Spices form an essential part of Indian cuisine. Several spices find versatile applications in food & beverage, Ayurvedic medicines, cosmetics industries and others. Common Indian spices include turmeric, ginger, coriander, cumin, chili powder, mustard seeds, black pepper, garlic, cinnamon, cardamom and clove. Turmeric is used for its anti-inflammatory and antioxidant properties in Ayurvedic medicines. Cumin, coriander, fennel seeds are used to aid digestion while cinnamon helps control blood sugar levels. The global Indian spices market is estimated to be valued at US$ 3945.37 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Emerging demand for Ayurvedic products is expected to flourish the India spices market over the forecast period. Ayurveda focuses on prevention of diseases through diet and lifestyle management. Many Ayurvedic medicines utilize spice powders, extracts and essential oils for their therapeutic properties. Increasing awareness about health benefits of natural ingredients based products is driving the demand for Ayurvedic medicines. Spices are an integral part of Ayurvedic formulations and plays a crucial role in treatment of conditions like arthritis, digestive issues, diabetes and heart diseases. Growing preference for herbal alternatives will boost consumption of spices in Ayurvedic products.
Segment Analysis
The India spices market is dominated by the food and beverages segment which holds more than 60% share of the overall market. Within food and beverages, the packaged food sub-segment constitutes the largest share due to rising demand for convenience food products in the country. Growth of the food processing industry and increased consumption of branded and packaged spices and masalas has propelled the demand for spices in packaged food products.
PEST Analysis
Political: The Government of India has implemented several initiatives such as the Spice Board to promote cultivation and export of spices from the country. It has also established trade agreements with other nations to boost international trade of Indian spices.
Economic: Rising disposable incomes and growth of the middle class population in India has increased their spending power on high value products including various spices. This favors the economic growth of the spices market.
Social: Changing eating habits and experimentation with diverse cuisines have increased the demand for different types of spices in Indian households. Growing health consciousness has also driven preferences for organic and natural spices without chemical additives.
Technological: Key players are investing in advanced packaging solutions like re-sealable pouches and moisture-proof containers to lengthen the shelf-life of spices. Automation of farming and processing equipment has boosted productivity and quality of Indian spices.
Key Takeaways
The Global India Spices Market Share size was valued at US$ 3945.37 Bn in 2024 and is projected to reach over US$ 8000 Bn by 2030, expanding at a CAGR of 21% during the forecast period. The western region holds the largest share currently due to high consumption of spices like turmeric, coriander, and cumin in states such as Maharashtra and Gujarat.
Regional analysis: The southern region of India is expected to witness fastest growth in the spices market led by states like Kerala, Karnataka and Tamil Nadu. The production and exports of pepper and cardamom from these states have contributed to their rising share. Moreover, increasing domestic use of indigenous spices including cloves, nutmeg and cinnamon have also augmented demand from the southern region.
Key players operating in the India spices market are Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay. Key players such as MDH, Everest and McCormick account for major domestic sales, while Agrotech Foods, Olam International and Kancor Ingredients have a strong export presence.
For more details on the report, Read- https://www.marketwebjournal.com/india-spices-market-trends-size-and-share-analysis/
Get more insights on this topic: https://coolbio.org/recombinant-dna-technology-the-future-of-medicine-and-biotechnology/
