India Spices Market to Reach INR 4,70,339 Crores by 2032, Impelled by Deep Cultural Significance in Indian Cuisine

June 23, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled "India Spices Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the India spices market size reached INR 1,80,760 Crores in 2023. Spices are natural plant products that are used to enhance the flavor, aroma, and color of food. They are derived from various parts of plants, including seeds, bark, roots, fruits, and flowers. They have been an integral part of human civilization for thousands of years and have played a crucial role in culinary traditions around the world and can be used whole, crushed, ground into powder, or made into pastes. Spices are added at different stages of cooking to extract their flavors and infuse them into the dish and can be used in the preparation of marinades, rubs, spice blends, curries, soups, stews, desserts, and beverages.    

India Spices Market Trends:

The market in India is primarily driven by the deep cultural significance of spices in Indian cuisine and culinary heritage. This can be attributed to a strong preference for flavor-rich and aromatic food among the masses leading to a high demand for spices in the domestic market. The growing awareness regarding the health benefits of spices, such as turmeric, ginger, and cinnamon, that are known for their medicinal properties and are believed to have positive effects on digestion, immunity, and overall well-being is favorably influencing the market. Since India is one of the largest exporters of spices due to the presence of a diverse range of spices and herbs, this has made it a preferred source for spices in the international market, which is contributing to the overall market. Moreover, numerous initiatives undertaken by the government to promote the spice industry, including the introduction of subsidies and providing improved infrastructure for storage and processing facilities, are creating positive market outlook. The government has also focused on ensuring quality control and adherence to food safety standards, which is supporting the market favorably. On account of the aforementioned factors, the market is anticipated to reach a value of INR 4,70,339 Crores by 2032, exhibiting a CAGR of 11% during 2024-2032.

Market Summary:

  • On the basis of the product type, the market has been categorized into pure spices (chilli, turmeric, coriander, cumin, pepper, tamarind, asafoetida, bay leaf, clove, cardamom, cinnamon, tulsi leaf and others) and blended spices (garam masala, non-veg masala, kitchen king and sabzi masala, chole and channa masala, chat masala, sambhar and rasham masala, paneer and curry masala, pav bhaji masala, jaljeera masala and others). Among these, pure spices represent the largest market segment.
  • Based on the application, the market has been segmented into veg curries, meat and poultry products, snacks and convenience foods, soups, sauces and dressings, bakery and confectionery, frozen foods, beverages and others. Currently, veg curries account for the leading market share.
  • On the basis of form, the market has been segregated into packets, sprinkler and crusher. Presently, packets exhibit a clear dominance in the market.
  • Region wise, the market has been divided into South India, North India, West and Central India and East India. Among these, South India holds the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Aachi Spices & Foods Pvt Ltd, Badshah Masala, Eastern Condiments Private Limited, Everest Food Products Pvt Ltd, Mahashian Di Hatti Private Limited, MTR Foods Pvt Ltd. and Patanjali Ayurved Limited.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units INR Crores
Segment Coverage Product Type, Application, Form, Region
Region Covered South India, North India, West and Central India, East India
Companies Covered Aachi Spices & Foods Pvt Ltd, Badshah Masala, Eastern Condiments Private Limited, Everest Food Products Pvt Ltd, Mahashian Di Hatti Private Limited, MTR Foods Pvt Ltd. and Patanjali Ayurved Limited
Customization Scope 10% Free Customization
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India Spices Market to Reach INR 4,70,339 Crores by 2032, Impelled by Deep Cultural Significance in Indian Cuisine
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