The spice sector is currently looking to promote value-addition practices amongst its manufacturers, said Prakash Namboodiri, Business Committee Head of NSC 2024.
Despite a turbulent year for major Indian spice manufacturers, projections for the country’s spice exports indicate significant growth for the sector in the coming years.
According to Ramkumar Menon, Chairman of the World Spice Organisation (WSO), Indian spice exports are set to achieve an export target of USD 4.7 billion for FY 24-25.
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Speaking to FE at the National Spice Conference (NSC) 2024 in Ahmedabad, Menon maintained that the growth in Indian spice exports for the first half of the current financial year (April-September 2024) have witnessed an 8.8% growth, in comparison to the last year’s corresponding period.
“India’s spice exports for the first half of FY24 amounted to Rs 17,488 crore (USD 2.09 billion). Our exports for last year’s corresponding period amounted to Rs 16,065 crore (USD 1.95 billion).”
Menon also shared the sector’s ambitious target of achieving USD 10 billion turnover by 2030. “To meet this target, India would have to produce approximately 15 million tonnes of spices – which would cater to both domestic and international demand,” he said.
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The sector’s goals to diversify India’s exports come amidst consistent complaints of the deteriorating quality of Indian spices, which has not only led to temporary bans by countries such as Singapore and Maldives but also created a trust deficit amongst Indian consumers.
Commenting on the issue, Menon said, “Less than 1% of the total volume of spice exports from India have been rejected. While certain irregularities were discovered and addressed, our exports to other countries have not been hindered. Agricultural commodities are not immune to factors such as climate change and cultivation conditions.”
To fulfil the tightening regulations over spice exports, the Spices Board of India has mandated regular sampling and testing of spice export consignments.
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The spice sector is currently looking to promote value-addition practices amongst its manufacturers, said Prakash Namboodiri, Business Committee Head of NSC 2024. He spoke of the vast potential of manufacturing powders, oleoresins and oils – which would increase the flavour, shelf life and value of spices.
Touted the world’s largest spice producer and exporter, India’s spice exports for FY 23-24 were USD 4.46 billion. The spice sector’s exports span across regions including China, Bangladesh, Sri Lanka, the USA, the UK, the Middle East, Thailand and Germany.
According to the India Brand Equity Foundation (IBF) chilli, turmeric, cumin, ginger and coriander constitute approximately 76% of India’s total spice exports.
