Growing Demand for Natural and Organic Products Propelled by Increasing Health Consciousness
Spices have been an integral part of Indian cuisine since ancient times due to their health benefits including enhancing taste and flavor of food. Common Indian spices include turmeric, coriander, cumin, cardamom, cloves, black pepper, cinnamon, ginger etc. These spices help improve digestion, boost immunity and possess anti-inflammatory properties. The growing demand for natural and organic products among health conscious consumers is fueling the sales of Indian spices. The global India Spices Market is estimated to be valued at US$ 3945.37 Bn in 2024 and is expected to exhibit a CAGR of 21 % over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
With increasing health consciousness, consumers are making informed choices about their diet and exploring organic and natural herbs and spices. To tap into this consumer trend, spice manufacturers are introducing organic and natural variants of common spices such as turmeric, cumin, coriander etc. For example, Everest launched its range of organic Indian spices in 2020. Organic spices are grown without the use of synthetic fertilizers or pesticides and consumers perceive them to be more nourishing. This rising popularity of organic spices is expected to drive growth of the India spices market over the forecast period.
SWOT
Strength: India has a rich and diverse climate that is suitable for the cultivation of different spices. The country accounts for over 50% of international trade in spices. Weakness: Heavy dependence on monsoon rains makes spice cultivation risky. Lack of processing facilities leads to post-harvest losses. Opportunity: Growing health and wellness trend has increased demand for spices globally. Rising incomes in developing nations boosts demand for value-added spice products. Threats: Price volatility due to dependence on monsoon. Competition from other spice producing countries.
Key Takeaways
The Global India Spices Market Share is expected to witness high growth.
Regional analysis: India dominates global spice production and trade. The southern regions of India such as Kerala are major producers of black pepper, cardamom and vanilla.
Key players operating in the India Spices Market are Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay. Indian companies such as MDH Spices, Everest Spices, and Badshah Masala are also dominant in the domestic market. Indian exports of spices have risen steeply over the last decade.
For more details on the report, Read- https://www.trendingwebwire.com/india-spices-market-growth-market-size-share-analysis/
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