The report covers forecast and analysis for the Indian Spice Market on a global and regional level. The research report presents a comprehensive valuation of the market, competition, opportunities, emerging trends and industry-validated market figures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 to 2026 based on volume (Million Tons) and revenue (USD Million).
The Indian spice market has numerous opportunities to nurture across globe in the upcoming future and is expected to grow at a single digit CAGR within the forecast period. According to International Organization for Standardization, around 109 spices are produced in different part of the world out of which 75 listed spices are produced by India. India is the one of the largest producers having variety of spices ranging from garlic, turmeric, chili, pepper, cardamom, ginger, coriander and many more. Spices are the integral part of any Indian dishes which are used for flavouring, seasoning, pungency and colouring. The government (Spices Board of India) is also propelling aggressively to export the Indian spices so as to gain the market share and market value prominently with the help of promotions and brandings during international fairs. Around 1.08 billion kgs of total spices have been exported by India during the 2017-2018 year, which valued approximately USD 3.11 billion.
The Indian spice market has been segmented on the basis of degree of taste and plant organs. Based on degree of taste, Indian spice market is classified as hot spices, mild spices, aromatic spices, herbs and aromatic vegetables. The hot spices are further segmented into pepper, ginger and chili. The mild spices are further segmented into coriander and paprika. Herbs are further segmented into basil, thyme and bay. Aromatic vegetables further segmented into garlic, onion and shallot. Based on plant organs, Indian spice market is classified as seed as spice, leaf as spice, flower as spice, fruit as spice, root as spice and bark as spice. The Indian spices are used as storage pesticide and also for medicinal purpose. Andhra Pradesh is likely to have highest spice production state in India. The most common spice produced throughout India is chilies.
The Indian spice market has immense potential to expand owing to technological advancement and R&D. Establishment of quality evaluation laboratories; infrastructural facilities provided by the Spices Board of India and consumer interest which has shifted from artificial to natural flavors are the crucial factors which are driving this market. Due to technological advancement, the producers are able to offer premium quality spices across globe. The opportunity of Indian spice market in terms of applications is just not restricted to flavouring, seasoning, pungency and colouring. For food preservation, Indian spices can be used owing to dual function i.e. antimicrobial and antioxidant properties. Cosmetics industry is one of the applications of Indian spice market. For manufacturing soaps and tooth pastes spices are used. Owing to various applications, the market has potential growth within the forecasted year.
Some of the factors which might to hamper the Indian spice markets are insufficient legal provisions, inadequate surplus for export, lesser product quality as well as quantity. One of the crucial problems faced by the Indian Spice industry is low productivity in the spice sector. To cater these factors and bolster the growth, the key players are doing various technological advancement and R&D in order to support the growth of the market in the upcoming period.
Key players operating in the Indian spice market are Everest Spices, MDH, Eastern Condiments, Catch and MTR.
Global Indian Spice Market: Degree of Taste Segment Analysis
Global Indian Spice Market: Plant Organs Segment Analysis
Global Indian Spice Market: Application Segment Analysis
Global Indian Spice Market: Regional Segment Analysis