The traditional spices are of great significance in the Indian kitchen. Indian spices are used in a variety of products, such as sauces, bakery goods, frozen foods, beverages, dressings, packaged foods, and many more, throughout the whole world.
About 75 of the 109 varieties of spices listed by the International Organization for Standardization are produced in India.
In the past few years, the production of different spices has increased considerably in India. According to a report by the government-owned India Brand Equity Foundation (IBEF), 10.88 million tonnes of spices were produced from 2021 to 2022.
Indian spices are loved all over the world; hence, they are exported to several nations worldwide. India exported spices and spice-related products to 180 countries from 2020 to 2021. China, the USA, Bangladesh, Thailand, the UAE, Sri Lanka, Malaysia, the UK, Indonesia, and Germany were top destinations for Indian spices.
In fact, more than 70 percent of all export revenue from 2020 to 2021 came from these markets alone. Since the COVID-19 pandemic, demand for Indian spices has increased even more due to their immunity-boosting effects.
It is expected that Indian spice market growth will touch an annual growth between 10 percent and 12 percent very soon, and the Indian government has a target to touch about 19.5 percent of annual export sales so that it can be out there in the global market as a “Make in India” brand.
The export of spices registered an all-time high in volume and value from 2020 to 2021, growing by 17 percent in USD value terms and 30 percent overall. Their continually increasing demand is spiking the Indian spice market.
The enormous growth of the Indian spice market has created a flurry of business opportunities for those seeking high returns on small investments. Stepping up their marketing initiatives, the leading spice producers are also coming up with innovative products.
Market participants are engaging with customers to understand their demands and tastes, thanks to significant investments in social media platforms. Industry experts believe that India has maintained the appeal of its spices and will remain the leading producer for several years.