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The spices market may reach Rs 270,928.4 crore by 2027
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Wednesday, 12 October, 2022, 16 : 00 PM [IST]
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Kalyani Chavali
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Spices helped to establish the Indian economy. Spices have fascinated people from ancient world to the 21st century with their aroma, flavour, and colour. One pound of nutmeg was once more expensive than gold, and some indigenous spices are still as expensive as gold even today.
Discovery of spices to becoming the spice bowl of world
Early man, hunters or gatherers, wrapped their hunted meat in leaves, which led to the discovery of enhanced meat flavour due to wrapping in specific leaves. This resulted in the use of aromatic leaves, barks, fruits,seeds, and flowers in food, which had not only culinary but also health benefits. This marked the beginning of the journey of spices in Indian food and beverages.
Later, in their medical writings, Sushruta, Sushruta II, and Charaka mentioned spices and herbs. For medicinal purposes, spices and herbs such as cinnamon, cardamom, ginger, turmeric, and pepper were used. Spices like cardamom, ginger, black pepper, cumin, and mustard seed were used in traditional herbal medicines for a variety of health benefits. Spices like cloves and cardamom were rolled up in betel-nut leaves and nibbled after meals in Ayurvedic medicine to increase saliva production and improve digestion.
However, Vasco Da Gama's 1498 discovery of Kozhikode on India's southwest coast changed the spice industry scenario. He returned with a sack full of nutmeg, cloves, cinnamon, ginger, and peppercorns. A pound of nutmeg was more expensive than gold at the time. Indian spices became a symbol of social status and wealth in Europe.
Prior to India, Arabs dominated the spice trade by making false claims about the origin of these in order to protect their economic interests. It made up amusing stories to convince Europeans and American colonies of their origin.
And from the 15th century onwards, India led the spice export all over the globe. It was soon known as the “Spice Bowl of the World”.
Current Scenario of more than 500 year old massive industry
India has been the world's leading producer and processor of spices since 1961. Our country currently accounts for 40% of the global spice trade. Not only are we the largest spice exporter, but we are also the largest spice consumer. We produce 75 different varieties of the 109 spices and condiments listed by the International Organization for Standardization. The top exporting countries are the United States, China, Vietnam, Thailand, and Bangladesh. In 2021, the Indian spices market was worth Rs 142,569.3 crore. Looking ahead, IMARC Group forecasts the
market to reach Rs 270,928.4 crore by 2027, with a compound annual growth rate (CAGR) of 11.15% from 2022 to 2027.
Chilli dominates India's spice industry, followed by cumin, turmeric, ginger, pepper, coriander seeds, tamarind, and others. Madhya Pradesh is India's largest spice producer. It is primarily responsible for the production of chilies, fennel seeds, coriander, fenugreek, mustard, and garlic.
Andhra Pradesh is known to be the largest producer of chilli among all Indian states. Kerala, the spice capital of India, is home to many indigenous spices of our country.
On the basis of product, the Indian spice market can be divided into pure spices and blended spices. In the market today, pure spices outnumber blended spices. These spices, both pure and blended, are available in a variety of packages, sprinklers, and crushers. Salads, sauces and dressings, vegetable curries, meat and poultry products, snacks, confectionery, frozen foods, and beverages all use Indian spices in a variety of ways.
Crores and lakhs
MTR Foods Pvt. Ltd., Mahasian Di Hatti (MDH) Pvt. Ltd., Everest Food Products Pvt. Ltd., Eastern Condiments Pvt. Ltd., Aachi Spices and Foods Pvt. Ltd., and Badshah Masala Pvt. Ltd. are some of the key players in this industry. MTR Foods, which was founded in 1924, or Aachi Spices, which was founded in 1995 and other such, all have strong roots in the market and offer both pure spices and blended spices. When compared to sprinklers or crushers, packaged form dominates the market. Garam Masalas, Pav Bhaji Masalas, Biryani Masalas, Sabji Masalas, and Sambhar Masalas are some of the most popular spice blends on the market.
In our country's thriving startup era, innovative startups such as Ashvatta, which provides blended spices for mixing in milk and offers many health benefits as well as boosts immunity; Mumbai-based-startup Spice Story is reviving Indian spice-based chutneys in a sauce form and packages them in easy-to-use recyclable bottles; and finally, many startups are reviving the old traditional method of stone-grinding spices in order to obtain much enhanced taste. And, thanks to the digital era, these startups now have the opportunity to grow their businesses to their full potential.
Kalyani Chavali (Sahrudaya Food Technologies, Under Rural Startup Cohort of IIMB NSRCEL)
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