INDIA SPICES MARKET ANALYSIS

India Spices MarketSize and Trends

The India Spice market Anal was valued at US$ 6.05 Bn in 2022, exhibiting a CAGR of 5.9% in terms of revenue over the forecast period (2023 to 2030) to reach US$ 9.6 Bn by 2030.

Indian spices are popular around the world since ancient times due to their authentic flavor and texture. They are famous for their aroma and taste, which enhances food quality. Furthermore, exotic spices from other cuisines, such as Italian and Mexican, are also gaining popularity in India. There are diverse spices that are put in curries, snacks, and flavoring agents for food products, such as chilies, turmeric, and others.

India Spices Market Drivers

• Rising innovative flavors, authentic cuisines, and ethnic tastes: Rising innovative flavors, authentic cuisines, and ethnic tastes are predominantly fueling the growth of the India spice market Analysis. There is high household consumption of spices to enhance the taste and flavor of food products. Moreover, consumers are preferring spices that benefit their health, such as turmeric boosts immunity. In 2020, the Indian spice company, Everest, launched a new range of spice blends called "Everest Super Blends." These blends combined traditional Indian spices with super foods such as quinoa and chia seeds, to create healthy and innovative flavors.

• Increasing e-commerce sales of consumer products: Increasing e-commerce sales of consumer products such are projected to foster market growth over the forecast period. Consumers prefer to purchase groceries and other products online due to high flexibility, discounts, diverse product range availability, and others. For instance, according to the India Brand Equity Foundation’s (IBEF) October 2022 data, India’s e-commerce market is expected to reach US$111 billion by 2024 and further reach US$ 200 billion by 2026.

India Spices Market Trends

• Growing popularity of value-added spices: Value-added spices such as spice blends, flavored salts, and infused oils are gaining popularity in the Indian market. These products offer convenience and unique flavor profiles, making them attractive to consumers.

Export growth

India is the largest exporter of spices in the world, and the demand for Indian spices in international markets continues to grow. The country's spice exports have been increasing steadily over the years, with a focus on quality and safety standards.

India Spices Market- Segmentation

Figure no 1. India Spices Market, By Product Type, 2022

• On the basis of product type, chilies accounted for the largest market share of 34.70% in terms of revenue, followed by chopped ginger/crushed and whole. This is mainly because of the high convenience of powder spices for consumers with hectic work schedules and sedentary lifestyles