Report Overview

India Spices Market – Industry Trends & Forecast Report, 2029

India spices market size was estimated at USD 1,935.68 Million in 2022. During the forecast period between 2023 and 2029, the India spices market size is projected to grow at a CAGR of 10.94% reaching a value of USD 3,608.78 million by 2029. According to IBEF, India is the world’s largest spice producer and the largest consumer and exporter of spices. The production of different spices has been growing rapidly over the last few years. Production in 2021-22 stood at 10.87 million tons. During 2020-21, the export of spices reached an all-time high both in terms of value and volume by registering a growth of 17% in USD value terms and 30% in volume terms. During 2021-22, the single largest spice exported from India was chili followed by spice oils and oleoresins, mint products, cumin, and turmeric. India produces about 75 of the 109 varieties which are listed by the International Organization for Standardization (ISO). The primary drivers for the market are rising product demand in the food and beverages (F&B) sector, widespread use of spices for medicinal purposes, government initiatives, sustainable sourcing, ongoing innovation, and the development of new mixes.

India Spices Market – Overview

A spice is a food additive whose primary function is to add flavor, aroma, color, or preserve food products. Aromatic seeds, roots, and barks are usually processed to manufacture spices. Spices give food a delicious flavor, aroma, and texture to cuisines. India is one of the leading producers of spices globally. There are many spices available in the country, such as chilies, turmeric, coriander, tamarind, cumin, mustard, and fenugreek. While some spices are medicinal in nature, others are prominently used in religious ceremonies, or for manufacturing cosmetics, or for perfume production. Moreover, spices are available in the market in several forms, such as fresh, whole dried, or pre-ground dried.

India Spices Market

Growth Drivers

Government’s Supportive Initiatives

The Indian government is providing several initiatives to support the growth of the spices market. These initiatives include Export Development and Promotion of Spices, this initiative by the Spices Board of India aims to support the exporter to adopt high-tech processing technologies and upgrade the existing level of technology for the development of industry and to meet the changing food safety standards of the importing countries. Another initiative is setting up and maintenance of infrastructure for common processing (Spices Parks), Spices Board has launched eight crop-specific Spices Parks in key production/market centers intending to facilitate the farmers to get an improved price realization and wider reach for their produce. Furthermore, Spice Complex Sikkim initiative, deals Spices Board submitted a project proposal to the state’s cell for setting up a Spice Complex in Sikkim seeking financial assistance for facilitating and demonstrating common processing and value addition in spices to help farmers and other stakeholders in the state.

Restraints

High Volume of Exports and Fluctuations in Prices of Spices

While exporting spices is beneficial for the economy as it generates revenue and promotes international trade, a high volume of exports can also lead to certain challenges for the domestic market. When a significant portion of spices is exported, it can create a shortage of supply in the domestic market. This can lead to increased prices and reduced availability of spices for local consumers and businesses. Farmers might be incentivized to export their produce to capitalize on higher prices in the international market, potentially affecting the affordability and accessibility of spices for the local population. Spices are often subject to volatile price movements due to various factors, including weather conditions, supply and demand imbalances, changes in consumer preferences, and global economic conditions. These price fluctuations can impact all players in the spices market, from farmers to traders to consumers.

Impact of COVID-19 on India Spices Market

Covid-19 had a significant impact on agriculture in India and across the globe. The pandemic had a significant influence on the spice sector, owing to inadequate post-harvest processing and a lack of timely outlets for producers. Such as in the Guntur district of Andhra Pradesh and the Khammam region of Telangana, which are important chili producing hubs, about half of the harvesting was finished before March 25th, with the remainder completed after that date. Farmers who harvested after the shutdown experienced losses due to the labor shortage for harvesting and post-harvest operations. In addition, due to the COVID-19 pandemic, consumer behavior has also changed as cooking experimentation has increased.

India Spices Market

Segmental Coverage

India Spices Market – By Product Type

Based on product type, the India spices market is segmented into pure spices and blended spices. The pure spices segment is further classified into chili, turmeric, coriander, cumin, pepper, tamarind, asafetida, bay leaf, clove, cardamom, cinnamon, tulsi leaf, and others. The blended spices segment is divided into garam masala, non-veg masala, kitchen king & sabzi masala, chole & channa masala, chat masala, sambhar & rasam masala, paneer & curry masala, pav bhaji masala, jaljeera masala, and others. The pure spices segment is expected to hold a substantial market share, as they are unadulterated and unblended spices with natural flavor, aroma, and authenticity that are highly regarded by consumers for their excellent quality and traditional culinary features. Furthermore, the increased consumer knowledge and inclination for authentic and natural components in their meals can be related to the increasing popularity of pure spices, which influences market growth. Furthermore, health-conscious customers are shunning chemical additives, preservatives, and flavor enhancers, driving up demand for pure spices.

