RELIGIOUS TOURISM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The religious tourism market is estimated to be valued at USD 1,293.71 Bn in 2024, growing at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031. Religious tourism is a form of tourism oriented towards facilitating religion-spiritual activities and purposes. It involves both domestic and international travel by people to places that hold religious significance such as pilgrimage sites, shrines, and religious events or festivals. Many of the world's major religions including Christianity, Islam, Hinduism, Buddhism, Sikhism, and Judaism attract religious tourists worldwide. Mecca and Medina in Saudi Arabia, Lumbini in Nepal, Vatican City, Jerusalem, Varanasi, and Lourdes are some of the most popular religious tourism destinations globally. Factors like increasing accessibility, emerging global middle-class population, rising religiosity levels in some areas, and government initiatives to promote religious sites are contributing to the growth of the religious tourism market.
Market Dynamics:
The global religious tourism market is driven by factors such as growing urbanization, rising middle-class population across developing regions, improving transportation connectivity to major pilgrimage sites, and aggressive promotional campaigns by governments and tourism organizations to project popular religious destinations. However, the market growth can be restrained by natural calamities, political instability in certain countries prone to militant activities, stringent travel rules for foreigners to sensitive religious sites, and occasional changes in pilgrimage visa approvals. The market presents opportunities for players from opportunities such as developing new niche religious tourism circuits, upgrading tourism-related infrastructure near religious sites, offering ancillary services like accommodation and catering, leveraging technology to enhance visitor experience, and collaborating with local communities to preserve cultural heritage.
Key Features of the Study:
Market Segmentation
Table of Contents
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