
India Spices Market, By Product Type (Pure Spices, Blended Spices); By Application (Veg Curries, Meat & Poultry Products, Snacks & Convenience Foods, Soups, Sauces & Dressings, Bakery & Confectionery, Frozen Foods, Beverages, Others); By Form (Packets, Sp
Description
India Spices Market, By Product Type (Pure Spices, Blended Spices); By Application (Veg Curries, Meat & Poultry Products, Snacks & Convenience Foods, Soups, Sauces & Dressings, Bakery & Confectionery, Frozen Foods, Beverages, Others); By Form (Packets, Sprinkler, Crusher); By Sector (Organized, Unorganized); By End Use (Retail, Food Service); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
India Spices Market Size Booming at CAGR of 11% to Reach USD 3.6 Billion by 2029
India spices market is flourishing due to the multidimensional cuisine of India, flourishing local production, availability of spices in domestic markets at competitive prices, and deepening penetration of Western cooking.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India spices market size at USD 1,935.68 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India spices market size to grow at a CAGR of 10.94% reaching a value of USD 3,608.78 million by 2029. The growth of the India spices market is attributed to the multidimensional cuisine with its stark regional diversity plays an important role in boosting demand for various spices. Additionally, the flourishing local spice production and the availability of spices in regional markets at competitive prices have contributed to the growth of the Indian spices market. Aside from that, India's burgeoning HoReCa sector is boosting market growth. Furthermore, the increasing penetration of Western cooking trends is fueling demand for a wide range of novel spices.
Opportunity: Rapidly growing e-commerce market
E-commerce platforms provide a convenient way for consumers to buy spices from a variety of sellers. This growth is being driven by several factors, including the deepening penetration of the internet, the growing popularity of online shopping, and the increasing disposable income of consumers. Spices sellers can reach a wider audience through e-commerce platforms and can offer their products at competitive prices. They can also provide convenience to consumers by offering delivery services. Consumers in home-cooked cuisine are focusing on their convenience, budget, and taste. Customers can now buy packaged masala items online through marketplaces, such as Amazon and Flipkart. The move to an organized market is changing the dynamics of the masala market and is expected to continue during the forecast period.
Segmental Information
India Spices Market - By Sector
Based on sector, India spices market is divided into organized and unorganized. The organized sector is expected to hold a substantial market share during the forecast period, as customers' rising appreciation for unadulterated, hygienic, and original spices, as well as the convenience of utilizing blended spices, has fuelled demand for organized players. Because of shifting client tastes, creative branding, secure packing procedures, and planned diversifications, the organized spice business is poised to grow.
India Spices Market - By End Use
Based on end use, India spices market is split into retail and food service. The food service segment is the dominant end-use segment in the India spices market. It accounts for most of the market share, as spices are used in a variety of food preparations in restaurants, hotels, and other foodservice establishments. The retail segment is also growing rapidly. The growth of the retail segment is being driven by the increasing popularity of packaged spices and the growing availability of spices in supermarkets and other retail outlets.
Impact of COVID-19 on India Spices Market
The COVID-19 pandemic had a significant impact on various industries worldwide, including the spices market in India. The combination of supply chain disruptions, labor shortages, and changes in consumer demand led to price fluctuations in the spices market. Spice crops are losing flavour for a variety of reasons, including changing trade dynamics. Because of the pandemic's uncertainty, bulk investors and stockists kept their supplies low. However, as the Covid-19 became more widespread, demand fell. Investors and financial players were absent from the market due to economic and commercial uncertainty. Because no bidder was willing to hold the shares, demand fell, and prices also declined.
