India Spice Market Report by Product Types (Pure Spices (Chilies, Ginger, Cumin, Pepper, Turmeric, Coriander, and Others (Cardamom, etc.)), and Blended Spices), Application (Meat and Poultry Products, Bakery and Confectionery, Frozen Foods, Snacks and Convenience Foods, and Others), Form (Powder, Whole, Crushed, and Chopped), and Company Analysis 2024-2032

India Spice Market Analysis

India Spice Market was worth US$ 7.80 Billion in 2023. It is expected to grow at a CAGR of 8.11% from 2024 to 2032 and be valued at US$ 15.74 Billion by 2032.

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 Spices

1.1    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 Products
2.    Bakery and Confectionery
3.    Frozen Foods
4.    Snacks and Convenience Foods
5.    Others

Forms – India SpiceMarket breakup in 4 viewpoints:

1.    Powder
2.    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 Ltd
2.    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)

Report Details: