Demand driven by innovative flavors, authentic cuisines and ethnic tastes in foods
The Indian spices market is set for a 11.29% CAGR through to 2027, reaching a value of Rs.270,928.4 crores, according to a report by ResearchAndMarkets on 6 Oct 2022. It was valued at Rs.142,569.3 crores in 2021.
The increasing demand for innovative flavors, authentic cuisines and ethnic tastes in foods and snacks is augmenting the Indian market for spices, said the report “India Spices Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”.
Additionally, a significant growth in the food processing industry along with hectic work schedules and sedentary lifestyles of the consumers are also propelling the demand for convenient food options.
As a result, the growing utilization of spices in processed and ready-to-eat food products is further driving the market growth in the country.
Apart from this, the expanding Hotel, Restaurant and Catering sector in India is also bolstering the market growth.
Moreover, the increasing penetration of Western food trends is further catalyzing the demand for a variety of newer spices, said the report.
Further, the Indian government has introduced stringent regulations to curb the adulteration of spices, thereby inducing the production of safer product variants.
Furthermore, the rising consumer concerns towards the negative health impact of synthetic additives in spices are augmenting the demand for natural and organic spices in the country, the report pointed out.
Key players in the industry are:
Aachi Spices & Foods Pvt Ltd
Badshah Masala
Eastern Condiments Private Limited
Everest Food Products Pvt Ltd
Mahashian Di Hatti Private Limited
MTR Foods Pvt Ltd
Patanjali Ayurved Limited. fiinews.com
