India aims to hit $10 billion in spice exports by 2030. To reach this goal, the industry is growing its presence in Africa, South America, and Eastern Europe, says Ramkumar Menon, Chairman of the World Spice Organisation (WSO).
Seasonings sector holds value at $14.2 bn globally
“Besides exploring new markets, we’re focusing on emerging sectors like health and wellness, nutraceuticals, and pharma, where spices are key ingredients due to their health benefits,” Menon said, according to ET Retail. The Covid pandemic saw a significant increase in ginger and turmeric exports.
Continue Exploring: SOM Distilleries and Breweries Ltd reports 26.8% surge in income in H1 FY25
Reportedly, the seasonings sector also holds great potential, with a global market valued at $14.2 billion. However, India’s share is currently just 0.7% by volume and 0.6% by value. “India should capture a larger share, given its diverse spice portfolio and renowned research institutions,” Menon emphasised.
Further, Menon highlighted the need for flexible government policies to ensure ease of doing business, particularly in the seasoning and nutraceutical sectors. “Regulatory constraints hinder the import of specific ingredients, creating obstacles for exports,” he noted.
Addressing concerns over spice quality, Menon stated, “Total rejections amount to less than 1% of exports. Agricultural commodities are susceptible to climate change and intrinsic quality variations, so minimal rejections are unavoidable.”
Continue Exploring: FirstCry narrows loss to INR 62.85 Cr, revenue jumps 26.7%
India’s spice exports in H1 FY24 at INR 17,488 Cr
Meanwhile, India’s spice exports for the first half of the current financial year (Apr-Sep 2024) reached INR 17,488 crores ( $2.09 billion), an 8.86% increase from the previous year. The export target for the financial year is $4.7 billion, with an expected 6% growth.
The most exported spices include chilli, cumin, mint, and turmeric, with major consuming countries being China, Bangladesh, the USA, Sri Lanka, the Middle East, and the UK. India produces approximately 12.48 million tons of spices annually.
To showcase Indian spices globally, the All India Spices Exporters Forum and the World Spice Organisation host conferences like the International Spice Conference (ISC) and National Spice Conference (NSC). The next ISC is scheduled for February 2025 in Bengaluru, and the NSC will take place on November 15-16 in Ahmedabad.
As Menon concluded, “We’re confident the industry can meet stringent standards and drive growth.”
