Press release
India Spices Market Soars with 7.72% Growth in 2023; Exports Hit Record USD 4.46 Billion Amid Quality and Infrastructure Developments
The Indian Spices Market is experiencing remarkable growth, with a 7.72% year-over-year increase in 2023. As the world's leading producer, exporter, and consumer of spices, India exports its products to over 180 countries, with annual production surpassing 11 million tonnes. This expansion is driven by the growing versatility of spices, rising domestic and international demand, and advancements in processing and distribution technologies. The substantial increase in market revenue highlights the sector's robust expansion and its vital role in both the national and global economies.India Spices Market Size and Forecast (2019-2029) - By Type (Spices, Products), Sectors (Organized, Unorganized), Distribution Channels, and Geography
https://www.makreo.com/report/india-spices-market-size-and-forecast-2019-2029
► Leading Exporters and Producers in the India Spices Market
India continues to assert its position as the leading producer, exporter, and consumer of spices globally, with a robust presence in over 180 countries. The country's spice industry, which produces more than 11 million tonnes annually, is driven by a growing international appetite for its diverse and aromatic spices. As of FY'2023, chili has emerged as the most exported spice, commanding a notable 33% share of the total spice export volume in the Indian spices market.
► Export Performance and Key Markets for Indian Spices
India's dominance in the global spice market is underscored by impressive export figures. In FY23, the value of spice exports from India reached USD 3.95 billion, highlighting the sector's significant contribution to the national economy. The upward trend in export values continued into mid-2023, with exports amounting to USD 298.77 million in July 2023, a slight increase from USD 293.84 million in June 2023.
► The volume of key spices exported reflects the country's pivotal role in the global market:
• Chili: 0.5 million tonnes
• Turmeric: 0.18 million tonnes
• Cumin: 0.17 million tonnes
• Ginger: 0.05 million tonnes
In addition to chili, other spices such as asafetida, tamarind, curry powder, coriander, and turmeric have shown notable increases in both value and volume compared to FY'2022. This growth demonstrates the expanding global demand for Indian spices and the industry's capability to meet diverse international preferences.
► Government Initiatives Driving Market Growth
The Indian government's initiatives have been instrumental in bolstering the Indian spice industry's growth. Key measures include the establishment of dedicated spice parks and an increase in agricultural expenditure, which rose from INR 1,22,836 crores in 2022 to INR 1,25,036 crores in 2023. These efforts underscore the government's commitment to supporting the sector and enhancing its global competitiveness.
► Infrastructure Developments in the Indian Spices Market
The Spices Board of India has undertaken significant infrastructure developments:
• Spice Parks: Eight crop-specific Spice Parks have been set up to facilitate integrated operations for cultivation, processing, and packaging.
• Spice Complex Sikkim: A proposed project for establishing a Spice Complex in Sikkim to support local farmers with processing and value-addition facilities.
► Quality Control Challenges in the India Spices Market
Indian spice brands, including prominent names like MDH and Everest, are facing increased scrutiny due to contamination issues, notably involving the carcinogenic chemical ethylene oxide. Classified as a Group 1 carcinogen by the International Agency for Research on Cancer, ethylene oxide is associated with significant health risks, including a heightened risk of breast cancer. In response to these concerns, regulatory authorities in Hong Kong and Singapore have acted decisively. In April 2024, Hong Kong's Centre for Food Safety implemented a suspension on several products from MDH and Everest, including Madras curry powder, Sambhar masala, and curry powder masala, along with Everest fish curry masala.
In India, the Food Safety and Standards Authority of India (FSSAI) has taken robust measures to address these issues. The FSSAI has revoked the manufacturing licenses of 111 spice producers, requiring an immediate cessation of production. Concurrently, the FSSAI is conducting an extensive examination of 4,000 spice samples nationwide to detect any contamination. Looking ahead, the FSSAI plans to undertake comprehensive nationwide surveillance throughout 2024-2025. This initiative will target various food categories, including spices and culinary herbs, aiming to bolster food safety and ensure adherence to international standards. These proactive steps highlight the critical need to address contamination concerns and uphold the integrity of India's spice industry.
► Current Trends and Competitive Landscape of the India Spices Market
• Rising Popularity of Packaged Spices: The Indian spices market is experiencing a notable shift towards packaged spices. This trend is driven by evolving consumer preferences and a growing demand for organic food products. Consumers are increasingly seeking the convenience and perceived safety of packaged spices, reflecting a broader shift towards more organized and branded options.
