Key Points
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..
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 institutionsshould 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...
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..
