Indian branded spice market set to reach Rs 50,000 crore in three years, says Ramkumar Menon, Chairman, WSO

Herbs, Spices & Seasonings

India

Market & Price Trends

Published Nov 17, 2023

Tridge summary

The branded spice market in India is estimated to be between Rs 35,000 - Rs 40,000 crores and is projected to grow at a rate of 8-10% per annum. It is expected to reach around Rs 50,000 crores in the next three years. Factors driving this growth include the growing health and wellness consciousness among consumers, a change in lifestyle leading to increased consumption of spice powders and mixes, and the preference for hygienic and authentic spices found in the branded segment. Additionally, there is an expansion of spice consumption in the nutraceutical and pharma sectors.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The branded spice market in the country is expected to grow to around Rs 50,000 crore over the next three years, said Ramkumar Menon, chairman of the World Spice Organization (WSO) in an interaction with ET. Menon also talked about the global spices market and the new markets that are being explored by Indian spice manufacturers to increase exports. Excerpts of the interview:How big is the export market of spices globally? What is India's share in the global export markets?The global export market of spices is estimated to be USD21 billion and India's share is around 20% in value terms.What was the total spices export in FY23? What has been the growth in the current financial year till now? Please give comparative figures for FY23 and FY24 till October.The total spice export from India in FY 2023 was USD 3.95 billion (Rs 31,761 cr) The growth in the current financial year has been about 6% (figures available till August 23). From April to August of FY24, India exported 6,60310 ...

Source: Economic times