Indian Spice Market: For years, there has been a demand for Indian spices in countries around the world. Indian spices are well-liked abroad. This is the reason why the Indian spice market is booming rapidly. India is recognized as the world's largest spice producer and exporter. With this, the country is on its way to increasing the value of India's spice exports to US $ 10 billion by 2030. 

India's spice exports reached Rs 17,488 crore or US $ 2.09 billion in the first half of FY 2024, showing an increase of Rs 1423 crore on an annual basis. The country's spice exports stood at Rs 16,065 crore in the same period last year. According to Ramkumar Menon, President of the World Spice Organization (WSO), Indian spice exports are all set to achieve the export target of US $ 4.7 billion for FY 2024-25.  

Indian spices business is growing rapidly. 

Speaking at the National Spices Conference (NSC) 2024 in Ahmedabad, Menon said Indian spice exports in the first half of the current financial year (April-September 2024) have seen a growth of 8.8% compared to the same period last year. Menon said India aims to reach US$10 billion in spice exports by 2030. "To achieve this target, India will have to produce about 15 million tonnes of spices - which will meet both domestic and international demand," he said.  

He also expressed his views on the frequent complaints about the poor quality of Indian spices. On this issue, Menon said, "Less than 1 percent of the total spice export quantity from India has been rejected. Although some irregularities were found and rectified, there has been no hindrance in our exports to other countries except Singapore and Maldives.  

To meet the stringent regulations on spice exports, the Spices Board of India has made regular sampling and testing of spice export consignments mandatory. Prakash Namboodiri, Business Committee Head, NSC 2024, said that the spice sector is currently trying to promote value addition among its manufacturers. He talked about the huge potential of manufacturing powders, oleoresins, and oils. This will increase the taste, shelf life, and value of spices.