by Spices have added flavours and aromas that enhance the taste of various food products. The wide range of spices such as turmeric, coriander, cumin, chilli, pepper and cloves are commonly used in cuisines across India. The demand for spices is driven by the growth of the food processing industry in India. The global India Spices Market is estimated to be valued at US$ 3945.37 Bn in 2024 and is expected to exhibit a CAGR of 21.% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from the food industry is one of the major trends driving the growth of the India spices market. There is rising consumption of packaged and processed food products in India as people’s lifestyle and food habits are changing rapidly. The spices are widely used in snacks, ready-to-eat meals, and other convenience food to impart flavour and taste. The expansion of quick-service restaurants, hotels and cafes has also fuelled the demand for spices from the foodservice sector. Furthermore, increasing health consciousness among consumers has propelled the demand for natural flavours and spices from food producers. This rising demand from the food industry is expected to support the market growth of India spices over the forecast period.
Segment Analysis
The India spices market is dominated by the turmeric segment which accounts for around 35% of the total market share. Turmeric has been a key ingredient in Indian cuisine since ancient times for its various medicinal properties as well as flavour enhancing capabilities. It is widely used in curries, lentils and pickles in India. The ginger segment is another major segment and holds around 25% share owing to its usage in both savory and sweet preparations across India. Other significant segments include garlic, chilli and cloves.
Key Takeaways
The Global India Spices Market Share is expected to witness high growth.
Regional analysis: Western region currently holds the largest share in the India spices market of around 35% due to high consumption of various spices like turmeric, chilli and ginger in states like Gujarat and Maharashtra. The Southern region follows with a 30% share and sees strong demand from states like Tamil Nadu, Karnataka and Kerala where spices play a key role in traditional cuisine.
Key players operating in the India spices market are Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay. The major players focus on adopting trends organic, herbal spices to target health conscious consumers. Players also focus on private label offerings and strategic partnerships to strengthen their presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
