INDIA HAS always been known as the land of spices and it was the spices that brought several foreigners to India ever since the ancient times. The history of Indian spices is said to date back to about 7,000 years ago, even before the Roman and Greek civilisations existed. From grandma’s spice box to packaged spice mixes, the Indian kitchen has seen a glorious journey of spices. The country which was known as the spice box of the West has seen a beautiful transformation of the market from home ground spices to packaged spices. Brands both big and small have found a space for themselves not just in native Indian markets, but also across the world.
The Indian spices market size reached Rs 160,676 crore in 2022. According to the industry insiders and observers, it is expected that the market will reach Rs 298,909 crore by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 10.9 per cent during 2022-2028.
The ongoing trend of transitioning from loose spices to branded ones is shaping the Indian spices market. As consumers increasingly opt for branded spice products, they are contributing to the projected growth in the sector. By the fiscal year 2030, industry leaders predict that around 15 spice companies are anticipated to surpass Rs 1,000 crore in revenue, with four of them crossing the Rs 5,000 crore annual turnover mark.
This story is from the 21 October 2023 edition of BW Businessworld.
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This story is from the 21 October 2023 edition of BW Businessworld.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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