The India Spices Market Growing demand Accelerated by Rising Consumption

 


Spices are widely used across households and restaurants in India to enhance the flavor and aroma of food. Common Indian spices like turmeric, ginger, coriander, cumin, and chilli powder are rich in antioxidants and help improve digestion. Given the wide applications in Indian cuisines and health advantages, consumption of spices is growing steadily.

The  India Spices Market is estimated to be valued at US$ 3424.8 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rising consumption is one of the key trends driving the growth of India spices market. Traditionally, India has been a large consumer of various spices and their usage is deeply entrenched in the country's food culture. Changing lifestyle and improvement in living standards have increased discretionary spending on food products in India. This has translated into greater demand for spices as consumers are increasingly experimenting with new cuisine styles and flavors. The market has also witnessed rising popularity of organic spices in recent years with more people focusing on health and wellness. The organic spices segment is expected to exhibit significant growth over the forecast period supported by rising health consciousness.


Segment Analysis
The India spices market is dominated by the food and beverages sub-segment. Food and beverages account for around 60% share of the total spices market in India. Spices are an essential ingredient of Indian cuisine and are widely used for seasoning and flavoring food products in the food and beverages industry. Turmeric, coriander, chili, garlic, cumin, and pepper are some of the most commonly used spices.

Key Takeaways
The India Spices Market Size is expected to witness high growth. The  India Spices Market is estimated to be valued at US$ 3424.8 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030.

Regional analysis: The Indian spices market is projected to grow at a high pace in North India during the forecast period. States like Uttar Pradesh, Rajasthan, Himachal Pradesh dominate spices production in the country. The climate and soil conditions in these states are favorable for cultivation of various spices.

Key players: Key players operating in the India spices market are Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay. The major players focus on enhancing their production capacities and introducing innovative products to meet the growing demand. Strategic acquisitions and collaborations are among the key strategies adopted by market players to gain a competitive edge in the market.

For More Insights, Read: https://www.newswirestats.com/india-spices-market-size-share-and-growth-forecast-2023-2030/

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