July 18, 2024
India Spices Market

Spices Segment Is The Largest Segment Driving The Growth Of India Spices Market

The global India Spices Market is estimated to be valued at US$ 3424.8 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

India Spices Market consists of several spices used for cooking and medicinal purposes. Some of the major spices used in India include turmeric, chili pepper, coriander, cumin, ginger, cloves and cinnamon. Turmeric is one of the most commonly used spices in Indian cuisine known for its anti-inflammatory and antioxidant properties.

Market key trends:

Rise in demand for organic spices: There is a rise in demand for organic spices globally due to growing health consciousness among consumers. Organic spices are grown without the use of chemical fertilizers and pesticides. Several spice growers in India are adopting organic farming practices to meet the increasing demand for organic spices. For instance, according to estimates over 60,000 farmers in India have converted more than 2,00,000 acres of land for organic spice cultivation by 2018.

Increasing use of spices in processed food and beverages: The use of spices in processed food and beverages is increasing in India. Several processed food companies are focusing on developing new product lines infused with spices to meet changing consumer preferences. For instance, spice infused energy drinks, baked snacks, frozen foods and ready-to-eat meals are some new product categories emerging in the Indian F&B industry. This rising demand from the food processing industry is expected to support growth of the India spices market over the forecast period.

SWOT Analysis

Strength: The India spices market has a variety of spices to offer with wide applications in food, healthcare and cosmetics. The spices cultivated in India have high medicinal values and antioxidant properties.
Weakness: Unorganized farming activities and lack of cold storage facilities leads to post-harvest losses of spices. Adulteration is also a major issue faced by the India spices market.
Opportunity: Increasing health consciousness among consumers is driving the demand for organic and natural spices. The rising export demand of Indian spices from countries like USA, UK and Saudi Arabia also presents an opportunity for market growth.
Threats: Volatility in prices of spices due to change in climatic conditions and availability of substitute spice varieties are major threats for the India spices market. Strict regulations regarding pesticide residues also restricts the export of certain spice varieties.

Key Takeaways

The global India Spices Market Growth is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing health consciousness among consumers. Consumers are increasingly preferring spices for their various health benefits like improved digestion, cancer prevention, heart health, etc.

Regional analysis: The India spices market is dominated by southern region of India which contributes over 35% of totalProduction. States like Kerala, Tamil Nadu and Karnataka are the major spice cultivating regions of India. Northern region is the fastest growing market for India spices driven by states like Uttar Pradesh and Bihar.

Key players operating in the India Spices Market are Everest Food Products Pvt Ltd., Aachi Spices & Foods Pvt Ltd., Dabur India, DS Group, Eastern Condiments Private Limited, Mahashian Di Hatti Private Limited, MTR Foods Pvt Ltd., Patanjali Ayurved Limited, Pushp Brand (India) Pvt. Ltd., and Ushodaya Enterprises Private Limited. Patanjali Ayurved Limited has emerged as the leading player in organic spices segment.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it