India Spices Market – By Application

Based on applications, the India spices market is segmented into veg curries, meat & poultry products, snacks & convenience foods, soups, sauces & dressings, bakery & confectionery, frozen foods, beverages, and others. The veg curries segment accounts for the largest share of the market, as these dishes are staple foods in Indian households. As a result of the regular preparation of veg curries and their consumption with rice or roti (chapati), it is no wonder that this category is growing at an accelerated rate across India. On the other hand, the segment of meat & poultry also represents a substantial share in the Indian market since these products are usually cooked with spices just for flavor.

India Spices Market – By Form

Based on the form, India spices market is divided into packets, sprinkler, and crusher. The packets form segment had the highest market share. Packets provide convenience and ease of use by allowing consumers to efficiently store and use spices without the need for extra containers. Furthermore, the pre-measured amounts in packets ensure precise portioning, providing constant flavoring in culinary dishes, and so affecting market growth. In addition, with airtight packing that inhibits exposure to moisture, air, and light, packets help to preserve the freshness and quality of spices for a longer period, which constitutes another key growth-inducing factor.

India Spices Market - By Sector

Based on sector, India spices market is divided into organized and unorganized segments. The organized sector is expected to hold a substantial market share during the forecast period, as customers' rising appreciation for unadulterated, hygienic, and original spices, as well as the convenience of utilizing blended spices, has fueled demand for organized players. Because of shifting client tastes, creative branding, secure packing procedures, and planned diversifications, the organized spice business is poised to grow.

India Spices Market - By End Use

Based on end use, India spices market is split into retail and food service. The food service is the dominant segment of the India spices market. It accounts for most of the market share, as spices are used in a variety of food preparations in restaurants, hotels, and other foodservice establishments. The retail segment is also growing rapidly. The growth of the retail segment is being driven by the increasing popularity of packaged spices and the growing availability of spices in supermarkets and other retail outlets.

India Spices Market – By Region

Geographically, the India spices market is segmented into North India, South India, East India and West India. Among these regions, the Southern region of India dominates the India spices market. The state of Andhra Pradesh in South India consumes the spiciest food. The use of dried chili powder and red chilies is very prominent in this region. Similarly, Tamil Nadu and Telangana consume a lot of spices, as they have some of the spiciest foods among Indian and south Indian cuisine. Spices are also used in South India to prevent food spoilage from the heat, which boosts the products’ demand in this region.

Competitive Landscape

Major players operating in India spices market include Aachi Spices & Foods Pvt Ltd, Patanjali Ayurved Limited, Badshah Masala, MTR Foods Pvt Ltd, Eastern Condiments Private Limited, Mahashian Di Hatti Private Limited, Everest Food Products Pvt Ltd, Catch Foods, Rajesh Masala, Pushp Masale, Sakthi Masala Private Limited, ITC Limited (Sunrise Pure), Ushodaya Enterprises Pvt Ltd (Priya), Tata Consumer Products Limited, and Zoff Foods Private Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In January 2023- Dabur India completed the acquisition of 51% shareholding of Badshah Masala for INR 587.52 crore. Badshah Masala is a leading manufacturer, marketer, and exporter of ground spices, blended spices, and seasonings.  The acquisition marked Dabur's entry into the over Rs 25,000-crore branded spices and seasoning market in India.

