Hindu Religion Market Research
Individuals and organizations establish businesses with the primary goal of earning profits. Conducting Hindu Religion Market research will help them understand the limits and conditions in that sector. All considerations and efforts are made to ensure maximum return on investment.
High demand usually translates to high profit, which positively reflects on the image of the establishment. With it, it is clearly assumed that the demand is linked to the consumer response.
Consumer behavior has always influenced the demand for products and services. One factor for such behavior involves the consumer’s religion.
It makes religion a noteworthy discussion as to how it directly impacts the economy. Hinduism, for instance, has a great grasp around South Asia and certain South East Asian countries. Any interested investor must understand the relationship between the religion and its devotees before making any financial move.
What is the Hindu Religion?
Hinduism is the third largest religion in the world, next to Christianity and Islam. It has an estimated 1.3 billion devotees worldwide, mostly practiced in South Asia and South East Asian countries. The followers of the religion are called Hindus.
The Hindus primarily worship three gods namely, Brahma the creator, Vishnu the preserver, and Shiva the destroyer. However, there are around 33 gods and deities, usually categorized into different groups. Brahma, called by a variety of names, is the only supreme being among them.
The Hindu religion has a strong belief in the doctrines of samsara and karma. Samsara means the continuous cycle of life, death, and reincarnation, while karma refers to the return of one’s action back to them, whether good to bad.
What makes Hinduism different from other religions is it does not have any formal ex-communication or conversion from the faith.
Countries Practicing Hindu
India, being one of the most populated countries in the world, is composed of the majority of Hindus. Almost a billion Indians are Hindu Religion devotees, totaling 80% of Hinduism followers.
Other countries that practice the Hindu religion are Nepal, Bangladesh, Indonesia, Pakistan, Sri Lanka, Malaysia, and Burma.
As for non-Asian countries, the United States has around 1.8 million Hindu devotees, and the United Kingdom has 800,000.
Industries Affected by Hindu Religion
Hindu religious practices only affect industries within the area where it is primarily practiced. Since almost all Indians are Hindu, the whole country of India is affected. Focusing on Hindu Religion Market research will help industries gain insight.
Dietary choice is an important factor in the Hindu religion. Hindus are taught to be Lacto-vegetarian, avoiding meat and eggs. Most practice limiting their meat diet instead of abstaining from meat altogether.
Hindus do not eat beef as cows are considered sacred and represent mother nature. Animal lard is also not allowed, making it lucrative for vegetable-based oil to prosper. Interestingly, dairy products are allowed.
Consumption of alcohol is still up for debate. More conservative Hindus avoid consuming alcohol, believing it is a bad influence on the mind and body. On the other hand, liberal Hindus indulge in wine, especially at social gatherings. One of the companies that dominate the wine industry is Sula Vineyards. This wine manufacturer takes over 52% of the Indian market share.
Similar to alcohol, tobacco is not entirely prohibited. However, some Hindus believe that an intoxication is a form of sin. It appears though that there is a significant demand for tobacco-based products. Indian Tobacco Company Limited, the leading cigarette company, alone has a market capitalization of 3.3 trillion rupees (around $40 billion).
Another industry positively affected by the Hindu religion is the incense market. Incense is better called Agarbatti in India, and served as an integral item in various religious rituals.
In the textile industry, saree and angarkha are in demand. Women wearing their saree connotes how they value their culture as it portrays the deity, while men wear angarkha means protecting the body. Although, angarkha is now produced and worn by both sexes.
Here are opportunities for investors and businesses interested in Hinduism in places where the religion is dominant:
The pork meat industry and the import approval by the Indian government: In recent years, many liberal Hindus are embracing pork-based products as part of their diet. The Indian government announced its approval of allowing the import of pork meat products from the United States. Pork is not a staple in most Indian cuisines. However, many states in India, such as Goa and Karnataka, use pork more in comparison to others. Punjab and Haryana states started building their pig farms to meet the growing demand. Consequently, it influenced the rise of pork dishes, pushing restaurants to update their menu. The Indian government is hoping to expand the range of pork meat available in their local market.
Vegan-Friendly Meal Choices: Conservative and food-conscious Hindus rely on fruits and vegetables. Businesses offering vegan-based dishes see this as an opportunity to take over. Interstingly, potatoes is the most consumed vegetable in India, followed by legumes, cauliflower, and baby spinach. Vegan meat manufacturers also follow this trend, offering plant-based meat alternatives. Many start-ups in India offer their products online and are usually composed of gourmet-inspired vegan dishes.
Continue demand for saree: It is expected that there is a significant demand for saree in the following years. Many textile manufacturers and fashion boutiques have incorporated saree to fit modern expectations. Although, the younger generations tend to lean on salwar kameez (also known as Western clothing), especially those in semi-urban and urban places. But the saree category is to remain predominant in the industry, catering mostly to elderly and middle-aged women.
The Redemption of the Incense Market: The incense market suffered a dip a few years ago. However, recently experienced recent growth, with the agarbatti industry experiencing a 30% increase in demand. To maintain its momentum, the industry exports incense to up to 150 countries. Industry trends also show that consumers are inclined to purchase agarbatti in the economy or value packs. It means that customers are more likely to purchase in bundles than in pieces.