Indian spice Market become worth US$7.80 billion in 2023. It is expected to rise at a CAGR of 8.11% from 2024 to 2032 and be worth US$15.74 billion by 2032.
Indian spices have been popular worldwide considering that ancient instances because of their authentic taste and texture. They are famous for their aroma and flavor, which complements meals exceptional. Indian spice industry has played a giant position in the last seven decades. Spice growing, processing, production, grading, advertising, and other related industries have long been a key source of profits for people in India. Due to their incomparable aroma, taste, and medicinal ability, Indian spices were famous globally. The manufacturing of various spices has been growing over the previous years. India produces approximately 75 of the 109 varieties listed by International Organization for Standardization (ISO). The most produced and exported spices are pepper, cardamom, chili, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, garlic, nutmeg & mace, curry powder, spice oils and oleoresins. Of those spices, chili, cumin, turmeric, ginger, and coriander incorporate about 76% of the overall production.
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Indian Spices Survey
- According to the World Health Organization, almost 119 plant-derived pharmaceutical drug treatments, or approximately 74% of them, are used in modern-day treatment. The equal remedial price is used in traditional medicine.
- In February 2022, the Indian Government requested the Spices Board to set a target of doubling exports to 10 billion dollars by 2027 and in addition doubling within the next 5 years by 2032.
- In January 2023, Dabur received 51% of Badshah Masala for ₹587.52 crore. Badshah Masala manufactures, markets, and exports ground, blending, and seasonings. The deal made Badshah Masala 100% Dabur inside 5 years.
- In December 2022 and April 2023, Wipro obtained Nirapara and Brahmins. Wipro planned to come to be a huge participant in the ready to cook, snack food, and spices markets.
- In July 2022 – Premier Foods acquired The Spice Tailor, an acclaimed Indian spice organization by a British Indian couple, for a preliminary sum of GBP 43.8 Million.
India’s spice processing industry is swiftly expanding, thanks to several factors.
- Increase in per capita income.
- A vastly growing domestic market for spices.
- Increased usage of spices in the food.
- Growing international demand for spices.
- An increasing number of working women.
- Well-developed infrastructure and distribution network.
India Spice Market Company Analysis
In the Indian spice market, there are numerous corporations that offer an extensive variety of spices and meals products. These organizations encompass Aachi Spices & Foods Pvt Ltd, Badshah Masala, Eastern Condiments Private Limited, Mahashian Di Hatti Private Limited, MTR Foods Pvt Ltd, Patanjali Ayurved Limited, DS Group (Catch), and Ushodaya Enterprises Pvt. Ltd. (Priya).
India Spice Company News
- In March 2024 – Edible oil manufacturer and FMCG enterprise Adani Wilmar entered the Indian spice marketplace, worth US$ 20 billion, by acquiring local manufacturers.
- VAHDAM India entered the spices industry in March 2023 with the release of VAHDAM Spices. The circulate marks the company’s foray into a new product sector, where they deliberate to bring innovation to the industry.
- Vasant Masala brought Vasant Awadhi Garam Masala in June 2023, an innovative spice blend promising to enchance the emblem’s popularity for satisfactory and innovation.
- Emami Agrotech released Mantra Spices in July 2022 as part of the Emami Healthy & Tasty brand. The new line offers mixed powder spices and tastemakers.
- Dabur India released Dabur Hommade Tasty Masala in September 2022, marking its entry into the spice’s marketplace. This new product promises to decorate the taste of dishes with its flavorful components at the same time as preserving Dabur’s dedication to satisfactory and natural ingredients.
Product Types – India Spice Market breakup in 2 viewpoints:
1. Pure Spices
1.1 Chilies
1.2 Ginger
1.3 Cumin
1.4 Pepper
1.5 Turmeric
1.6 Coriander
1.7 Others (Cardamom, etc.)
2. Blended Spices
Application – India SpiceMarket breakup in 5 viewpoints:
1. Meat and Poultry Products
2. Bakery and Confectionery
3. Frozen Foods
4. Snacks and Convenience Foods
5. Others
Forms – India SpiceMarket breakup in 4 viewpoints:
1. Powder
2. Whole
3. Crushed
4. Chopped
All the Key players have been covered from 3 Viewpoints:
• Overview
• Recent Development
• Revenue Analysis
Company Analysis:
1. Aachi Spices & Foods Pvt Ltd
2. Badshah Masala
3. Eastern Condiments Private Limited
4. Mahashian Di Hatti Private Limited
5. MTR Foods Pvt Ltd.
6. PatanjaliAyurved Limited
7. DS Group (Catch)
8. Ushodaya Enterprises Pvt. Ltd. (Priya)
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