.

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Spiritual & Devotional Products Market: Prominent Drivers and Trends

• E-commerce is more popular now than ever before. Online buyers want their bought items to arrive at their homes as soon as possible. Throughout the projected period, the development of the e-commerce sector is expected to assist the growth of the spiritual & devotional products business worldwide.
• Other factors, such as the introduction of virtual reality (VR) kiosks to provide devotees with a comprehensive and engaging experience of sacred locations, are expected to drive the market forward.
• The growing consumer demand for incense-based items for religious, spiritual, and meditational activities is also fuelling market expansion.

Spiritual & Devotional Products Market: Regional Analysis

• According to the prediction for the spiritual & devotional items market, Asia Pacific is expected to account for a significant portion of the worldwide landscape over the review year. Asia is the world's largest and most populous continent, as well as the birthplace of numerous religions such as Buddhism, Christianity, Hinduism, Islam, Jainism, Zoroastrianism, Judaism, Confucianism, Shinto, Sikhism, and Taoism. In the region, numerous significant religious traditions are practiced, and novel forms are constantly developing.
• Increased consumer spending is predicted to offer favorable growth prospects for the global market, particularly in Asia Pacific, as disposable income rises.

Competitive Landscape

Transparency Market Research has profiled the following players in its global Spiritual & Devotional Products market report:

Christian Brands Company, Almukarramah, Basmala Beads, Bliss Manufacturing Co., Inc., Chiarelli's Religious Good & Church Supplies, ITC Limited, Jalani Group of Company, Modefa, The Verdin Company, and W.B. O'Connor's Church Goods.

The global market is extremely competitive, with numerous global and regional competitors controlling the majority of the spiritual & devotional products market share. Top players use product development as a primary marketing tactic.

• Christian Brands Company released Risen Christ Cross in 2022. This cross is made of olive timber from Jerusalem and is a historic pewter plated emblem of the risen Jesus Christ. The olive tree represents God's unification and covenant with His people. The Risen Christ Cross is perfect for a house or workplace, and it comes gift packaged and ready to give.

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Market Segmentation

• Type
  • Religious Products
    • Idols
    • Religious Books
    • Posters
    • Candles
    • Prayer Beads & Rosaries
    • Prayer Mats
    • Incense Sticks
    • Prayer Bells
    • Others (Book Stands, Camphor, etc.)
  • Religious Gifts & Collectables
  • Statues & Figures
  • Religious Jewelry
  • Prints & Pictures
  • Others (Holy Cards, Plates & Plaques, etc.)
• Religion
  • Hinduism
  • Islam
  • Sikhism
  • Christianity
  • Buddhism
  • Others (Jainism, Judaism, etc.)
• Price
  • Low
  • Medium
  • High
• End-use
  • Residential / Individual
  • Religious Places
  • Temple
  • Church
  • Mosque
  • Synagogue
  • Others (Monastery, Gurudwara, Derasar, etc.)
• Distribution Channel
  • Online
    • E-commerce Websites
    • Company-owned Websites
  • Offline
    • Hypermarkets / Supermarkets
    • Specialty Stores
    • Others
• Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

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