An Overview of Indian Wholesale Spice Market
India has a detailed and elaborated history of dealing in spices with ancient civilisations of China and Rome. Indian spices have a global reputation because of their unique and exquisite texture, aroma, taste and healing properties. In terms of the domestic spice market or the wholesale spice market, India has the largest one from all across the globe.
In recent times, organic farming has gained immense popularity. Way back in time, spices were grown in small land holdings for individual family needs and use. Then, money was not a system of exchange, and consumers would exchange the bulk of their grown spices with others who grew a different variety, keeping sufficient for their own needs. This was the barter system of exchange that prevailed at that time.
The International Organization for Standardization (ISO) has listed 75 different kinds of spices that the country produces and 109 different varieties that exist. Additionally, 50% of global trading in spices is initiated by India.
What is the Production Volume of Spices in India?
For Chilli, Turmeric and Ginger, India accounts to be the largest producer. According to the reports published in the year 2019-20, Rajasthan produced a total of 980 thousand metric tons of spices. This made Rajasthan the largest producer of spices in India. The second one on the list was Gujrat producing over 760.5 thousand metric tons of spices. The third one on the list was Andhra Pradesh, with the production of 747.45 thousand metric tons.
Various end-users of spices in India include bakeries, cosmetics, pharmacy to food and beverage industry.
Which are the top global markets of Indian spices?
In the year 2018-19, the top 10 importers of Indian spices were the US, China, Vietnam, Hong Kong, Bangladesh, UK, UAE, Malaysia, Thailand and Sri Lanka.
Here are the top 10 spices exported from India: chillies, mint products, spice oils & oleoresins, cumin, turmeric, pepper, cardamom seeds, curry powders/paste, cassia, asafoetida, tamarind and garlic.
What is the size of the Indian Spice Industry?
The Indian market has revolutionised, and homemakers are demanding more of the ready-made spice mix. This has resulted in increased urbanisation, with more women entering the work sector. The domestic market of spices in India is worth INR 750 billion annually. In general, the Indian market isn’t as organised, and thus, the brand sector makes up 15% of the total segment. All of this has increased the revenue of the spice industry as mixed and brand spices make huge profits through the local and global scale. Comparatively, unbranded spices do not hold a significant profit margin.
“In our ninety years of selling spices, we’ve seen a lot of different things, but the essence has always remained the same. Now, all we have to do is keep the restriction in place until the very end. Food has a consistent flavour regardless of how it is consumed. Over time, we’ve modified the product style and blend, but the excellent quality and flavours have only improved. We offer wholesale organic spices with authentic taste and essences so that you get the everything in good quality”