Press Release

Indian Spices Market to Grow at a CAGR of Around 4.56% During 2024-30

The Indian Spices Market is projected to grow at a CAGR of 4.56% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report.

Nowadays, consumers are willing to experiment with a variety of tastes & cuisines to prepare extraordinary dishes. This interest of the consumer to develop unique & innovative food items is accentuating the demand for Indian spices since they provide flavors and add texture to the foods. Indian spices are highly utilized globally because their strong and unique flavors can complement any dish. Along with this, spices like turmeric and ginger that originate from India are also known to have health benefits & nutritional value. Therefore, with the increasing consciousness regarding a healthy diet, these spices are in heavy demand.

Also, the consumption of ethnic foods, which include Indian foods and other international foods is on the rise presently in most countries since chefs both in restaurants and homes are now focusing on using ingredients that give the dishes the right taste. This, in turn, is increasing the sale of spices across the globe.

Further, several Indian citizens are living in other nations due to study purposes or business-related reasons. These individuals seek Indian spices in other countries since the majority of the conventional Indian dishes are prepared using these spices only. Also, several restaurants & hotel groups are expanding to serve Indian consumers. This expansion of hotel chains across the globe is further fueling the demand for spices since they are the key ingredients used for meal preparation. Furthermore, several Michelin-star restaurants are incorporating Indian dishes into their menu to gain the attention of the Indian inhabitants. This addition of Indian cuisine by international restaurants would further enhance the requirement for spices across the globe, enlarging the market size.

Currently, the customers living abroad are gradually inclining more towards the taste and health properties of spices that are used in India. Thus, there will be a rise in demand for Indian spices in the future as well, further states the research report, “Global Indian Spices Market Analysis, 2024.”

Indian Spices Market Segmentation Analysis

Pure Spices Leads the Market

Based on the Product Type segment, the market is further bifurcated into, Pure Spices and Blended Spices

Pure Spices hold the largest market share since they are widely used and enjoy a comparative advantage over blended spices. These spices have general applicability in different dishes and are widely popular among consumers. Along with this, these spices help improve the color of the dishes and add rich nutrients to foods. Also, these types of spices are added to the dishes to bring spiciness. Further, pure spices have a prolonged shelf-life compared to blended spices, making them a more favorable choice among customers.

Furthermore, the taste of these spices remains intact and is relatively stronger than the other types of spices since they are not blended with other spices. Thus, the dishes made from these spices enhance the taste profile of the dishes, making them a suitable choice for the chefs or cooks.

Asia Pacific to Continue Market Domination

Geographically, the Asia Pacific region has captured the largest market share due to the increasing number of food service outlets and the presence of several end-user industries. The individuals in this region highly prefer spicy dishes. Based on the customer survey conducted by CiviScience, more than 31%, i.e., almost one-third of individuals love spicy food. Therefore, the customers in these countries rely on Indian spices, such as red chili, cinnamon powder, etc. Also, Asian nations have a prevalence of a large number of F&B and Pharmaceutical industries. These industries highly require spices for the preparation of packaged food & therapeutic drugs. Therefore, the expansion of the end-user industries within the region is further accentuating the demand for Indian spices, supporting market growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including ITC Limited, Tata Consumer Products Limited, Everest Spices, Orkla ASA (MTR Foods), House of Spices (India) Inc., McCormick & Company, Inc., Mane Kancor Spices Pvt Ltd, Nedspice Group, Olam International Limited, MDH Spices, Catch Foods, Adani Spices, Patanjali Ayurved Limited, Zoff Foods Pvt. Ltd., Ajy Overseas, and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?