Competitive Landscape
The India spices market is fragmented, with numerous players serving the market. The key players dominating the India Spices market include Aachi Spices & Foods Pvt Ltd, Patanjali Ayurved Limited, Badshah Masala, MTR Foods Pvt Ltd, Eastern Condiments Private Limited, Mahashian Di Hatti Private Limited, Everest Food Products Pvt Ltd, Catch Foods, Rajesh Masala, Pushp Masale, Sakthi Masala Private Limited, ITC Limited (Sunrise Pure), Ushodaya Enterprises Pvt Ltd (Priya), Tata Consumer Products Limited, and Zoff Foods Private Limited. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Spices Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Spices Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
200 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. India Spices Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Growing demand for spices in domestic and international markets
- 3.2.1.2. Government initiatives
- 3.2.2. Restraints
- 3.2.2.1. High volume of exports and fluctuations in prices of spices
- 3.2.2.2. Adulteration
- 3.2.3. Opportunities
- 3.2.3.1. Growing e-commerce market
- 3.2.3.2. Rising popularity of health and wellness foods
- 3.2.4. Challenges
- 3.2.4.1. Global competition
- 3.2.4.2. Expansion beyond Tier II cities would be a challenge for branded products
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. India Spices Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share and Forecast
- 4.2.1. By Product Type
- 4.2.1.1. Pure Spices
- 4.2.1.1.1. Chilli
- 4.2.1.1.2. Turmeric
- 4.2.1.1.3. Coriander
- 4.2.1.1.4. Cumin
- 4.2.1.1.5. Pepper
- 4.2.1.1.6. Tamarind
- 4.2.1.1.7. Asafoetida
- 4.2.1.1.8. Bay Leaf
- 4.2.1.1.9. Clove
- 4.2.1.1.10. Cardamom
- 4.2.1.1.11. Cinnamon
- 4.2.1.1.12. Tulsi Leaf
- 4.2.1.1.13. Others
- 4.2.1.2. Blended Spices
- 4.2.1.2.1. Garam Masala
- 4.2.1.2.2. Non-Veg Masala
- 4.2.1.2.3. Kitchen King & Sabzi Masala
- 4.2.1.2.4. Chole & Channa Masala
- 4.2.1.2.5. Chat Masala
- 4.2.1.2.6. Sambhar & Rasam Masala
- 4.2.1.2.7. Panner & Curry Masala
- 4.2.1.2.8. Pav Bhaji Masala
- 4.2.1.2.9. Jaljeera Masala
- 4.2.1.2.10. Others
- 4.2.2. By Application
- 4.2.2.1. Veg Curries
- 4.2.2.2. Meat & Poultry Products
- 4.2.2.3. Snacks & Convenience Foods
- 4.2.2.4. Soups, Sauces, and Dressings
- 4.2.2.5. Bakery & Confectionery
- 4.2.2.6. Frozen Foods
- 4.2.2.7. Beverages
- 4.2.2.8. Others
- 4.2.3. By Form
- 4.2.3.1. Packets
- 4.2.3.2. Sprinkler
- 4.2.3.3. Crusher
- 4.2.4. By Sector
- 4.2.4.1. Organized
- 4.2.4.2. Unorganized
- 4.2.5. By End Use
- 4.2.5.1. Retail
- 4.2.5.2. Food Service
- 4.2.6. By Region
- 4.2.6.1. North India
- 4.2.6.2. South India
- 4.2.6.3. East India
- 4.2.6.4. West India
- 5. North India Spices Market
- 5.1. Market Size & Forecast, 2019–2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Product Type
- 5.2.2. By Application
- 5.2.3. By Form
- 5.2.4. By Sector
- 5.2.5. By End Use
- 6. South India Spices Market
- 6.1. Market Size & Forecast, 2019–2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Product Type
- 6.2.2. By Application
- 6.2.3. By Form
- 6.2.4. By Sector
- 6.2.5. By End Use
- 7. East India Spices Market
- 7.1. Market Size & Forecast, 2019–2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Product Type
- 7.2.2. By Application
- 7.2.3. By Form
- 7.2.4. By Sector
- 7.2.5. By End Use
- 8. West India Spices Market
- 8.1. Market Size & Forecast, 2019–2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Product Type
- 8.2.2. By Application
- 8.2.3. By Form
- 8.2.4. By Sector
- 8.2.5. By End Use
- 9. Competitive Landscape
- 9.1. List of Key Players and Their Offerings
- 9.2. India Spices Market Share Analysis, 2022
