Indian Spice Market is expected to reach US$ 22.4 billion by 2028
Zion Market Research has published a new report titled “Indian Spice Market by Degree of Taste (Hot spices, Mild spices, Aromatic spices, Herbs, and aromatic vegetables), by Plant Organs (Seed as Spice, Leaf as Spice, Flower as Spice, Fruit as Spice, Root as Spice, Bark as Spice), by application (Medicinal and Pesticides storage) and by Geography: Global Industry Perspective, Comprehensive Analysis, and Forecast.
According to the report, the Indian Spice Market is expected to reach US$ 22.4 billion by 2028, registering a CAGR of over 13%
The Indian spice market is anticipated to show remarkable growth over the horizon. India is one of the largest producers, having a variety of spices ranging from garlic, turmeric, chili, pepper, cardamom, ginger, coriander and many more. According to the International Organization for Standardization report, 109 spices are produced in a different part of the world out of which 75 listed spices are produced by India. Spices are an integral part of any Indian dishes which are used for flavoring, seasoning, pungency and coloring. The government (Spices Board of India) is also propelling aggressively to export the Indian spices so as to gain the market share and market value prominently with the help of promotions and brandings during international fairs. 1.08 billion kgs of total spices have been exported by India during the 2017–2018 year, valued at USD 3.11 billion.
Based on the degree of taste, the Indian spice market hot spices, mild spices, aromatic spices, herbs, and aromatic vegetables. Hot spices include pepper, ginger, chili and mustard whereas mild spices include coriander and paprika. Herbs include basil, thyme and bay whereas aromatic vegetables include garlic, onion and shallot. Further based on plant organs, Indian spice market is classified as seed as spice, leaf as spice, flower as spice, fruit as spice, root as spice and bark as spice. The Indian spices are used as storage pesticide and also for medicinal purpose. The total spice production in India is 8.12m metric tons. Andhra Pradesh is the highest spice production state in India. The most common spice produced throughout India is chilies.
Due to technological advancement, the producers are able to offer premium quality spices across the globe. The opportunity of the Indian spice market in terms of applications is just not restricted to flavoring, seasoning, pungency and coloring. For food preservation, Indian spices can be used owing to dual function i.e. antimicrobial and antioxidant properties. The cosmetics industry is one of the applications of the Indian spice market. For manufacturing soaps and toothpaste, spices are used. Owing to various applications, the market has potential growth within the forecasted year.
The Indian spice market has immense potential to expand owing to technological advancement and R&D. Establishment of quality evaluation laboratories; infrastructural facilities provided by the Spices Board of India and consumer interest which has shifted from artificial to natural flavors are the crucial factors that are driving this market. Some key players in operating in the Indian spice market are Everest Spices, MDH, Eastern Condiments, Catch and MTR.
This report segments the Indian spice market as follows:
Global Indian Spice Market: Degree of Taste Segment Analysis
- Hot Spices
- Mild Spices
- Aromatic Spices
- Herbs and Aromatic Vegetables
Global Indian Spice Market: Plant Organs Segment Analysis
- Seed as Spice
- Leaf as Spice
- Flower as Spice
- Fruit as Spice
- Root as Spice
- Bark as Spice
Global Indian Spice Market: Application Segment Analysis
- Medicinal
- Pesticides storage
Global Indian Spice Market: Regional Segment Analysis
- North AmericaU.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- Middle East and Africa
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