U.S (New York) – New research study titled “India Spices Market” for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential. By leveraging accurate statistical research data provided by Report Ocean 2023 to 2031, your business can experience accelerated growth. This report also delves into PESTLE & SWOT analysis, Porter’s Five Forces Analysis, and provides crucial information including expenditure, costs, revenue, and end-users. With over 150+ pages, the document offers a comprehensive table of contents, 180+ figures, tables, charts, and insightful analysis.
key players are [Aachi Spices & Foods Pvt. Ltd., Patanjali Ayurved Limited, Badshah Masala, MTR Foods Pvt Ltd., Eastern Condiments Private Limited, Mahashian Di Hatti (MDH) Private Limited, Everest Food Products Pvt. Ltd, Catch Foods, Rajesh Masala, Pushp Masale
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Report Ocean revealed that the India spices market was worth USD 9.31 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.8%, earning revenue of around USD 19.17 billion by the end of 2027
Medicinal Application of Spices Driving India Spices Market
The increasing application of spices in the pharmaceutical industry is anticipated to present lucrative growth opportunities to the India spices market. Turmeric, cloves, and other spices act wonderfully against several human diseases and can cure a variety of medical problems such as hypocholesterolemia, diabetic, anti-inflammatory, anti-arthritic, anticarcinogenic, etc. Thus, they are a prominent part of Ayurveda, a form of traditional medicine that has been around for thousands of years. Additionally, a great many Indian households use spices as laxatives, purgatives, aperients, carminatives, etc. Spices are expected to undergo major growth on the Indian market due to these medicinal applications.
The Thriving Food Processing Industry Propelling the India Spices Market
Invest India reports that the Indian food processing industry is growing rapidly, with significant growth registered in food grocery and foodservice segments. The high concentration of global food companies such as LT Food Ltd., Britannia Industries, Nestle India, MTR Foods, etc., and the launch and availability of a wide range of packaged foods is anticipated to further boost the demand for spices in the country. Since India’s diets are becoming increasingly hot and spicy, most food processing firms make use of organic spices as a means of establishing product differentiation, thereby driving the growth of the country’s spices market.
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India Spices Market – By Form
Based on forms, the India spices market is segmented into packets, sprinklers, and crushers. The packets segment accounts for the largest market share because of the availability of a wide range of quantities in packets. India’s spice manufactures offer a range of spices including 10g, 25g, and 100g, as well as larger quantities such as 1 kg, 5 kg, and 10 kg. The smaller quantity is mainly targeted towards households while the larger share is designed for commercial use. On the other hand, the sprinkler segment also covers a substantial share in the market due to its use as a seasoning element for various foods, such as chicken, eggs, meat, pasta, noodles, etc.
India Spices Market – Regional Insights
Geographically, the India spices market is segmented into North India, South India, East India, and West India. The Southern part of India dominates the India spices market. However, North India also covers a substantial share of the market. North Indian cuisine is considered one of the worlds spiciest cuisines. These cuisines are considered as the fusion of Indian and Persian food due to which heavy local ingredients and spices are used. In addition, the hot environment created by spices is also used for preventing bacteria and foodborne pathogens.
Impact of COVID-19 on India Spices Market
The growth of the India spices market was negatively impacted by the sudden outbreak of the COVID-19 pandemic. A nationwide lockdown imposed by the central government in 2020 to mitigate a virus outbreak limited the production and supply chains for spices across India. The demand for spices also witnessed a stark decline from commercial users, such as restaurants and hotels, due to which the spice traders had to witness huge losses during the COVID-19 period. Despite this, the market is expected to flourish during the period following COVID-19 because of the prominent use of spices, such as cloves, garlic, and ginger, as immunity boosters in India.
Market Segment:
By Product Type(Pure Spices, Blended Spices)
By Application(Veg Curries, Meat, And Poultry Products, Snacks And Convenience Foods, Soups, Sauces And Dressings, Bakery And Confectionery, Frozen Foods, Beverages, Others)
By Form(Packets, Sprinkler, Crusher)
By Region (North, South, East, West)
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Though the market is highly fragmented due to the presence of several industry participants, it is dominated by a handful of players such as MDH, Badshan, Rajesh Masala, etc. Spice manufacturers produce a wide selection of spices suited to a range of tastes from around the world. They also offer multiple packaging sizes to boost their sales. Moreover, the market players significantly focus on improving their distribution channels and rely heavily on advertising and marketing for creating brand awareness. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Porter’s five forces analysis illustrates the potency of the buyers and suppliers.
Threat of New Entrants:
- If the threat of new entrants is high, it indicates that buyers have more options and can easily switch suppliers, increasing their bargaining power.
- Industry details: An industry with low entry barriers and minimal regulatory restrictions may attract new entrants, which can give buyers more choices and negotiating power.
Bargaining Power of Suppliers:
- If suppliers have strong bargaining power, they can dictate terms and prices, reducing buyer power.
- Industry details: Industries with few suppliers, unique resources or expertise, or limited alternative suppliers may give suppliers more power, affecting buyers’ ability to negotiate favorable terms.
Bargaining Power of Buyers:
- If buyers have strong bargaining power, they can demand lower prices, better quality, or additional services from suppliers.
- Industry details: Industries with many buyers, low switching costs, or readily available alternatives can enhance buyer power and their ability to negotiate favorable deals.
Threat of Substitute Products or Services:
- If there are many substitute products or services available, buyers can easily switch, giving them more power.
- Industry details: Industries with numerous substitutes or evolving technologies that provide alternative solutions can give buyers the upper hand in negotiations.
Intensity of Competitive Rivalry:
- High competition among existing industry players can give buyers more options and bargaining power.
- Industry details: Industries with many competitors, slow industry growth, or low differentiation between products/services may result in intense rivalry, benefiting buyers.
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