- 9.3. Competitive Benchmarking, By Operating Parameters
- 9.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 10. Impact of Covid-19 on India Spices Market
- 11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 11.1. Aachi Spices & Foods Pvt Ltd
- 11.2. Patanjali Ayurved Limited
- 11.3. Badshah Masala
- 11.4. MTR Foods Pvt Ltd
- 11.5. Eastern Condiments Private Limited
- 11.6. Mahashian Di Hatti Private Limited
- 11.7. Everest Food Products Pvt Ltd
- 11.8. Catch Foods
- 11.9. Rajesh Masala
- 11.10. Pushp Masale
- 11.11. Sakthi Masala Private Limited
- 11.12. ITC Limited (Sunrise Pure)
- 11.13. Ushodaya Enterprises Pvt Ltd (Priya)
- 11.14. Tata Consumer Products Limited
- 11.15. Zoff Foods Private Limited
- 11.16. Other Prominent Players
- 12. Key Strategic Recommendations
- 13. Research Methodology
- 13.1. Qualitative Research
- 13.1.1. Primary & Secondary Research
- 13.2. Quantitative Research
- 13.3. Market Breakdown & Data Triangulation
- 13.3.1. Secondary Research
- 13.3.2. Primary Research
- 13.4. Breakdown of Primary Research Respondents, By Region
- 13.5. Assumptions & Limitations
- *Financial information of non-listed companies can be provided as per availability.
- **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
- Figure 1 India Spices Segmentation
- Figure 2 India Spices Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 India Spices Market Size, By Value (USD Million), 2019–2029
- Figure 5 India Spices Market Share, By Product Type, By Value, 2019–2029
- Figure 6 India Spices Market Share, By Application, By Value, 2019–2029
- Figure 7 India Spices Market Share, By Form, By Value, 2019–2029
- Figure 8 India Spices Market Share, By Sector, By Value, 2019–2029
- Figure 9 India Spices Market Share, By End Use, By Value, 2019–2029
- Figure 10 India Spices Market Share, By Region, By Value, 2019–2029
- Figure 11 North India Spices Market Size, By Value (USD Million), 2019–2029
- Figure 12 North India Spices Market Share, By Product Type, By Value, 2019–2029
- Figure 13 North India Spices Market Share, By Application, By Value, 2019–2029
- Figure 14 North India Spices Market Share, By Form, By Value, 2019–2029
- Figure 15 North India Spices Market Share, By Sector, By Value, 2019–2029
- Figure 16 North India Spices Market Share, By End Use, By Value, 2019–2029
- Figure 17 South India Spices Market Size, By Value (USD Million), 2019–2029
- Figure 18 South India Spices Market Share, By Application, By Value, 2019–2029
- Figure 19 South India Spices Market Share, By Form, By Value, 2019–2029
- Figure 20 South India Spices Market Share, By Sector, By Value, 2019–2029
- Figure 21 South India Spices Market Share, By End Use, By Value, 2019–2029
- Figure 22 East India Spices Market Size, By Value (USD Million), 2019–2029
- Figure 23 East India Spices Market Share, By Product Type, By Value, 2019–2029
- Figure 24 East India Spices Market Share, By Application, By Value, 2019–2029
- Figure 25 East India Spices Market Share, By Form, By Value, 2019–2029
- Figure 26 East India Spices Market Share, By Sector, By Value, 2019–2029
- Figure 27 East India Spices Market Share, By End Use, By Value, 2019–2029
- Figure 28 West India Spices Market Size, By Value (USD Million), 2019–2029
- Figure 29 West India Spices Market Share, By Product Type, By Value, 2019–2029
- Figure 30 West India Spices Market Share, By Application, By Value, 2019–2029
- Figure 31 West India Spices Market Share, By Form, By Value, 2019–2029
- Figure 32 West India Spices Market Share, By Sector, By Value, 2019–2029
- Figure 33 West India Spices Market Share, By End Use, By Value, 2019–2029
- List of Tables
