Spices are dietary supplements primarily employed for flavoring, coloring, or preserving food products. Various fragrant seeds, dried fruits or vegetables, roots, barks, etc. are typically processed to make them.
Spices enhance the flavor, texture, and aroma of food without increasing the amount of fat or calories. Currently, India is among the world's top producers of spices. coriander, Chili, turmeric, tamarind, mustard ,cumin,
fenugreek, and other basic spices are commonly available in the nation.
In 2021, the Indian spice market had a value of INR 142,569.3 Crores. Future projections predict that the market would increase at a compound annual growth rate (CAGR) of 11.15% from 2022 to 2027, reaching INR 270,928.4 Crores. We are constantly monitoring and assessing the direct as well as indirect impact of the pandemic on various end use industries while keeping in mind the COVID-19 uncertainties. These observations are cited in the study as a significant market contributor.
Out of the 109 types of spices that the International Organization for Standardization lists, around 75 are produced in India.
Since the COVID-19 epidemic, the market for Indian spices has increased even more due to their purported immunity-boosting effects. The Jaywant Aarogyam are the key spice maker or leading manufacturer of spices in India, that offer various types of spices at reasonable prices.
According to estimates, the Indian spice market is worth Rs 80,000 crore annually, while the market for branded goods is around Rs 30,000 crore. The whole spice market is expanding at a pace of 7–10 percent per year, while that for branded goods is 10-15 percent.
In the next five years, branded spices will expand at a rate of 15–16 percent and might account for close to half of the market share.
Indian spice exports climbed by 6.62% to US$ 330.46 million in September 2022. India exported 1.53 million tonnes of spices in 2021–22. The total amount of goods exported from India increased at a CAGR of 10.47% between 2017–18 and 2021–22.
Cumin, ginger, turmeric, and chili exports combined totaled 0.55, 0.21, 0.15, and 0.14 million tonnes in FY22.
In comparison to 2019–20, the value and volume of exports of chillies, ginger, cardamom (small and big), coriander, turmeric, celery, cumin, fennel, fenugreek, other seeds like ajwain seed, mustard, aniseed, nutmeg, and mace, as well as other spices like asafoetida, tamarind, etc. increased. Even the export of value-added goods like spice oils and oleoresins climbed in both value and volume; exports of curry powder/paste and mint products also saw increases in value and volume.
This programme by the Spices Board of India intends to assist the exporter in adopting cutting-edge processing technologies and upgrading the level of technology already in place for the growth of industry and to satisfy evolving food safety standards of the importing countries. The initiative offers advantages such as infrastructure development, promotion of Indian spice brands overseas, infrastructure installation in significant spice-growing regions, promotion of organic spices, and special programmes for entrepreneurs in the north-eastern region.
The Spices Board has opened 8 crop-specific Spices Parks in major production and market hubs with the goal of assisting farmers in realizing higher prices and a larger market for their output. The park's goal is to develop a fully integrated system for growing, processing, adding value to, packaging, and storing spices and spice products. The farmers will be assisted in improving the quality of the food, which will lead to improved price realization, by the common processing facilities for cleaning, grading, packing, and steam sterilization.