India - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingIndia Experiences Surge in Spice Exports, Reaching $2.9 Billion in 2023
India Spice Exports
In 2023, the amount of spices exported from India amounted to 1.1M tons, increasing by 7.1% compared with the previous year's figure. Over the period under review, total exports indicated a prominent increase from 2013 to 2023: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -17.5% against 2021 indices. The growth pace was the most rapid in 2017 when exports increased by 27% against the previous year. The exports peaked at 1.4M tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.
In value terms, spice exports soared to $2.9B (IndexBox estimates) in 2023. Overall, total exports indicated a prominent increase from 2013 to 2023: its value increased at an average annual rate of +8.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +123.7% against 2013 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 26% against the previous year. The exports peaked in 2023 and are expected to retain growth in the immediate term.
| COUNTRY | Export Value of Spice in India (million USD) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| China | 15.0 | 8.3 | 7.1 | 7.2 | 14.1 | 66.8 | 414 | 581 | 645 | 451 | 631 |
| United States | 180 | 198 | 275 | 252 | 248 | 263 | 232 | 273 | 323 | 266 | 301 |
| Bangladesh | 36.8 | 57.1 | 30.3 | 39.3 | 51.1 | 66.4 | 115 | 279 | 228 | 206 | 294 |
| United Arab Emirates | 76.8 | 90.6 | 101 | 92.3 | 102 | 89.7 | 90.7 | 145 | 198 | 189 | 187 |
| Thailand | 59.2 | 96.1 | 99.4 | 107 | 138 | 101 | 130 | 128 | 127 | 148 | 170 |
| Malaysia | 94.2 | 105 | 111 | 111 | 92.6 | 88.5 | 89.7 | 104 | 106 | 113 | 129 |
| Indonesia | 24.2 | 29.2 | 35.3 | 54.6 | 55.2 | 57.6 | 69.9 | 73.4 | 100 | 124 | 122 |
| Vietnam | 164 | 219 | 208 | 278 | 410 | 329 | 44.7 | 26.4 | 22.6 | 13.9 | 39.0 |
| Others | 645 | 771 | 834 | 824 | 804 | 780 | 801 | 891 | 1,001 | 996 | 1,026 |
| Total | 1,295 | 1,575 | 1,701 | 1,766 | 1,915 | 1,842 | 1,987 | 2,501 | 2,751 | 2,507 | 2,898 |
Exports by Country
China (261K tons), Bangladesh (186K tons) and the United States (78K tons) were the main destinations of spice exports from India, together comprising 46% of total exports.
From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +25.6%), while the other leaders experienced more modest paces of growth.
In value terms, China ($631M) remains the key foreign market for spices exports from India, comprising 22% of total exports. The second position in the ranking was taken by the United States ($301M), with a 10% share of total exports. It was followed by Bangladesh, with a 10% share.
From 2013 to 2023, the average annual growth rate of value to China amounted to +45.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.3% per year) and Bangladesh (+23.1% per year).
Exports by Type
Pimenta pepper (479K tons), anise, badian, fennel and coriander (294K tons) and spices except pepper or ginger (278K tons) were the main products of spice exports from India, together comprising 93% of total exports. Ginger, piper pepper, nutmeg, mace and cardamoms, cinnamon (canella), cloves and vanilla lagged somewhat behind, together accounting for a further 7.4%.
From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the major product types, was attained by cloves (with a CAGR of +16.4%), while the other products experienced more modest paces of growth.
In value terms, spices with the largest exports in India were pimenta pepper ($1.3B), anise, badian, fennel and coriander ($812M) and spices except pepper or ginger ($442M), with a combined 89% share of total exports. Nutmeg, mace and cardamoms, piper pepper, ginger, cloves, cinnamon (canella) and vanilla lagged somewhat behind, together accounting for a further 11%.
In terms of the main product categories, cloves, with a CAGR of +15.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.
Export Prices by Country
In 2023, the spice price amounted to $2,554 per ton (FOB, India), rising by 8% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2015 when the average export price increased by 20%. Over the period under review, the average export prices hit record highs in 2023 and is expected to retain growth in the immediate term.
There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was the United States ($3,846 per ton), while the average price for exports to Bangladesh ($1,580 per ton) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (+15.7%), while the prices for the other major destinations experienced more modest paces of growth.
This report provides an in-depth analysis of the spice market in India. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 687 - Pepper
- FCL 689 - Pimento
- FCL 692 - Vanilla
- FCL 693 - Cinnamon (canella)
- FCL 698 - Cloves
- FCL 702 - Nutmeg, mace, cardamoms
- FCL 711 - Anise, badian, fennel
- FCL 720 - Ginger
- FCL 723 - Spices nes
Country coverage:
- India
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in India
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption In 2012-2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
- Trade Balance, In Physical Terms, 2012-2024
- Trade Balance, In Value Terms, 2012-2024
- Per Capita Consumption, 2012-2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Area Harvested, 2012–2024
- Yield, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