Scope of the Report

By Product Type

• Pure Spices

  1. Chili

  2. Turmeric

  3. Coriander

  4. Cumin

  5. Pepper

  6. Tamarind

  7. Asafoetida

  8. Bay Leaf

  9. Clove

  10. Cardamom

  11. Cinnamon

  12. Tulsi Leaf

  13. Others

• Blended Spices

  1. Garam Masala

  2. Non-Veg Masala

  3. Kitchen King & Sabzi Masala

  4. Chole & Channa Masala

  5. Chat Masala

  6. Sambhar & Rasam Masala

  7. Panner & Curry Masala

  8. Pav Bhaji Masala

  9. Jaljeera Masala

  10. Others

By Application

• Veg Curries

• Meat & Poultry Products

• Snacks & Convenience Foods

• Soups, Sauces, and Dressings

• Bakery & Confectionery

• Frozen Foods

• Beverages

• Others

By Form

• Packets

• Sprinkler

• Crusher

By Sector

• Organized

• Unorganized

By End Use

• Retail

• Food Service

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3.  India Spices Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing demand for spices in domestic and international markets
         2. Government initiatives
      2. Restraints
         1. High volume of exports and fluctuations in prices of spices
         2. Adulteration
      3. Opportunities
         1. Growing e-commerce market
         2. Rising popularity of health and wellness foods
      4. Challenges
         1. Global competition
         2. Expansion beyond Tier II cities would be a challenge for branded products
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4.  India Spices Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share and Forecast
      1. By Product Type
         1. Pure Spices
            1. Chilli
            2. Turmeric
            3. Coriander
            4. Cumin
            5. Pepper
            6. Tamarind
            7. Asafoetida
            8. Bay Leaf
            9. Clove
            10. Cardamom
            11. Cinnamon
            12. Tulsi Leaf
            13. Others
         2. Blended Spices
            1. Garam Masala
            2. Non-Veg Masala
            3. Kitchen King & Sabzi Masala
            4. Chole & Channa Masala
            5. Chat Masala
            6. Sambhar & Rasam Masala
            7. Panner & Curry Masala
            8. Pav Bhaji Masala
            9. Jaljeera Masala
            10. Others
      2. By Application
         1. Veg Curries
         2. Meat & Poultry Products
         3. Snacks & Convenience Foods
         4. Soups, Sauces, and Dressings
         5. Bakery & Confectionery
         6. Frozen Foods
         7. Beverages
         8. Others
      3. By Form
         1. Packets
         2. Sprinkler
         3. Crusher
      4. By Sector
         1. Organized
         2. Unorganized
      5. By End Use
         1. Retail
         2. Food Service
      6. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India Spices Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By Form
      4. By Sector
      5. By End Use
6. South India Spices Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By Form
      4. By Sector
      5. By End Use
7. East India Spices Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By Form
      4. By Sector
      5. By End Use
8. West India Spices Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product Type
      2. By Application
      3. By Form
      4. By Sector
      5. By End Use
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Spices Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Spices Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Aachi Spices & Foods Pvt Ltd
    2. Patanjali Ayurved Limited
    3. Badshah Masala
    4. MTR Foods Pvt Ltd
    5. Eastern Condiments Private Limited
    6. Mahashian Di Hatti Private Limited
    7. Everest Food Products Pvt Ltd
    8. Catch Foods
    9. Rajesh Masala
    10. Pushp Masale
    11. Sakthi Masala Private Limited
    12. ITC Limited (Sunrise Pure)
    13. Ushodaya Enterprises Pvt Ltd (Priya)
    14. Tata Consumer Products Limited
    15. Zoff Foods Private Limited
    16. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
    1.    Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Region
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figure:

Figure 1       India Spices  Segmentation

Figure 2       India Spices Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Spices Market Size, By Value (USD Million), 2019–2029

Figure 5       India Spices Market Share, By Product Type, By Value, 2019–2029

Figure 6       India Spices Market Share, By Application, By Value, 2019–2029

Figure 7       India Spices Market Share, By Form, By Value, 2019–2029

Figure 8       India Spices Market Share, By Sector, By Value, 2019–2029

Figure 9       India Spices Market Share, By End Use, By Value, 2019–2029

Figure 10     India Spices Market Share, By Region, By Value, 2019–2029

Figure 11     North India Spices Market Size, By Value (USD Million), 2019–2029

Figure 12     North India Spices Market Share, By Product Type, By Value, 2019–2029

Figure 13     North India Spices Market Share, By Application, By Value, 2019–2029

Figure 14     North India Spices Market Share, By Form, By Value, 2019–2029

Figure 15     North India Spices Market Share, By Sector, By Value, 2019–2029

Figure 16     North India Spices Market Share, By End Use, By Value, 2019–2029

Figure 17     South India Spices Market Size, By Value (USD Million), 2019–2029

Figure 18     South India Spices Market Share, By Application, By Value, 2019–2029

Figure 19     South India Spices Market Share, By Form, By Value, 2019–2029

Figure 20     South India Spices Market Share, By Sector, By Value, 2019–2029

Figure 21     South India Spices Market Share, By End Use, By Value, 2019–2029

Figure 22     East India Spices Market Size, By Value (USD Million), 2019–2029

Figure 23     East India Spices Market Share, By Product Type, By Value, 2019–2029

Figure 24     East India Spices Market Share, By Application, By Value, 2019–2029

