India’s spice industry is poised for significant growth, with export revenues projected to hit $10 billion by 2030. The sector is focusing on expanding its presence in untapped regions such as Africa, South America, and Eastern Europe, said Ramkumar Menon, Chairman of the World Spice Organisation (WSO).
In a recent interaction, Menon highlighted the growing demand for Indian spices in health and wellness, nutraceuticals, and pharmaceutical sectors due to their health benefits. For instance, the pandemic saw a surge in the export of ginger and turmeric, which are valued for their medicinal properties.
The seasoning market, valued at $14.2 billion globally, is another area of potential. However, India’s share remains low, with just 0.7% by volume and 0.6% by value. Menon noted that flexible government policies could help bridge this gap by easing regulatory constraints that currently hinder the timely import of specific ingredients needed for production.
Export Performance and Challenges
India exported spices worth ₹17,488 crore ($2.09 billion) in the first half of FY 2024-25, marking an 8.86% increase in rupee terms over the previous year. The financial year’s export target is set at $4.7 billion. Chilli, cumin, mint, and turmeric are the most exported spices, with major buyers including China, Bangladesh, the USA, Sri Lanka, and the Middle East.
Addressing concerns over quality, Menon clarified that rejection rates remain below 1%, attributing the issues to agricultural variability. He assured that India’s spice industry is well-equipped to meet stringent global standards.
Global Showcase Events
To bolster global visibility, the WSO and the All India Spices Exporters Forum organize annual events like the International Spice Conference and National Spice Conference. The next ISC will take place in Bengaluru in February 2025, following the NSC in Ahmedabad this November.
With India producing 12.48 million tonnes of spices annually across diverse agro-climatic zones, the nation is well-positioned to achieve its ambitious export targets, provided policy and market barriers are addressed effectively.