The report titled “India Spices Market Outlook to FY’2018 – Spice Mixes and Branded Spices to Augment Industry Revenues” provides a comprehensive analysis market size of overall spices market, chilly market, garlic market, turmeric market, ginger market, coriander market, other spices market, spice oils and oleoresins and spice extracts market in India. The report also covers the market shares of spices manufacturers in India. |
Spices market in India has registered a double digit growth of 10.0% over the period FY’2007-FY’2013 in terms of revenue. The leading factors which have been propelling the market over the period last six fiscal years include surging demand for packaged spices, emerging market of organic spices, swelling demand for spice mixes and influx of regional as well as global players in the market. In India, unorganized segment dominates the spices market with a ~% share in the revenues being generated from the sales of spice products in FY’2013. Unorganized segment includes all the unbranded spices sold in India. The organized segment of India spices market accounted for a market share of ~% in terms of revenue in FY’2013. The organized segment comprises of majority of the branded spices being sold in India. Some of the major players operating in the unorganized market are MDH, Everest, MTR and others. Owing to the mounting demand for packaged spices, the share of organized segment has witnessed an incline over the past few years.
The leading state on the basis of production of spices in FY’2013 was Andhra Pradesh with a ~% share, followed by Gujarat, Rajasthan, Orissa and Madhya Pradesh. These five leading states accounted for a share of ~% of the total production of spices in India in FY’2013. The demand for organic spices is increasing, given the increasing health consciousness among the urban population. Among the three major clients of spices manufacturers including retail, industrial and catering sector, retail sector dominated the total spices consumption while industrial sector accounted for ~% and the catering sector which includes hotels and restaurants accounted for the smallest share in spices consumption in fiscal year 2013. On the basis of major spices, chilly market was the leading segment in terms of volume of production, followed by garlic, turmeric, ginger and coriander in FY’2013. These top five spices accounted for a share of ~% in the total production of spices in India. In terms of competition, the spices market in India is a highly fragmented market with the presence of many regional players in the market space. Everest was the leading player in the market followed by MDH, Eastern Condiments, Catch and MTR.
The revenues from India spices market are expected to grow to over USD 16,600 million in FY’2018, growing with a CAGR of 15.5 % from FY’2013 to FY’2018. The highest contribution to this growth is expected to come from spice mixes and branded spices, increasing area under the cultivation of spices, expanding Spices Board of India’s expenditure, swelling population of India, inclining consumer expenditure on food in India, surging India restaurant market size, increasing number of registered hotels and restaurants in India, augmenting FDI in food processing industry in India and booming catering market in India.
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