2023: Mane Kancor: Expanded its production capabilities in India with a new, larger plant. The new site will be situated in Byadgi, which is Suitably known for its cultivation of chili varieties and will be established under the Indian Government’s Make-In-India initiative.
According to MarkNtel Advisors study, The Indian Spices Market is estimated to grow at a CAGR of around 4.56% during the forecast period, i.e., 2024-30.
Customers have become more mindful of the chemical additives generally used for spices production. Along with this, several individuals are facing allergic reactions due to the presence of chemical compounds. Thus, customers have become more health-conscious and are increasingly shifting towards organic spices. These spices are free from any chemical compounds owing to which they do not have any adverse impact on the consumer's health. Along with this, individuals are becoming more aware of animal cruelty. As a result, they are transitioning towards organic or plant-based Indian spices. As per the consumer survey conducted by Rakuten Insight in 2023, more than 35% of consumers are purchasing plant-based spices, supporting market growth.
Moreover, to capitalize on this emerging trend, the top companies are increasingly adding an organic range of spices to their product portfolio. Also, several companies are getting their organic products certified by regulatory bodies, which would gain the attention of consumers and enlarge market size even in the forthcoming years.
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Market Growth Driver: In recent years, there has been a rise in the number of Indians residing in other countries, either due to study reasons or business-related purposes. These consumers need restaurants that specialize in making Indian cuisine. As a result, several hotels that primarily provide Indian dishes are being launched in other countries. The expansion of Indian restaurant chains across the region such as the US, London, Dubai, Singapore, etc., has strongly contributed to the growth of the Indian Spices Market since food items prepared by these restaurants follow traditional Indian recipes that use a wide range of spices. Moreover, several international restaurants have started incorporating conventional Indian dishes in their menu to gain the attention of the Indian inhabitants. As a result, the demand for traditional Indian spices to get an accurate taste flavor is rising, driving market growth. Further, several nations are easing their regulatory policies and providing ease of doing business. Therefore, Indian hotels restaurant owners would continue to expand into other countries. This, in turn, is further expected to boost the demand for Indian spices worldwide.
Indian Spices Market Key Players:
ITC Limited, Tata Consumer Products Limited, Everest Spices, Orkla ASA (MTR Foods), House of Spices (India) Inc., McCormick Company, Inc., Mane Kancor Spices Pvt Ltd, Nedspice Group, Olam International Limited, MDH Spices, Catch Foods, Adani Spices, Patanjali Ayurved Limited, Zoff Foods Pvt. Ltd., Ajy Overseas, and Others
Market Segmentation Overview:
By Product Type
-Pure Spices
--Turmeric
--Cumin
--Cardamom
--Coriander
--Ginger
--Garlic
--Pepper
--Red Chilli
--Mustard Seeds
--Fenugreek
--Tamarind
--Others (Fennel, Clove, etc.)
-Blended Spices
--Garam Masala
--Non-Veg Masala
--Kitchen King and Sabzi Masala
--Chole and Channa Masala
--Sambhar and Rasham Masala
--Paneer and Curry Masala
--Others (Pav Bhaji Masala, Chat Masala, etc.)
Among them, Pure Spices hold the largest market share due to their versatility and applicability in most food preparations and other uses. Pure spices, such as turmeric, cumin, and red chilies are highly popular due to their rich color and the number of nutrients, making them an essential spice for both Indian and other international foods. Along with this, these spices add vitality, intensity, magnitude, and piquancy to dishes made from them. Therefore, chefs individuals most preferrable use these spices while preparing food different cuisines.
Along with this, these spices are more potent longer-lasting than blended spices since they do not lose their flavor due to mixing with other ingredients. Therefore, the customers are highly using these spices, enhancing their market share.
By Form
-Whole
-Powder
-Paste
-Others (Crushed, Chopped, etc.)
By Nature
-Organic
-Conventional
By Application
-Curries
-Snacks and Convenience Food
-Sauces and Dressings
-Frozen Food
-Others (Soups, Beverages, etc.)
By End User
-Food Service Outlets
-Industrial Applications
-Household
By Distribution Channel
-Offline
--Direct Sales
--Supermarkets/Hypermarkets
--Convenience Stores
-Online
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By Region
- North America
- South America
- Europe
- Middle East Africa
- Asia Pacific
The Indian Spices Market Recent Development
2023: McCormick Company, Inc.: Expanded partnership with Tabitha Brown to add five new salt-free, vegan seasoning products, including spices.
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