Size of Indian Spice exports
In the fiscal year 2023-24, India's spice exports reached an all-time high of approximately $4.46 billion USD.
This significant growth is attributed to the country's expansive spice industry, which offers a diverse range of products, including chili, turmeric, cumin, ginger, and coriander, collectively accounting for about 76% of total spice exports.
Looking ahead, the Indian spice industry aims to further expand its global presence, targeting a $10 billion export value by 2030.
Here are some additional key details:
Variety of Spices: India exports a wide range of spices, including pepper, cardamom, cumin, ginger, turmeric, chili, coriander, and fenugreek. Among these, chili and turmeric are two of the most exported spices, with chili being the largest contributor to export revenue.
Major Export Destinations: The United States, the United Arab Emirates (UAE), China, and several European nations are among the top importers of Indian spices. The UAE, in particular, is a significant transit hub for Indian spices, with many spices being re-exported to other parts of the world.
Growth in Export Volume: The spice export market has shown a consistent upward trajectory, with a year-on-year growth rate of 8-9% in recent years. The growth is driven by increasing demand for spices in international markets, especially in countries that are looking to incorporate more spices in their cuisine, as well as the expanding Indian diaspora.
Key Challenges: The spice export sector faces challenges like inconsistent quality standards, rising international competition, and concerns related to climate change that may affect the yield of spice crops. However, India's strong branding and quality certifications help maintain its position as the world's leading exporter.
Value-Added Products: There's also a growing trend in the export of value-added spice products, such as spice blends, extracts, and oleoresins, which offer higher margins and greater export value.
Overall, India's spice export industry is expected to continue flourishing with global demand for Indian spices remaining strong, and the industry's goal of achieving $10 billion in exports by 2030 is highly plausible.
