Indian branded spice market set to achieve Rs 50,000 crore in three years: Ramkumar Menon, Chairman, WSO

How large is the export market of spices globally? What’s India’s share within the world export markets?

The worldwide export market of spices is estimated to be USD21 billion and India’s share is round 20% in worth phrases.What was the whole spices export in FY23? What has been the expansion within the present monetary yr until now? Please give comparative figures for FY23 and FY24 until October.
The overall spice export from India in FY 2023 was USD 3.95 billion ( Rs 31,761 cr ) The expansion within the present monetary yr has been about 6% ( figures out there until August 23 ). From April to August of FY24, India exported 6,60310 tons of spices valued at USD 1.77 billion as in comparison with 5,73198 tons of spices valued at USD 1.67 billion within the corresponding interval of the earlier yr.

That are the main importing markets of Indian spices? Are you exploring any new markets?
The most important importing markets of Indian spices are China, Malaysia, Bangladesh, Sri Lanka and the USA. New markets being explored by the Indian spice trade are the Central Asian and South American areas. The erstwhile East European bloc which used to eat amount of our spices through the Soviet Union period however which has declined now could be one other space of curiosity.

Which is probably the most demanding Indian spice within the world markets? How a lot now we have exported this yr of this spice until October of FY24? Why it’s in demand and through which international locations?
The Indian spice which is most in demand within the world market is chilli. We now have exported about 2,24,424 tons of chilli valued at USD 565 million ( Rs 4653 cr ) from April to August this yr. Chili is in demand as a result of client tastes for warm and spicy delicacies have elevated and its use in spice mixes and seasonings has due to this fact expanded. There may be excessive demand for this spice from China, Bangladesh, Sri Lanka and the USA.What’s the pattern within the home market so far as spices are involved? Which is the most well-liked spice in India!
The pattern within the home marketplace for spices is upwards and the most well-liked spice on this nation is chilli. Turmeric is second finest and its recognition elevated throughout Covid instances due to its immunity-boosting properties.

What have been the costs of spice this yr vis-a-vis final yr? If costs have fallen then why? If costs have gone up, why?
The costs of a lot of the spices have been very agency and have moved up quickly. Actually, fairly a number of spices for e.g. cumin have recorded their highest ranges ever. The primary purpose for this excessive improve in spices has been the shortfall in manufacturing owing to inclement climate situations and in some instances assaults by pests.

How large is the branded spice market in India? At what charge is it rising and why? What would be the dimension of the branded spice within the subsequent three years and what components will drive this development?
The branded spice market in India is estimated to be between Rs 35,000 – Rs 40,000 crores and it’s projected to extend by round 8 -10 % every year. The branded spice market is predicted to develop to round Rs 50,000 crores over the subsequent three years and the components that may drive this development are the rising well being and wellness consciousness which can make shoppers favour branded spices over the unfastened and non-branded ones primarily as a consequence of worry of adulteration, low-cost high quality and the assumption that danger of contamination will likely be mitigated if branded spices are used and the change in life-style which can result in improve in consumption of spice powders and mixes. Additionally, shoppers are searching for hygienic and genuine spices and really feel that they are going to be discovered within the branded spice section. Spice consumption particularly within the value-added type has moved past the standard boundaries of use as substances in spice mixes and powders and unfold to the nutraceutical and pharma sectors.