India Spices Market Size To Grow At A CAGR Of 9.20% In The Forecast Period Of 2023-2028

The ‘India Spices Market Growth, Size, Share, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the India spices market, assessing the market on the basis of its segments like product, form, sector, application, end use, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

India Spices Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2021): INR 72,900 crore
• Forecast CAGR (2023-2028): 9.20%
• Forecast Market Size (2027): INR 1,23,613 crore

Increasing demand for pure spices such as turmeric and pepper that are used as an essential ingredient in the preparation of food is expected to contribute to the growth of the India spices market. Pepper is obtained from peppercorn and has been consumed by people for generations. It has medicinal properties such as being a disinfectant, helping prevent cancer, preventing constipation, treating depression, treating skin problems, and helping in digestion, among others, helping in the overall growth of the India spices market.

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Shifting preferences of consumers, secure packaging techniques, diversifications, and creative branding of the products are important factors that are helping in the growth of the spice market in India. Spices are immensely versatile and a common part of Indian cuisine and cooking, considered to be a quick way to boost the flavour profile of any dish.

The strong presence of key market players and further supporting the India spices market. Consumers tend to trust established market players to receive authentic, unadulterated, and hygienic spices. Increased appreciation for blended spices which are convenient to use is also expected to fuel the market growth.

India Spices Industry Definition and Major Segments

Spice is a powdery substance with a strong and pleasant smell used to add flavour to food. It can be obtained from fruit, bark, seed, root, or any other part of a plant. Spice is usually prepared using dried parts of plants rather than fresh plants. They are added in small quantities to enhance the taste of food and to boost the nutritional value.

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Based on product, the market is segmented into:

• Pure Spices
  • Chili
  • Garlic
  • Turmeric
  • Ginger
  • Coriander
  • Fennel
  • Pepper
  • Cardamom
  • Cloves
  • Tamarind
  • Others
• Blended Spices
  • Garam Masala
  • 1Non-Veg Masala
  • Sabzi Masala
  • Chole and Channa Masala
  • Chat Masala
  • Sambhar and Rasham Masala
  • Paneer and Curry Masala
  • Pav Bhaji Masala
  • Jaljeera Masala
  • Others

On the basis of form, the market is classified into:

• Packets
• Sprinkler
• Crusher

Based on sector, the market is divided into:

• Organised
• Unorganised

On the basis of application, the market is segmented into:

• Veg Curries
• Meat and Poultry Products
• Snacks and Convenience Foods
• Soups, Sauces and Dressings
• Bakery and Confectionary
• Frozen Foods
• Others

Based on end use, the market is bifurcated into:

• Retail
• Food Service

On the basis of region, the market is divided into:

• North India
• South India
• East India
• West India

India Spices Market Trends

The key trends in the India spices market include the expansion and growth of the food processing industry. Use of spices to enhance the taste of food and the health benefits associated with the spices is fuelling its use in food processing industries. Consuming healthy food and being health conscious is a growing trend among consumers which is helping in the growth of the market for spices. Spices are readily being used in the ready-to-eat and processed food products that are in growing demand by consumers.

Change in consumer taste and preference are compelling manufacturers and producers to develop enticing, dependable, and better-quality spices. They have the capability to change the entire flavour of the food and correspond with the regional flavours which make it more acceptable by people from different regions in India.

Increasing population in the country is also aiding in the growth of the India spices market. Indians are fond of spicy food which make spice an important ingredient in a variety of Indian food products. Further, an increasing number of Indian restaurants that serve ethnic cuisines with a variety of ingredients is also contributing to the growth of the market for spices.

Key Market Players

The major players in the India spices market report are :

• Everest Food Products Pvt. Ltd.
• Mahashian Di Hatti Pvt. Ltd.
• Badshah Masala Private Limited
• DS Group (Catch)
• Eastern Condiments Pvt. Ltd.
• Aachi Spices & Foods Pvt Ltd
• MTR Foods Pvt Ltd
• Patanjali Ayurved Limited
• Sakthi Masala Private Limited
• ITC Limited (Sunrise Pure)
• Ushodaya Enterprises Pvt. Ltd. (Priya)
• TATA Consumer Products Limited
• others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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