The India Spices Market is estimated to be valued at US$ 3424.8 Bn 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:
The India spices market includes a wide range of products like Turmeric, Coriander, Cumin Seeds, Chilli Pepper, Garlic, Ginger, Fenugreek, Cardamom, Pepper, Clove and Nutmeg. Spices have several health benefits such as antioxidant properties, lowering inflammation, improving digestion and boosting immunity. Demand for spices is rising in India due to growing health awareness and shift towards healthy dietary choices.
Market key trends:
The India spices market is primarily driven by rising demand for healthy alternatives. India is one of the largest producer and consumer of spices globally. Changing lifestyle and food habits have increased the demand for spices in Indian cuisines. Furthermore, increasing application of spices in food & beverage, pharmaceutical and cosmetic industries is fueling the market growth. Demand for turmeric, ginger, garlic and chilli pepper is high in India due to their medicinal properties and health benefits. Growing health conscious population in India is promoting the use of spices as nutritional & herbal supplements.
Porter’s Analysis
Threat of new entrants: New players will face high capital requirements and established distribution networks of existing players. Bargaining power of buyers: Buyers have low bargaining power due to availability of wide range of spices from various established players. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and dominance of few suppliers in certain spices like chili. Threat of new substitutes: Substitutes are less owing to distinctive flavors that spices provide. Competitive rivalry: Intense due to presence of multiple regional and international players.
SWOT Analysis
Strengths: Strong cultural significance, health benefits, and widespread availability. Weaknesses: Price volatility, pest attacks, lack of processing facilities in rural areas. Opportunities: Increasing health consciousness, expanding online retail, and growing foodservice industry. Threats: Threat from synthetic spices, pesticide residues, climate change impacts.
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. India dominates regional production and exports of spices globally. The country accounts for over 50% of global spice production. States like Kerala, Tamil Nadu and Andhra Pradesh are the major producing regions in India.
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. They focuses on expanding production and distribution networks as well as launching new product variants with changing tastes and preferences.
The market size for India Spices Market reached US$ 3424.8 Bn in 2023 and is expected to surpass US$ 5140 Bn by 2030, expanding at a CAGR of 5.9% during the forecast period. Growing food processing industry has been driving the demand for spices from food manufacturers in India.
For more insights, read- https://www.pressreleasebulletin.com/india-spices-market-trends-size-and-share-analysis/
