Hot Indian spices add flavor to a 'spicy' economy
Jan 10, 2023
New Delhi [India], January 10 : The traditional spice box known as a "masala dabba" is one of the necessities in an Indian kitchen. A masala dabba typically comprises several small metal cups, with each containing a particular spice.
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, a country famous for its spices.
In India, the production of different spices has increased significantly over the past few years. According to a report by the government trust India Brand Equity Foundation (IBEF), 10.88 million tonnes of spices were produced from 2021 to 2022.
Many of these spices are exported from the country to numerous nations worldwide. India exported spices and spice-related products to 180 countries from 2020 to 2021. China, the USA, Bangladesh, Thailand, UAE, Sri Lanka, Malaysia, the UK, Indonesia, and Germany were top destinations for Indian spices.
And, more than 70 per cent of all export revenue from 2020 to 2021 came from these markets only. Since the COVID-19 pandemic, demand for Indian spices has increased even more due to their immunity-boosting effects.
"I think we will be touching an annual growth between 10pc-12pc very soon, and the Indian government, they have a target to touch about 19.5 per cent annual export sales, so we can be out there in the global market as a 'Make in India' brand", said Ridhay Raman Khanna, Managing Director of H.H Global Sources.
The export of spices registered an all-time high in volume and value from 2020 to 2021, growing by 17 per cent in USD value terms and 30 per cent overall. Their continually increasing demand is spiking the Indian spice market.
"The Indian spice market is thriving. Our spices are in demand across the world, especially in the USA. The quality of our spices is so good that most of the countries are importing them," owner of Star Spices and dry fruits, Naresh Bansal said.
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.
With the heavy investment in social media platforms, the market players are engaging with customers to comprehend their demands and taste. Industry experts believe that India has maintained the appeal of its spices and will remain the leading producer for several years.
