India - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingIndia's Spice Exports See a Sharp Decline of 48% to $93M in November 2023
India Spice Exports
In November 2023, the amount of spices exported from India declined sharply to 29K tons, dropping by -51.3% compared with October 2023. Overall, exports saw a abrupt decrease. The pace of growth appeared the most rapid in February 2023 when exports increased by 56% m-o-m.
In value terms, spice exports fell remarkably to $93M (IndexBox estimates) in November 2023. Over the period under review, exports continue to indicate a deep slump. The pace of growth appeared the most rapid in February 2023 when exports increased by 52% m-o-m.
| COUNTRY | Export Value of Spice in India (million USD) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 2022 | Dec 2022 | Jan 2023 | Feb 2023 | Mar 2023 | Apr 2023 | May 2023 | Jun 2023 | Jul 2023 | Aug 2023 | Sep 2023 | Oct 2023 | Nov 2023 | |
| Bangladesh | 18.2 | 13.6 | 17.8 | 24.8 | 40.6 | 25.7 | 30.1 | 21.6 | 22.7 | 3.3 | 14.4 | 11.9 | 14.4 |
| United Arab Emirates | 13.0 | 20.7 | 15.6 | 14.4 | 16.2 | 11.5 | 13.8 | 11.8 | 10.5 | 6.1 | 11.8 | 11.7 | 12.3 |
| United States | 16.6 | 20.9 | 17.4 | 15.0 | 24.6 | 19.6 | 24.9 | 27.0 | 26.0 | 16.0 | 24.3 | 11.0 | 10.8 |
| Malaysia | 9.1 | 8.8 | 9.3 | 11.4 | 15.6 | 11.6 | 11.5 | 8.3 | 10.8 | 4.9 | 8.2 | 3.9 | 3.3 |
| China | 17.6 | 17.3 | 42.3 | 122 | 65.0 | 101 | 157 | 31.3 | 11.3 | 1.6 | 10.0 | 0.3 | 2.3 |
| Sri Lanka | 11.4 | 12.3 | 7.5 | 10.9 | 8.4 | 9.7 | 9.4 | 6.5 | 10.5 | 2.1 | 8.4 | 1.3 | 1.7 |
| Thailand | 21.2 | 10.6 | 11.9 | 22.6 | 19.4 | 11.0 | 17.2 | 15.7 | 28.7 | 0.4 | 6.4 | 0.2 | < 0.1 |
| Others | 85.3 | 90.3 | 73.2 | 76.4 | 98.4 | 93.4 | 94.2 | 78.9 | 82.1 | 120 | 97.8 | 140 | 48.1 |
| Total | 192 | 195 | 195 | 297 | 288 | 283 | 358 | 201 | 203 | 155 | 181 | 180 | 93.0 |
Exports by Country
Bangladesh (12K tons) was the main destination for spice exports from India, accounting for a 40% share of total exports. Moreover, spice exports to Bangladesh exceeded the volume sent to the second major destination, the United Arab Emirates (2.7K tons), fourfold. The third position in this ranking was held by the United States (2K tons), with a 6.7% share.
From November 2022 to November 2023, the average monthly rate of growth in terms of volume to Bangladesh stood at -2.2%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the United Arab Emirates (-4.8% per month) and the United States (-6.1% per month).
In value terms, the largest markets for spice exported from India were Bangladesh ($14M), the United Arab Emirates ($12M) and the United States ($11M), with a combined 40% share of total exports.
In terms of the main countries of destination, the United Arab Emirates, with a CAGR of -0.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.
Exports by Type
Anise, badian, fennel and coriander (16K tons), ginger (11K tons) and piper pepper (1.4K tons) were the main products of spice exports from India, together accounting for 96% of total exports.
From November 2022 to November 2023, the biggest increases were in piper pepper (with a CAGR of +2.9%), while shipments for the other products experienced more modest paces of growth.
In value terms, anise, badian, fennel and coriander ($60M) emerged as the largest type of spice exported from India, comprising 65% of total exports. The second position in the ranking was held by nutmeg, mace and cardamoms ($13M), with a 14% share of total exports. It was followed by ginger, with an 11% share.
From November 2022 to November 2023, the average monthly growth rate of the export volume of anise, badian, fennel and coriander amounted to +3.8%. With regard to the other exported products, the following average monthly rates of growth were recorded: nutmeg, mace and cardamoms (+1.8% per month) and ginger (+5.6% per month).
Export Prices by Country
In November 2023, the spice price stood at $3,159 per ton (FOB, India), growing by 6% against the previous month. Over the last twelve months, it increased at an average monthly rate of +2.5%. The most prominent rate of growth was recorded in August 2023 when the average export price increased by 25% month-to-month. As a result, the export price attained the peak level of $3,162 per ton; afterwards, it flattened through to November 2023.
There were significant differences in the average prices for the major external markets. In November 2023, the country with the highest price was Afghanistan ($6,233 per ton), while the average price for exports to Bangladesh ($1,216 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Afghanistan (+8.5%), 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
