The Indian Spices Market is estimated to grow at a CAGR of around 4.56% during the forecast period, i.e., 2024-30.
Key Findings of the Study: Indian Spices Market
Indian Spices Market Driver: Expansion of Indian Hotels Restaurant Groups Across the Globe Accentuates the Market Growth
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.
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Scope of the Report and Indian Spices Market Segmentation
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.)
- Pure Spices hold the largest market share due to their versatility and applicability in most food preparations and other uses.
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
Top leading companies in the Indian Spices Market includes:
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
Indian Spices Market Development
- 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.
- 2023: McCormick Company, Inc.: Expanded partnership with Tabitha Brown to add five new salt-free, vegan seasoning products, including spices.
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Geographical analysis:
North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, Japan, India, South Korea, Australia, Rest of Asia Pacific
South America: Brazil, Argentina, Rest of South America
Middle East Africa: Saudi Arabia, The UAE, South Africa, Rest of the Middle East Africa
- Asia Pacific dominated the market with the largest market share in the Indian spices market.
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