Since 2007 the industry has witnessed double digit growth, increasing by 10% over the five-year period in terms of revenue.
The leading factors which have been propelling the market over the last six fiscal years include the surging demand for packagedspices, emerging market of organic spices, swelling demand for spice mixes and influx of regional as well as global players in the market.
At this present time, the Indian spice industry account for 40-50% of global export volume and 25% in terms of value. The country produces and exports approximately 75 varieties of spices.
India is the land of spices and produces the majority of spices used throughout the globe. It is the largest producer, consumer and exporter of spice and its' products.
The major spices produced in India are chilli, pepper, cardamom (small and large), turmeric, ginger, coriander, cumin, fenugreek, garlic etc.
The majority of these spices are being produced in southern state of India. For example Kerala produces around 96% of pepper produced in the country.
India primarily exports pepper, chilli, turmeric, ginger, cardamom, coriander, cumin, fennel, fenugreek, celery, nutmeg and mace garlic, tamarind and vanilla. Processed spices such as spice oils and oleoresins, mint products, curry powder, spice powders, blends and seasonings are also exported.
The export of processed spices such as curry powder, mint products and spice oils and oleoresins accounted for 44.2% of total exports.
Mint products accounted for a large volume of spice exports in 2012-13 with a share of 29.7%.
In terms of competition, the spices market in India is a highly fragmented market with the presence of many regional players in the market space.
Everest continues to lead the way within the Indian spices market, closely followed by MDH, Eastern Condiments, Catch and MTR.
For more information on the Indian spices market, see the latest research: Spices Market Research
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