Indian Spice Market: Trends and Opportunities (2013-2018)
The report titled “Indian Spices Market: Trends and opportunities (2013-18)” analyzes the production and consumption of Indian spices and projects the future growth rate of consumption pattern. The major trends observed in the Indian spices market have been assessed in this report. The growth of Indian spices market has been analyzed. The report further discusses various factors driving the Indian spices market in addition to profiling the major companies operating in this market along with their business strategies and expansion plans.
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Changing eating habits and lifestyle of consumers across the globe have fuelled the demand for healthy food products, which has significantly highlighted the use of natural flavors, most of which come from spices. Being the largest producer and exporter of spices, India has immense growth potential. Technological advancement and research & development are supporting the Indian spice exporters to offer high grade products to consumers globally.
Spices form an important part of virtually all recipes in all cultures, not only for their flavor and seasoning of foods but also for their numerous medicinal values. India produces a wide variety of spices including cardamoms, chilies, black pepper, mustard, coriander. Indian cuisine is also known for its rich taste which it derives from numerous spices. The demand of Indian spices is high in the global market due to their rich aroma, texture, and taste. India has the largest domestic market for spices in the world. The major importers of Indian spices are the US, China, the UAE and Malaysia. The primary spices imported from India are pepper, chili, turmeric, coriander, cumin, and fennel.
Growth of the spices market in India has been triggered by the establishment of quality evaluation laboratories that ensure the quality of the final product and make them world renowned. These labs stay in direct touch with the importers association of importing countries. Other factors contributing to the growth of the spices market is the infrastructural facilities provided by the Spices Board of India, and the shifting consumer interest from artificial to natural flavors. However, the market still faces a number of challenges in the form of food safety issues, and insufficiency of legal provisions, among others.