- Table 1 India Spices Market Size, By Value (USD Million), 2019–2029
- Table 2 India Spices Market Size, By Product Type, By Value, 2019–2029
- Table 3 India Spices Market Size, By Application, By Value, 2019–2029
- Table 4 India Spices Market Size, By Form, By Value, 2019–2029
- Table 5 India Spices Market Size, By Sector, By Value, 2019–2029
- Table 6 India Spices Market Size, By End Use, By Value, 2019–2029
- Table 7 India Spices Market Size, By Region, By Value, 2019–2029
- Table 8 North India Spices Market Size, By Value (USD Million), 2019–2029
- Table 9 North India Spices Market Size, By Product Type, By Value, 2019–2029
- Table 10 North India Spices Market Size, By Application, By Value, 2019–2029
- Table 11 North India Spices Market Size, By Form, By Value, 2019–2029
- Table 12 North India Spices Market Size, By Sector, By Value, 2019–2029
- Table 13 North India Spices Market Size, By End Use, By Value, 2019–2029
- Table 14 South India Spices Market Size, By Value (USD Million), 2019–2029
- Table 15 South India Spices Market Size, By Product Type, By Value, 2019–2029
- Table 16 South India Spices Market Size, By Application, By Value, 2019–2029
- Table 17 South India Spices Market Size, By Form, By Value, 2019–2029
- Table 18 South India Spices Market Size, By Sector, By Value, 2019–2029
- Table 19 South India Spices Market Size, By End Use, By Value, 2019–2029
- Table 20 East India Spices Market Size, By Value (USD Million), 2019–2029
- Table 21 East India Spices Market Size, By Product Type, By Value, 2019–2029
- Table 22 East India Spices Market Size, By Application, By Value, 2019–2029
- Table 23 East India Spices Market Size, By Form, By Value, 2019–2029
- Table 24 East India Spices Market Size, By Sector, By Value, 2019–2029
- Table 25 East India Spices Market Size, By End Use, By Value, 2019–2029
- Table 26 West India Spices Market Size, By Value (USD Million), 2019–2029
- Table 27 West India Spices Market Size, By Product Type, By Value, 2019–2029
- Table 28 West India Spices Market Size, By Application, By Value, 2019–2029
- Table 29 West India Spices Market Size, By Form, By Value, 2019–2029
- Table 30 West India Spices Market Size, By Sector, By Value, 2019–2029
- Table 31 West India Spices Market Size, By End Use, By Value, 2019–2029
- Table 32 MTR Foods Pvt Ltd. Company Overview
- Table 33 MTR Foods Pvt Ltd. Financial Overview
- Table 34 Eastern Condiments Private Limited Company Overview
- Table 35 Eastern Condiments Private Limited Financial Overview
- Table 36 Mahashian Di Hatti Private Limited Company Overview
- Table 37 Mahashian Di Hatti Private Limited Financial Overview
- Table 38 Everest Food Products Pvt Ltd Company Overview
- Table 39 Everest Food Products Pvt Ltd Financial Overview
- Table 40 Catch Foods Company Overview
- Table 41 Catch Foods Financial Overview
- Table 42 Rajesh Masala Company Overview
- Table 43 Rajesh Masala Financial Overview
- Table 44 Pushp Masale Company Overview
- Table 45 Pushp Masale Financial Overview
- Table 46 Sakthi Masala Private Limited Company Overview
- Table 47 Sakthi Masala Private Limited Financial Overview
- Table 48 ITC Limited (Sunrise Pure) Company Overview
- Table 49 ITC Limited (Sunrise Pure) Financial Overview
- Table 50 Ushodaya Enterprises Pvt. Ltd. (Priya) Company Overview
- Table 51 Ushodaya Enterprises Pvt. Ltd. (Priya) Financial Overview
- Table 52 Tata Consumer Products Limited Company Overview
- Table 53 Tata Consumer Products Limited Financial Overview
- Table 54 Zoff Foods Private Limited Company Overview
- Table 55 Zoff Foods Private Limited Financial Overview
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