The Covid-19 pandemic has left a lasting impact on every aspect of human life. To beat this pessimism, and find solutions, astrology came as a highly sought-after medium for many. With the rise in online consultations and use of advanced digital tools, this market seems set for an accelerated rate of growth in the coming years.
- The reliance on astrology to find the solutions has increased in recent years. Hence, the sector is growing and will reach greater heights in the coming days.
- Apart from the traditional practices, the demand and popularity of online astrology is increasing rapidly. New-age startups are making serious contributions to expand this segment with the help of modern technologies like AI and ML.
- The online Indian astrology apps and platforms are now catering to the needs of international clientele.
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The future of astrology looks very bright at the moment. Observing present-day statistics, it seems to be growing at an unprecedented rate. Looking back to 2020 Google Trends, one can notice that the interest in Astrology and Birth Charts has increased manifold over the last 5 years. Furthermore, owing to the regular appearance of astrologers on various media outlets like the TV and the internet, the astrology market has seen massive growth in the last two decades.
And it is not only the Vedic astrologers who are seeing a growth in customers. Vaastu consultants, Palmistry experts, and Numerologists are also noticing a surge in business. Even though the number of physical appointments reduced considerably due to the pandemic, the new alternative – virtual consultations over Zoom or phone calls, increased in the same proportion. The rising number of phone and video consultations has flooded the astrologers who are working 10-12 hours per day to cater to their clients.
The astrology market is estimated to be in the $40-plus billion range. These numbers indicate clearly that the Indian religious and spiritual market is booming. Within this market, the share of the Indian horoscopes market is US$ 10 billion alone. The number of practising astrologers is around 2 million. This might give you a rough idea of the size of the market.
Adding to that, this industry has seen a lot of new players. These new players are businesses that own an online Astro-service or Astro-apps, which have been garnering attention for quite some time. Statistics have proved that these apps are also seeing a huge surge in usage. The number of downloads of these Astro apps has skyrocketed in the past few months, with some of them crossing 1 million plus downloads on the Google Play store.
Many astrology-based startups have seen growth in the range of 10%- 30%. Take Astrotalk, for example. The founder, Puneet Gupta, has revealed that his company served 20+ million customers in the past 4 years. These numbers are simply astounding. Astrotalk does a business of ₹ 41 lacs every day and has grown by 20% every month. The company is completely bootstrapped, and it is likely to be a market leader in this niche. Also, it comes on the list of the most successful Indian bootstrapped companies in this category.
AstroYogi, a Gurugram-based astrology startup, has raised funds and has been looking to expand in the US, Canada, Africa, and other Spanish-speaking countries. Not only that, but they are also scouting for acquisitions. In the past three years, the company registered a growth of about 300% YoY, which is helping it venture into new markets and acquisitions. CEO Meena Kapoor recruited around 15,000 astrologers in FY 2020. Their customer base also crossed a target of 7 million on the cloud calling platform Talk to Astrologers.
Launched in 2016, the platform is available in 85 countries across the globe and in 11 languages. It provides a platform to connect professional astrologers and clients. It is earning an estimated revenue of around ₹4-8 crore every year.
Who are the key consumers for this market?
Due to the pessimism bred during and after the pandemic, people have become uncertain about their health and financial future. The life-changing conditions of the COVID-19 pandemic have resulted in a feeling of insecurity in the minds of people. As a result, dependence on astrology to find solutions has increased.
Therefore, people visit astrology websites frequently. In addition, they have started connecting with astrologers for an assessment of their stars through consultation sessions with variable rates. These rates are decided based on the duration and detailing of the sessions, i.e. how many questions you have, what are the details and solutions you are looking for, etc. Both independent astrologers and online Astro apps have seen a noticeable rise in the number of consultations.
Bollywood stars have been staunch believers in Astrology, Numerology and Vastu. Due to the pandemic, many production houses and directors have borne the brunt of the financial losses. So, they have resorted to astrology and allied spiritual sciences to overcome these obstacles in their careers. Politicians have also traditionally maintained a keen interest in this field.
Marriage is another area where astrology sells like hotcakes. Prospective brides and grooms are inquisitive about questions like how their partners will turn out to be and whether their marriage will work or not.
What are the growth prospects?
In recent years, astrology has seen tremendous growth because of the use of advanced digital tools. With the advent of AI in Online Astrology, it will become one of the fastest growing markets, with an expected CAGR of 10.15% by 2027. People study astrology for making decisions about the future in an informed and organised manner. Educated professionals with a passion for astrology are also taking it up professionally and contributing to widen the circle by guiding people through quality consultations.
Interestingly, it is not restricted to India. Around 30% of people from the USA believe in astrology in some form or another. This can be verified by the fact that more and more people are thronging to popular astrologers in spiritual destinations like Mathura, Rishikesh, Haridwar, Allahabad, Varanasi and Vrindavan. With the increase of Vedic Astro apps, these numbers are expected to increase further and contribute to market growth in the coming years.
