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Astrology Market Expected to Reach $22.8 Billion by 2031—Allied Market Research

 
2022
Astrology Market

Report Code : A31779

quote Because of the use of advanced digital tools, astrology has seen tremendous growth in recent years. With the introduction of artificial intelligence in online astrology, it will become one of the fastest-growing markets during the forecast period. quote

Roshan Deshmukh - Manager
Consumer Goods at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Astrology Market," The Astrology Market Size was valued at $12.8 billion in 2021, and is estimated to reach $22.8 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.

 Since the beginning of time, humans have looked to the stars for guidance. Astrology has been practiced for thousands of years. While it is no longer considered the scholarly tradition that it once was, many people continue to study the influence of celestial bodies on human activity. The general public's interest in astrology has steadily increased over the last few decades, laying the groundwork for its seemingly sudden surge in popularity today. Signs of the current astrology boom can be found all over the internet. It doesn't take long to come across horoscope social media accounts or zodiac-themed listicles online.

People frequently turn to astrology in times of stress. In 1982, psychologist Graham Tyson conducted a small study that discovered that people who consult astrologers did so in response to stressors in their lives, particularly stress related to the individual's social roles and relationships. Under high stress, the individual is willing to use astrology as a coping mechanism, whereas under low stress, he does not believe in it.

According to American Psychological Association survey data, millennials have been the most stressed generation since 2014, and they are also the generation most likely to say their stress has increased in the last year since 2010. Millennials and Gen Xers have been significantly more stressed than older generations since 2012. Furthermore, Americans have experienced increased stress because of the political upheaval that has occurred since the 2016 presidential election. According to the APA's 2017 poll, 63% of Americans are extremely concerned about the future of their country. 56% of people said reading the news stressed them out, with Millennials and Gen Xers significantly more likely to say so than older people.

Political infighting, climate change, global crises, and the threat of nuclear war have recently dominated the news. As a result of rising stress, Astrology Market Demand is high which is fostering the Astrology Market Growth. However, fake astrology practices hamper the market growth. Fake astrology practices have gained popularity among fraudsters, and online astrology provides them with a large platform. Astrology bots are a common type of fraud in which messages are sent to various people based on data received. The data included personal information such as a recipient's name, age, or hometown. The psychic appeared to have intuited this information. It was pieced together from suckers’ lists sold by data brokers and information provided unknowingly by victims in the past. As a result, high levels of fraud undermine consumer trust, impeding the Astrology Industry growth.

Many brands are using astrology as a key Astrology Industry strategy to boost their sales. For instance, Colourpop collaborated with beauty influencer Kathleen Lights to create a zodiac-inspired eyeshadow palette in 2018. In 2019, Dior launched a zodiac jewelry collection, as well as an accessories collection that included scarves, shoes, and other items. Spotify launched a cosmic playlist in mid-2021, curating a personalized playlist based on each user's audio birth chart.

Aside from zodiac-themed products, another popular trend is the rise of zodiac applications such as Co-Star and The Pattern. According to Sensor Tower, an app tracking firm, astrology apps in the US market saw a 64.7% increase in revenue to nearly $40 million in 2019.

Society may not be as reliant on astrology for a living as it was back then, but horoscopes are still a popular topic in everyday life today. In some cases, people's beliefs in astrology are so strong that they screen people with certain signs for professional positions.

For example, some companies stated that their job opening was open to all zodiac signs, even if they prioritized certain ones. Or, in the absence of such a policy, an HR representative at a company uses her own personal judgement when screening job applicants with specific zodiac signs. As a pseudoscience, astrology's power is still widely accepted in modern society, and its presence is undeniable.

Some businesses used astrological personality profiles to chart all of their employees so that management could be aware of all of their cycles. Clever, an influencer marketing agency, for example, combined the MBTI test with traditional astrology to create Office Astrology. According to CEO Cat Lincoln, Office Astrology provides a shorthand for clarifying things, which helps them avoid misunderstandings.

The exponential Market Growth presents an Astrology Market Opportunity for brands to profit. This is referred to as astrological marketing. One of the most common ways for brands to capitalize on the Astrology Market Trends is to create astrology-themed products or services, as the international brands mentioned at the start of this article have done.

The astrology market is segmented on the basis of type, mode, end-user generation, and region. By type the market is categorized into love astrology, vedic astrology, natal astrology, medical astrology, horary astrology, electional astrology, and uranian astrology. On the basis of mode, the Astrology Market is bifurcated into online and offline in which online is further divided into apps & websites and the offline segment comprises all the offline registered players available in the market. Based on end-user generation, the Astrology Market is categorized into gen z, millennials, gen x, and boomers.

Region-wise the market is classified into North America (U.S., Canada, and Mexico) Europe (U.K., Germany, France, Italy, Sweden, Spain, Russia, Netherlands, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Thailand, Australia, New Zealand, and Rest of Asia-Pacific, and LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Egypt, and Rest of LAMEA).

The players operating in the global astrology market have adopted various developmental strategies including but not limited to product launches, geographical expansion, and acquisitions to increase their Astrology Market Share, gain profitability, and remain competitive in the market. The key players included in the Astrology Market Analysis are - Truthstar Future Vision Pvt Ltd., Sanctuary Ventures Inc., Susan Miller Omni Media Inc., Horoscope.com, Inc., AstroGraph Software, Inc., Indianet Consultants LLP, My Path Astrology LLC, AstroswamiG Solutions, CodeYeti Software Solutions Pvt. Ltd., Liquid Software Mobile, Inc., CoStar Astrology Society, Seattle Astrology, The Mountain Astrologer, Astro-Vision Futuretech Pvt. Ltd., Adviqo Technology Corp., Appsella LTD, Barges Technologies, Inc., Jessica Adams Proprietary Limited., Astroyogi, and Ojas Softech Pvt. Ltd.

Key findings of the study

  • By type, the love astrology segment has the dominating Astrology Market Size in the year 2021 and is likely to remain dominant during the Astrology Market Forecast period.
  • Based on mode, the online segment dominated the global market in the year 2021 and is likely to remain dominant during the forecast period.
  • Based on the end-user generation, the millennials segment dominated the global market in the year 2021 and is likely to remain dominant during the forecast period.
  • Based on region, Asia-Pacific dominated the global market in the year 2021 and is likely to remain dominant during the forecast period.

 

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quote Astrology Market by Type (Love Astrology, Vedic Astrology, Natal Astrology, Medical Astrology, Horary Astrology, Electional Astrology, Uranian Astrology), by Mode (Online, Offline), by End User Generation (Gen Z, Millennials, Gen X, Boomers): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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