India Spices Market to Embark Upon a Double Digit CAGR of 10.8% by 2027
Published | 01 January 2022
India spices market is growing at a high CAGR because of the increasing spice production in the domestic market and flourishing food processing industry of India. Additionally, Indian spices market is booming in response to the demand for authentic cuisines, innovative flavors, and ethnic tastes….
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the India spices market was worth USD 9.31 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.8%, earning revenue of around USD 19.17 billion by the end of 2027. India spices market is growing at a high rate because of the increasing spice production in the domestic market. The state of Madhya Pradesh is emerging as the largest spice producer in India, followed by Uttar Pradesh and Tamil Nadu. India is also considered the world’s largest producer, consumer as well as exporter of spices. According to the International Organization of Standardization (ISO), the country produces around 75 of the 109 varieties of spices. The increasing accessibility to spices from various regions acts as a major driving factor for the growth of the India spices market. Also, authentic foods, innovative flavors, and ethnic tastes have led to the boom in the Indian spice market. However, a high volume of exports and increasing prices of spices in the domestic market may act as a major restraint for the market’s growth.
Medicinal Application of Spices Driving India Spices Market
The increasing application of spices in the pharmaceutical industry is anticipated to present lucrative growth opportunities to the India spices market. Turmeric, cloves, and other spices act wonderfully against several human diseases and can cure a variety of medical problems such as hypocholesterolemia, diabetic, anti-inflammatory, anti-arthritic, anticarcinogenic, etc. Thus, they are a prominent part of Ayurveda, a form of traditional medicine that has been around for thousands of years. Additionally, a great many Indian households use spices as laxatives, purgatives, aperients, carminatives, etc. Spices are expected to undergo major growth on the Indian market due to these medicinal applications.
The Thriving Food Processing Industry Propelling the India Spices Market
Invest India reports that the Indian food processing industry is growing rapidly, with significant growth registered in food grocery and foodservice segments. The high concentration of global food companies such as LT Food Ltd., Britannia Industries, Nestle India, MTR Foods, etc., and the launch and availability of a wide range of packaged foods is anticipated to further boost the demand for spices in the country. Since India's diets are becoming increasingly hot and spicy, most food processing firms make use of organic spices as a means of establishing product differentiation, thereby driving the growth of the country's spices market.
India Spices Market - By Form
Based on forms, the India spices market is segmented into packets, sprinklers, and crushers. The packets segment accounts for the largest market share because of the availability of a wide range of quantities in packets. India's spice manufactures offer a range of spices including 10g, 25g, and 100g, as well as larger quantities such as 1 kg, 5 kg, and 10 kg. The smaller quantity is mainly targeted towards households while the larger share is designed for commercial use. On the other hand, the sprinkler segment also covers a substantial share in the market due to its use as a seasoning element for various foods, such as chicken, eggs, meat, pasta, noodles, etc.
Request For Free Sample Report @ https://www.blueweaveconsulting.com/report/india-spices-market/report-sample
India Spices Market - Regional Insights
Geographically, the India spices market is segmented into North India, South India, East India, and West India. The Southern part of India dominates the India spices market. However, North India also covers a substantial share of the market. North Indian cuisine is considered one of the world’s spiciest cuisines. These cuisines are considered as the fusion of Indian and Persian food due to which heavy local ingredients and spices are used. In addition, the hot environment created by spices is also used for preventing bacteria and foodborne pathogens.
Impact of COVID-19 on India Spices Market
The growth of the India spices market was negatively impacted by the sudden outbreak of the COVID-19 pandemic. A nationwide lockdown imposed by the central government in 2020 to mitigate a virus outbreak limited the production and supply chains for spices across India. The demand for spices also witnessed a stark decline from commercial users, such as restaurants and hotels, due to which the spice traders had to witness huge losses during the COVID-19 period. Despite this, the market is expected to flourish during the period following COVID-19 because of the prominent use of spices, such as cloves, garlic, and ginger, as immunity boosters in India.
India Spices Market - Competitive Landscape
The leading players in the India spices market are Aachi Spices & Foods Pvt. Ltd., Patanjali Ayurved Limited, Badshah Masala, MTR Foods Pvt Ltd., Eastern Condiments Private Limited, Mahashian Di Hatti (MDH) Private Limited, Everest Food Products Pvt. Ltd, Catch Foods, Rajesh Masala, Pushp Masale, and other prominent players.
Though the market is highly fragmented due to the presence of several industry participants, it is dominated by a handful of players such as MDH, Badshan, Rajesh Masala, etc. Spice manufacturers produce a wide selection of spices suited to a range of tastes from around the world. They also offer multiple packaging sizes to boost their sales. Moreover, the market players significantly focus on improving their distribution channels and rely heavily on advertising and marketing for creating brand awareness. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India spices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India spices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
Recent Press Releases
- UAE Meat Market Recording a Robust Growth Rate: Likely to Grow at a CAGR of 6.4% by 2027
- US Organic Food Market Witnessing a Healthy Growth Track: Forecast to Grow at a CAGR of 8.7% by 2027
- Global Industrial Enzymes Market to Cross USD 10.5 Billion by 2028
- Saudi Arabia Food Delivery Market Witnessing Spells of Growth: Projected to Grow at a CAGR of 9.3% in the Forecast Period
- Global Aquafeed Market Growth to Remain Strong—Projected to Reach worth USD 83.2 Billion in 2027
- Global Industrial Enzymes Market Growth—Projected to Reach worth USD 9.2 Billion by 2027