Faith Based Tourism Market to increase at a robust 10% CAGR, with the market valuation reaching US$ 37 Bn by 2032

The global faith based tourism market is poised to reach a valuation of US$ 13.7 Bn in 2022. Sales are projected to increase at a 10.4% CAGR, with the market size reaching US$ 37 Bn by 2032.

The travel and tourism sector benefits from faith based tourism. Increasing preference among tourists to explore untouched heritage sites across the globe is expected to drive the market over the forecast period.

Consumers are getting inclined towards religious locations and heritage sites for a variety of reasons such as to reflect on their faith, and to better understand and respect a religion.

Religious tourism is becoming increasingly important to governments around the world, not just as a source of revenue but also as a tool for encouraging social harmony. For example, in the Buddhist Circuit, IRCTC (Indian Railway Catering and Tourism Corporation) offers a complete package that includes transportation, sightseeing, and lodging. Aside from that, airports have been built in Bodh Gaya, allowing tourists from Southeast Asian countries, who make up a substantial share of the clientele, to go directly there.

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A list of Key Players Covered in the Faith Based Tourism Market are:

  • Martin Randall Travel Ltd
  • Heritage Tours & Travels
  • Best Way Tours & Safaris
  • Regina Tours
  • Travelway Europe
  • SpainTOP
  • 206 Tours Inc.
  • Maranatha Tours
  • Indus Travels Inc.
  • Brightspark Travel Inc.
  • Wendy Wu Tours
  • ACE Cultural Tours
  • Kesari Tours Pvt Ltd
  • Go Thailand Tours
  • S. Travel & Tours Co., Ltd
  • Vansol Travel & Tours
  • Catholic Travel Centre
  • Amiel Tours LTD
  • Israel Travel Providers, LLC
  • Gil Travel Group

Similarly, churches of Goa, Kerala, and Tamil Nadu will be on the Christian circuit. To foster national cohesion, the Sarv Dharma Circuit will run through Tirupathi-Chennai-Velankanni-Nagoor and Vaishnodevi-Golden Temple-Sacred Heart Church (Delhi)-Nizamuddin.

The Ministry of Tourism has already identified 35 places for Phase I, with a total of 89 destinations to be covered in Phase II. The ministry has hired consultants to help identify infrastructure and amenity shortages, assess investment requirements and potential funding sources, and develop business models for operations. Such developments are anticipated to bode well for the market over the assessment period.

“Growing preference for more authentic experiences, such as the exploration of spiritual and cultural traditions associated with specific religions and pilgrimage sites, is driving the faith-based tourism market.” says an FMI analyst.

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Key Takeaways:

  • Based on type, religious and heritage tours are predicted to account for a dominant share of the market through 2032.
  • In terms of consumer orientation, the women segment held 63% of the total market share in 20212, and the trend is expected to continue over the forecast period.
  • In terms of age group, demand in the 46-55 segment will continue gaining traction through 2032.
  • By booking channel, the online booking segment is anticipated to hold a noteworthy share of 48.0%.
  • Based on tour type, sales in the package segment will remain high over the forecast period.
  • Demand in. the South Asia faith based tourism market will grow at a 14% CAGR owing to increasing influx of spiritual tourists in India.
  • Canada will emerge as a lucrative pocket in North America faith based tourism market. Sales in the North America market are slated to increase at a 4.7% CAGR.

Impact of COVID-19 on the Faith Based Tourism Market

In 2020, the COVID-19 epidemic had a tremendous impact on the tourism sector due to lockdown restrictions imposed to contain the virus. According to the United Nations World Tourism Organization, international tourist arrivals (overnight visitors) decreased by 70% from January to August 2020 compared to the same time last year (UNWTO).

From January to August 2020, Asia-Pacific, which was the first to be impacted by the epidemic, saw a 79% decline in arrivals. While international travel demand continues to decline, regional tourism in several significant economies, such as China and Russia, is on the rise. Domestic tourism is contributing in the recovery of a number of locations, although only to a limited level in the majority of situations.

Global Faith Based Tourism Market by Category

By Type:

  • Day Trips & Local Gateways
  • Museums
  • Pilgrimages
  • Religious and Heritage Tours
  • Others

By Tourist Type:

  • Domestic
  • International

By Tour Type:

  • Independent Traveler
  • Tour Group
  • Package Traveller

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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