According to the latest report by IMARC Group, titled "India Spices Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," the India spices market reached a value of INR 142,569.3 Crores in 2021. Spices are the ingredients that are used to provide aroma, flavor, preservation, and color to food products. They may or may not contain chemical additives, including artificial colors, flavorants, and preservatives, depending upon their process of sourcing. These ingredients are generally derived from various plant parts, including flowers, buds, roots, seeds, barks, fruits, leaves, and plant tops. They are used in the preparation of a vast array of foods and beverages. Spices are also extensively utilized in the production of medicines, cosmetics, and perfumes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Spices Market Trends:
The market in India is primarily driven by significant growth in the food processing industry. In line with this, the growing preference for ready-to-eat and ready-to-drink products is positively influencing the market growth. Furthermore, a majority of consumers are willing to try new cuisines and flavor-packed dishes prepared with various spices, which is bolstering the product uptake. In line with this, the increasing consumer preference for international cuisines and organic ingredients are propelling the market expansion. With the growing consumer preferences for exotic and indigenously-flavored foods across India, various manufacturers are continually introducing blended spice mixes to cater to the taste preferences of the masses. Additionally, various nutraceuticals and dietary supplement companies are anticipated to incorporate spices, such as ginger and turmeric, into their products, thus providing a boost to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of INR 270,928.4 Crores by 2027, exhibiting a CAGR of 11.15% during 2022-2027.
- On the basis of the product type, the market has been segmented into pure spices (chili, turmeric, coriander, cumin, pepper, tamarind, asafoetida, bay leaf, clove, cardamom, cinnamon, tulsi leaf, and others), 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).
- Based on the application, the market has been categorized into veg curries, meat and poultry products, snacks and convenience foods, soups, sauces and dressings, bakery and confectionery, frozen foods, beverages, and others.
- On the basis of the form, the market has been classified into packets, sprinklers, and crushers.
- On the basis of the region, the market has been divided into North India, South India, East India, and West and Central India.
- The competitive landscape of the market has been studied in the report with 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.
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