India Spices Market is estimated to be valued at US$ 6.05 Billion in 2022, US$ 9.6 Billion in 2023and is expected to register a CAGR of 5.9% over the forecast period (2023–2030).
According to the India Spices Market Report, By Product Type (Chilies, Ginger, Cumin, Turmeric, Pepper, Coriander, Others (Cardamom, and others) and By Form (Whole, Powder, Chopped/Crushed), as published by Coherent Market Insights.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/india-spices-market-5374
Key Trends and Analysis of the India Spices Market:
The rise in demand for flavoring, coloring, or preserving food items through the use of spices is creating huge market growth in the country. People like to enjoy exotic dishes that are made with different combinations of spices.
For instance, in December 2021, Capital Foods and India Foods Company launched Smith & Jones' exciting variants of masala mixes. The range includes exotic, spicy, and tangy blends of flavors such as Italian spices and others.
Key Takeaways of the India Spices Market:
Among product type, chilies dominated the India spices market in 2021. This segment was followed by turmeric and ginger in terms of revenue share, respectively. For instance, in April 2022, Vasant Masala, a spice brand from Gujarat, launched ’Vasant Kashmiri Rangat’, a red chili powder that is less pungent to reduce the possibility of acidity.
New product launches, mergers and acquisitions, strategic partnership expansion, and research and development activities are key strategies adopted by players in the India spices market. For instance, in October 2022, FMCG (Fast-moving consumer goods) major Dabur India announced the acquisition of a 51% stake in Dabur India Private Limited as it enter the branded spices and seasoning market in India.
Key Development
On October 26, 2022, Dabur India Limited announced that it had signed definitive transaction agreements to acquire a 51% stake in Badshah Masala Private Limited. Badshah Masala is a leading Indian company that specializes in the manufacturing, marketing, and exporting of ground spices, blended spices, and seasonings. The acquisition is part of Dabur India's strategy to expand its presence in the fast-growing Indian spices market. With this acquisition, Dabur India will be able to leverage Badshah Masala's strong brand and distribution network to strengthen its position in the market.
In March 2023, VAHDAM India announced the launch of VAHDAM spices, a new product category for the company with the mission to innovate the spice industry. Aimed at creating fresher products for an increasingly health-conscious world, VAHDAM India has expanded its partnership with Indian farmers and cooperatives to bring high-quality and authentic
In November 2022, multi-business conglomerate ITC Limited launched its internationally benchmarked global spices processing plant in the Spices Park in Andhra Pradesh, The plant is designed to be internationally benchmarked and is equipped with state-of-the-art technology for processing and packaging high-quality spices. The Spices Park in Andhra Pradesh is a dedicated park for the processing and packaging of spices, and is part of the Indian government's efforts to promote the growth of the country's spice industry. The park provides a range of facilities and services to spice producers, including common infrastructure, testing labs, and training programs
In 2020, the Indian state of Kerala launched a project to promote organic farming of spices such as pepper, cardamom, and ginger. The project aims to help farmers transition to organic farming methods and to provide them with training and support to improve the quality of their crops.
