What is the Indian spices market size value in 2023? Explain in detail.

What is the Indian spices market size value in 2023? Explain in detail.

What is the Indian spices market size value in 2023? Explain in detail.


The Indian spices market size reached a value of INR 72,900 crore in 2021. During the forecast period between 2023 and 2028, the market is expected to grow at a CAGR of 9.20% to reach a value of around INR 1,23,613 crore by 2027.

Indian Spices Market Overview (Up to 2023): The Indian spices market has been a significant contributor to both the country's economy and its cultural identity for centuries. India is known as the "Spice Bowl of the World" due to its rich variety of spices produced and exported to various parts of the globe.

Key factors that have historically influenced the Indian spices market include:

  1. Cultural and Culinary Significance: Spices are an integral part of Indian cuisine, adding flavors, aromas, and health benefits to various dishes.

  2. Export Opportunities: India has been a major exporter of spices, catering to both the food and pharmaceutical industries worldwide.

  3. Biodiversity: The country's diverse climate and geography allow for the cultivation of a wide range of spices, making it a global leader in spice production.

  4. Increasing Global Demand: The growing popularity of ethnic and authentic foods around the world has driven the demand for Indian spices.

  5. Health and Wellness Trends: Many Indian spices are known for their potential health benefits, leading to increased consumption in health-conscious markets.

Market Size and Trends (Up to 2023): As of 2023, the Indian spices market was already substantial, with a global reputation for producing high-quality spices. It was estimated that India accounted for a significant share of the global spice trade.

The market trends up to 2023 included:

  1. Export Dominance: India was a leading exporter of spices, supplying a wide range of products such as pepper, cardamom, cumin, coriander, turmeric, and more to various countries.

  2. Organic and Natural: The demand for organic and naturally sourced spices was on the rise due to increasing health-conscious consumer preferences.

  3. Processed Spice Blends: There was a growing trend of processed spice blends, offering convenience to consumers without compromising on taste and quality.

  4. Flavor and Fragrance Industry: Indian spices were also used in the flavor and fragrance industry, contributing to various products such as perfumes, cosmetics, and toiletries



Global Matrix Survey is ready to help your business.


Read More 

Qualitative Research: Definition, Types, Methods, and examples

What is an online survey & the Advantage of the online survey?

How to conduct an online survey?

Why online survey is best for businesses?

What is a growth strategy for any business?

Difference between Qualitative Research and Quantitative Research