Indian spices have garnered enormous popularity on the global stage. They captivate flavor buds worldwide with their rich flavors and fragrant profiles. Indian spices add depth and complexity to cuisines across the globe. They are also famed for their diverse range and unique blends. These spices offer a culinary journey from the fiery heat of chili powder to the lovely and cozy notes of cumin and the aromatic appeal of cardamom. Embraced by chefs and domestic cooks alike, Indian spices have become vital ingredients. This enhances dishes and elevates culinary experiences internationally.
India Spice Market Trends
Increasing Interest in Blended Spices
The surge in demand for blended spices propels the Indian Spice market. Blended spice mixes appeal to consumers with comfort, consistency, and the ability to enhance dish effects. These blends combine herbs, spices, and seasonings to create a balanced taste profile, elevating culinary creations. For instance, Tata Sampann added its Blended Spice range, which covered Puliyogare, Malabar chicken, Sambar masala, and Masala rice blend in Karnataka in 2023. This trend caters to trendy purchasers' busy lifestyles, driving market boom and prompting manufacturers to innovate product offerings to satisfy evolving preferences.Demand for Natural and Organic Spices is Growing
The growing preference of purchasers for natural spices over artificial ones because of fitness awareness is a crucial boom driver in the India spice market. This mirrors a broader trend towards fitness-conscious intake, with people prioritizing organic substances. According to a survey by ASSOCHAM, there is a ninety-five percent growth in organic produce purchases in cities, with 62% of metropolitans buying organic. Natural spices are perceived as healthier because they lack artificial components, prompting producers to emphasize product purity and authenticity. This is fueling an increase in the natural spice segment.Spike in Consumer Product Sales through e-commerce
The surge in e-commerce sales of consumer products in India substantially drives the spice market's growth. The comfort of online buying platforms fuels this growth. FMCG Gurus' record predicts online FMCG sales will hit US$ 1 Trillion by 2023, amplifying the market's accessibility. Nielsen forecasts e-trade to represent 11% of FMCG sales by 2030, eightfold from the present stages, mandating robust systems. PwC reveals that almost 75% of customers purchase FMCG online, especially millennials and Gen Z. E-commerce no longer broadens entry to Indian spices but satisfies global demand. Leveraging advanced logistics, e-trade guarantees freshness. This boosts patron delight and demand, thus revolutionizing the India spice market dynamics.Growth in the Food Processing Sector
The increasing food processing industry drives tremendous growth within the India spice market. This is because spices are increasingly demanded for flavor enhancement, upkeep, and product differentiation. These crucial substances cater to numerous patron choices regionally and globally. Advanced food processing technologies include spices in diverse processed foods, like snacks, ready-to-consume foods, sauces, and condiments, amplifying the spice demand. This symbiotic relationship among the food processing and spice markets fosters innovation and enlargement to satisfy evolving industry desires, propelling the market boom.India Spice Market Company News
The enterprises present in the India spice market are Aachi Spices & Foods Pvt Ltd, Badshah Masala, Eastern Condiments Private Limited, Mahashian Di Hatti Private Limited, MTR Foods Pvt Ltd., PatanjaliAyurved Limited, DS Group (Catch), and Ushodaya Enterprises Pvt. Ltd. (Priya).In March 2024 - Edible oil producer and FMCG company Adani Wilmar intends to enter the Indian spice market, valued at US$ 20 billion, by acquiring regional brands.
In February 2023 - Dabur purchased a 51% controlling interest in Badshah Masala.
In March 2023 - VAHDAM India, a domestically grown global wellness brand renowned for bringing India’s finest teas and superfoods to consumers worldwide, is venturing into the spices sector. The company recently unveiled VAHDAM Spices, marking its entry into a new product category to revolutionize the spices industry through innovation.
In April 2023 - Wipro Consumer Care and Lighting declared the procurement of Brahmins, a Kerala-based traditional vegetarian brand known for its spice mixes and ready-to-cook products. This will strengthen its foothold in the food segment.
In June 2023 - Vasant Masala introduces Vasant Awadhi Garam Masala, catering to discerning food enthusiasts seeking an exquisite aroma and distinctive flavor in their dishes. This innovative spice blend represents a significant milestone for the brand, promising to tap into a new market segment and enhance Vasant Masala's reputation for quality and innovation.
In July 2022 - Premier Foods will acquire The Spice Tailor, an acclaimed Indian spice company founded a decade ago by a British Indian couple, for an initial sum of GBP 43.8 Million.
In July 2022, EmamiAgrotech, the branded food manufacturing division of the diverse Emami Group, introduced Mantra Spices as part of the Emami Healthy & Tasty brand. This new line offers consumers a variety of blended powder spices and tastemakers.
In September 2022 - Dabur India unveiled its latest addition to the Hommade Foods range, Dabur Hommade Tasty Masala, signaling its debut in the spices market. This new offering combines flavorful ingredients, promising consumers an enhanced taste for their dishes, aligning with Dabur's commitment to quality and natural ingredients.
Product Types - India Spice Market breakup in 2 viewpoints:
1. Pure Spices1.1 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 Products2. Bakery and Confectionery
3. Frozen Foods
4. Snacks and Convenience Foods
5. Others
Forms - India SpiceMarket breakup in 4 viewpoints:
1. Powder2. 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 Ltd2. 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)
Table of Contents
Companies Mentioned
- Aachi Spices & Foods Pvt Ltd
- Badshah Masala
- Eastern Condiments Private Limited
- Mahashian Di Hatti Private Limited
- MTR Foods Pvt Ltd.
- PatanjaliAyurved Limited
- DS Group (Catch)
- Ushodaya Enterprises Pvt. Ltd. (Priya)
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 7.8 Billion |
| Forecasted Market Value ( USD | $ 15.74 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | India |
| No. of Companies Mentioned | 8 |
