India’s spice exports set to hit $10 bn by 2030, eyes growth in new global markets

Indian spices export market is expected to grow to $10 billion by 2030 for which the spices industry is looking to expand its footprint in Africa, South America, and the East European bloc, where its presence is not yet significant, according to Ramkumar Menon, chairman of World Spice Organisation (WSO).

In an interaction with ET, Menon said “Besides exploring new markets, the spice industry is focusing on emerging sectors like health and wellness, nutraceuticals, and pharma, where spices are major ingredients owing to their health benefits.

Exports of ginger and turmeric, for example, increased significantly during the Covid pandemic.

”The seasonings sector is another area with great potential for spice exports from India, given that spices are critical ingredients in various products manufactured here.

“The global market for seasonings is as high as 4.

9 million tonnes, valued at $14.

2 billion, yet India’s share is abysmally low at 0.

7% by volume and 0.

6% by value.

In contrast, China dominates the market with a 12.

2% share in quantity and a 14.

6% share in value terms,” Menon said.

India, with its wide portfolio of spices, 15 agro-climatic zones that support diverse spice and herb cultivation, a large pool of scientists, and renowned spice research institutions—should be able to capture a larger share of the market.

“However, this requires flexible and forward-thinking government policies to ensure ease of doing business; for example, the seasoning and nutraceutical sectors require specific ingredients not available in India, but regulatory constraints prevent their easy and timely import, creating hindrances for exports,” pointed out the WSO chairman.

In the recent past, there has been a lot of noise regarding the quality of spices exported from India.

Commenting on the issue, Menon said “There have been a few aberrations, but it should be noted that total rejections amount to well below 1% of the total volume of exports from the country.

It must not be forgotten that we are dealing with agricultural commodities that are susceptible to the vagaries of climate change and to variations in intrinsic quality characteristics due to some factors.

So, there will always be a possibility of some rejections, however minimal, in such a scenario.

”“Regarding the exports to critical markets being at stake, please note that this pertains to some small consignments of assorted spices shipped some time ago and the issues related to these have been resolved.

Exports to these destinations are continuing, and goods have been accepted by buyers.

It is a fact that standards are getting more and more stringent, not only in overseas markets but in India as well; however, we are confident that the industry is capable of meeting these exacting requirements,” he added.

The All India Spices Exporters Forum and their technical partner, the World Spice Organisation, also hold conferences like the International Spice Conference (ISC) and the National Spice Conference (NSC) in India annually, where Indian spices are showcased to the outside world.

The next ISC is being held in Bengaluru in February 2025, and NSC is being held this month on 15th and 16th of November in Ahmedabad.

Spice exports for the first half of the current financial year (Apr-Sep 2024) totalled Rs.

17,488 crores (USD 2.

09 billion) compared to Rs.

16,065 crores (USD 1.

95 billion) during the corresponding period last year—an increase of 8.

86% in rupee terms and 7.

31% in USD.

The export target for the financial year is USD 4.

7 billion.

The increase in exports in financial year 2025 compared to FY 2024 is expected to be 6%.

The most exported spices are chilli, cumin, mint, and turmeric in various forms—namely whole, ground, oils, and oleoresins/extracts.

The major consuming countries are China, Bangladesh, the USA, Sri Lanka, the Middle East region, and the UK.

India currently produces approximately 12.

48 million tons of spices annually.

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