How and Why To Start Spices Business in India? Investment Opportunities in Indian Kitchen Spices (Masala Powder) Spices Powder and Blended Spices, Readymade Mixes (Red Chilli Powder, Sambhar Masala, Biryani Masala, Chicken Fry Masala, and Garam Masala)
The market of India’s branded spices and condiments is bursting with flavors and each investor wants to taste it. In India, seasoning and spices are essential ingredients for every cuisine, these offer a very unique aroma and typical taste to each dish. The market of spices and condiments is one of the markets that stay recession-proof in the long run. The driving factors for this industry are the high demand for exotic food and demand for exquisite spices and condiments for in-home culinary preparations and the demand is anticipated to year over the next six-year in the forecasted period of 2016-2022.
Related Projects: – Spices and condiments, Indian Kitchen Spices, Masala Powder
Key Market Dynamics for Spices and Condiments
- The rising demand for exotic cuisines and consumers’ ability to spend more on food is driving the market of spices and condiments. Globalization is highly convincing the business with higher penetration of indigenous spices and condiments products worldwide.
- There are different types of pepper, like Marjoram and Anaheim that are specifically grown in southern Europe and Mexico. The developing nations of Asia Pacific will continue to increase the demand for spices.
- Moreover, the emerging economy is highly increasing the demand for western foods. Changing the eating habits of consumers and an increasing number of restaurants for Thai, French and Italian food are some of the factors that are fueling the demand for spices and condiments across the globe.
- The increasing popularity of organic spices is anticipated to continue trending by the year 2025, boosting the revenues of the global market. The organic segment is presently at an emerging stage and will continue to offer lucrative growth opportunities. Several spices even find important applications in the medical therapy field. This is also another reason that will potentially propel demand.
Related Books:- Spices and Condiments Cultivation
Segment Analysis of the Industry
The industry of Condiments & seasoning is anticipated to reach an estimated valuation by 2027 while recording the growth at a rate of 4.0% for the forecast period of 2020 to 2027. Globally, the market of spices and condiments is segmented based on product type; there are majorly four key segments: salt and salt substitutes, pepper, herbs, and spices. The segment of salt and salt substitutes has recorded the highest revenue share in the year 2016 and the market is anticipated to see increased growth and a recorded CAGR of 4.3% in the upcoming years. The segment of salt and salt substitutes is expected to touch a shipment of 369.2 million kg in the upcoming 5 years.
Asia-Pacific Is the Fastest Growing Market
The fastest-growing market globally for spices and condiments is Asia-Pacific. China is one of the biggest markets in the region followed by the Indian market. Hence the Asia-Pacific produces the finest quality of spices that is the major key player in the region. There is a majority of demand seen from some countries too such as the United States, United Arab Emirates, UK, Germany, etc. Almost all the nations in Asia-Pacific use locally produced spices and condiments. A large amount of spices from the region is exported to the market of Europe and North America. There has been an increase in demand in the organic spices and condiments segments.
Conclusion
The book by NPCS named “Handbook on Spices and Condiments (Cultivation, Processing, and Extraction)” has all the aspects and facts about the industry of spices and condiments. It has all the important information from the harvesting to their end-users. The book also deals with post-harvest management, the potentials of genetic engineering, high production technology in spices with a plantation, and the processing of various spices and condiments. If you are someone who handles spices and condiments at various stages then this book is a one-stop destination for all your queries. Get it from the official website of NPCS and see the importance of yourself.
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