• Intense Competitive Landscape: The spices market in India is highly competitive, with brands focusing on price, quality, and innovation to capture market share. Government initiatives, including the establishment of spice parks and increased agricultural investment, are playing a vital role in supporting industry growth and enhancing infrastructure.
• Quality Control Challenges: Indian spices are facing significant quality control issues, particularly with frequent rejections from the European Union due to non-compliance with international standards. This ongoing challenge highlights the need for stringent quality control measures to ensure the reliability of Indian spice exports and maintain global market trust.
• Weather and Price Volatility: The industry is also grappling with challenges such as irregular weather patterns and price fluctuations. These factors impact spice production and pricing stability. Additionally, the market must address concerns related to counterfeit spice production and inadequate recordkeeping practices to ensure food safety and traceability.
► Strategic Opportunities and Forecast for the India Spices Market
As Asia's population is projected to reach 5.3 billion and Africa's to approximately 2.5 billion by 2050, significant growth in global demand for spices is anticipated. According to the Food and Agriculture Organization (FAO) and United Nations projections, over half of the global population increase will occur in Africa. This demographic shift, coupled with various macroeconomic factors, is expected to drive a heightened demand for spices worldwide.
India, already the leading exporter of spices globally, continues to strengthen its market position. In FY24, the country achieved a record high in spice exports, valued at USD 4.46 billion, marking a 9% increase in volume from the previous year. The total export volume reached 1,539,692 tonnes. The robust growth is fueled by high international demand for key spices such as chili, pepper, cardamom, and turmeric. Major importers of Indian spices include China, the United States, the UAE, and Bangladesh, underscoring the global reliance on Indian spices. To sustain this growth and maintain consumer trust, India must prioritize authenticity and quality control in its spice production and export practices.
► Recent Developments and Innovations in the India Spices Market
• August 2024: VAHDAM India, a leading wellness brand, launched VAHDAM Spices, leveraging its established supply chain and brand reputation to offer innovative, high-quality spices sourced directly from Indian farmers to the global market.
• June 2024: Zoff Foods, a spices startup in collaboration with Shilpa Shetty, set an ambitious revenue target of INR 160 crore for the fiscal year 2024-25.
• March 2024: Adani Wilmar expanded into the USD 20 billion Indian spice market through strategic acquisitions of regional brands, marking a significant portfolio diversification.
• October 2023: Tulua, initially a ready-to-cook culinary brand, ventured into the Indian spice market with a new range of high-quality, single-origin whole and powdered spices, responding to the growing demand for premium products.
► Scope of India Spices Market
Market Research's report, "India Spices Market Size and Forecast (2019-2029)," offers a detailed analysis of the Indian spices market. It covers historical performance and future projections, starting with an examination of India's economic conditions, policies, and demographics, and their effects on the market. The report reviews India's spices trade, including import and export dynamics.
It also provides a deep dive into market segments, profiles key players with insights into their financials and recent activities, and assesses the competitive landscape. The report highlights both challenges and opportunities and concludes with a forward-looking perspective. This comprehensive analysis is designed to help stakeholders understand the current market state, identify growth prospects, and explore investment opportunities.
► Period of Study
• 2019 - 2023: Past and Present Scenario
• 2023 - Base year of study
• 2024 - 2029: Future Outlook
Competitive Landscape
This section details the market comparison and share of key players in the Indian spices market, highlighting recent investments, mergers and acquisitions (M&A), and funding activities. It also includes detailed profiles of selected industry players.
► Companies Covered
• Everest Spices Private Limited
• Catch (DS Group)
• Badshah Masala Private Limited
• Eastern Condiments Private Limited
• MTR Foods Private Limited
• Aachi Masala Foods Private Limited
• Ramdev Food Products Private Limited
• Patanjali Ayurved Limited
• Goldiee Masala Group
• Mahashian Di Hatti (MDH) Spices
• Priya Foods
• Suhana Masala Private Limited
Similar Related Reports:
Global Banana Powder Market Size and Forecast (2019-2028) - By Type (Organic and Inorganic), Application, Distribution, Process, and Geography
https://www.makreo.com/report/global-banana-powder-market-size-and-forecast-2019-2028
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