An Unbiased Forecast of Indian Spice Market: 2021-2027
Since ancient times, Indian wholesale spices have attracted attention from all across the globe. Spices have a special and authentic taste, aroma, and texture, the essence of which is irreplaceable. If reports are to believe, India exported a massive sum of 1.08 billion kilograms of spices in the year 2017-2018 to many countries worldwide. The total export value stood at 3.11 billion dollars. The demand for South Asian spices is very desirable and accustomed in various cuisines.
India is the leading producer of spices because of the apt climatic condition that encourages the rich cultivation of the crops to a whole different extent. With the advancing world, there’s been various emerging end-users of spices: bakeries, pharmaceuticals, food & beverage, and cosmetics. The global spice market stood at 8.4 billion dollars in 2018. With processing urbanisation, the growth rate of spices with a standard compound annual growth rate (CAGR) for the forthcoming years (2021-2027) is predicted at 4.80%.
The spice market is very authentic. These components are bark, roots and seeds that hold exotic aroma, flavour, and medicinal properties. For example, cloves are actually dried flower buds; cinnamon is the dried bark of trees; bay leaves are leaves of a plant; cumin is seeds. Similarly, most of the spices have a resembling origin. Spices are very versatile in properties. They have an effortless contribution towards various industries. Its application is highly appreciated in bakery items, sauces, dressings, cosmetics, medicines, processed, frozen and packaged food. North America has led the geographical spice market with a regional share of 35.80% due to the up-gradation of educational institutes and globalised companies religiously exporting spices.
Challenges in the spice market
A very major challenge in the spice market is the lack of awareness. Many times, food channels and cooking reality shows do highlight the spices, but that does not reach a wider audience apart from those involved. There has to be a properly planned advertisement strategy highlighting the real facts and significance of the spices to bring awareness across the globe. This would ensure the required application of these commendable products in common households on a religious basis.
Application of spices in the food and beverage industry
Food and beverage is one such industry that ensures a very dominant application of spices. Other such industries incorporate spices in their products, including pharmaceutical, cosmetics, and others, but these all are evolving channels. In terms of spices, the food and beverage industry tops the list. Urbanisation has led to the popularisation of eating out habits. Packaged food is incomplete without a subsequent flavour of spices that also enables the preservation of the edible item for a longer period. Overall, it has a major contribution to the growth and development of the spice industry.
“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 everything of a good quality.”