Figure 25     East India Spices Market Share, By Form, By Value, 2019–2029

Figure 26     East India Spices Market Share, By Sector, By Value, 2019–2029

Figure 27     East India Spices Market Share, By End Use, By Value, 2019–2029

Figure 28     West India Spices Market Size, By Value (USD Million), 2019–2029

Figure 29     West India Spices Market Share, By Product Type, By Value, 2019–2029

Figure 30     West India Spices Market Share, By Application, By Value, 2019–2029

Figure 31     West India Spices Market Share, By Form, By Value, 2019–2029

Figure 32     West India Spices Market Share, By Sector, By Value, 2019–2029

Figure 33     West India Spices Market Share, By End Use, By Value, 2019–2029    

List of Tables

Table 1        India Spices Market Size, By Value (USD Million), 2019–2029

Table 2         India Spices Market Size, By Product Type, By Value, 2019–2029

Table 3         India Spices Market Size, By Application, By Value, 2019–2029

Table 4         India Spices Market Size, By Form, By Value, 2019–2029

Table 5         India Spices Market Size, By Sector, By Value, 2019–2029

Table 6        India Spices Market Size, By End Use, By Value, 2019–2029

Table 7        India Spices Market Size, By Region, By Value, 2019–2029

Table 8        North India Spices Market Size, By Value (USD Million), 2019–2029

Table 9        North India Spices Market Size, By Product Type, By Value, 2019–2029

Table 10      North India Spices Market Size, By Application, By Value, 2019–2029

Table 11      North India Spices Market Size, By Form, By Value, 2019–2029

Table 12      North India Spices Market Size, By Sector, By Value, 2019–2029

Table 13      North India Spices Market Size, By End Use, By Value, 2019–2029

Table 14      South India Spices Market Size, By Value (USD Million), 2019–2029

Table 15      South India Spices Market Size, By Product Type, By Value, 2019–2029

Table 16      South India Spices Market Size, By Application, By Value, 2019–2029

Table 17      South India Spices Market Size, By Form, By Value, 2019–2029

Table 18      South India Spices Market Size, By Sector, By Value, 2019–2029

Table 19      South India Spices Market Size, By End Use, By Value, 2019–2029

Table 20      East India Spices Market Size, By Value (USD Million), 2019–2029

Table 21      East India Spices Market Size, By Product Type, By Value, 2019–2029

Table 22      East India Spices Market Size, By Application, By Value, 2019–2029

Table 23      East India Spices Market Size, By Form, By Value, 2019–2029

Table 24      East India Spices Market Size, By Sector, By Value, 2019–2029

Table 25      East India Spices Market Size, By End Use, By Value, 2019–2029

Table 26      West India Spices Market Size, By Value (USD Million), 2019–2029

Table 27      West India Spices Market Size, By Product Type, By Value, 2019–2029

Table 28      West India Spices Market Size, By Application, By Value, 2019–2029

Table 29      West India Spices Market Size, By Form, By Value, 2019–2029

Table 30      West India Spices Market Size, By Sector, By Value, 2019–2029

Table 31      West India Spices Market Size, By End Use, By Value, 2019–2029

Table 32      MTR Foods Pvt Ltd. Company Overview

Table 33      MTR Foods Pvt Ltd. Financial Overview

Table 34      Eastern Condiments Private Limited Company Overview

Table 35      Eastern Condiments Private Limited Financial Overview

Table 36      Mahashian Di Hatti Private Limited Company Overview

Table 37      Mahashian Di Hatti Private Limited Financial Overview

Table 38      Everest Food Products Pvt Ltd Company Overview

Table 39      Everest Food Products Pvt Ltd Financial Overview

Table 40      Catch Foods Company Overview

Table 41      Catch Foods Financial Overview

Table 42      Rajesh Masala Company Overview

Table 43      Rajesh Masala Financial Overview

Table 44      Pushp Masale  Company Overview

Table 45      Pushp Masale  Financial Overview

Table 46      Sakthi Masala Private Limited Company Overview

Table 47      Sakthi Masala Private Limited Financial Overview

Table 48      ITC Limited (Sunrise Pure) Company Overview

Table 49      ITC Limited (Sunrise Pure) Financial Overview

Table 50      Ushodaya Enterprises Pvt. Ltd. (Priya) Company Overview

Table 51      Ushodaya Enterprises Pvt. Ltd. (Priya) Financial Overview

Table 52      Tata Consumer Products Limited Company Overview

Table 53      Tata Consumer Products Limited Financial Overview

Table 54      Zoff Foods Private Limited Company Overview

Table 55      Zoff Foods Private Limited Financial Overview