INDIA HAS always been known as the land of spices and it was the spices that brought several foreigners to India ever since the ancient times. The history of Indian spices is said to date back to about 7,000 years ago, even before the Roman and Greek civilisations existed. From grandma’s spice box to packaged spice mixes, the Indian kitchen has seen a glorious journey of spices. The country which was known as the spice box of the West has seen a beautiful transformation of the market from home ground spices to packaged spices. Brands both big and small have found a space for themselves not just in native Indian markets, but also across the world.
The Indian spices market size reached Rs 160,676 crore in 2022. According to the industry insiders and observers, it is expected that the market will reach Rs 298,909 crore by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 10.9 per cent during 2022-2028.
The ongoing trend of transitioning from loose spices to branded ones is shaping the Indian spices market. As consumers increasingly opt for branded spice products, they are contributing to the projected growth in the sector. By the fiscal year 2030, industry leaders predict that around 15 spice companies are anticipated to surpass Rs 1,000 crore in revenue, with four of them crossing the Rs 5,000 crore annual turnover mark.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Is Leadership Without Hierarchies Possible?
LEADERSHIP IN THE current era is more challenging than ever before.
The Rise and Evolution of Coffee Culture in India
AS A BANGALORE native, South Indian filter ‘Kaapi’ has always been a significant part of our tradition.
The Daily Ground Goes Desi
Success in Tier-2 and Tier-3 cities hinges on several key factors, with one of the most important being the ability to offer high-quality products at an accessible price point
Cracking The Indian Code
TARUN JAIN, CEO of Tim Hortons India believes in creating an experience at cafes by blending global quality, local flavours and affordability
Making Coffee the New Chai in India
Affordable, great-tasting coffee made fast-abCoffee is reshaping how India drinks coffee
Scripting A New Era Of Coffee In India
From a bootstrapped startup to international expansion, NOTHING BEFORE COFFEE is brewing its way to the top by challenging the giants of the coffee industry with innovation, personalisation, and sustainability
"Driven By A Younger Demographic, Coffee Culture Is On The Upswing"
SUNIL D'SOUZA, Managing Director and CEO of Tata Consumer Products, discusses the company's strategic growth in India's booming coffee market, focusing on premiumisation, innovation, and expanding consumer experiences both at home and in cafés, in this exclusive conversation with BW Businessworld's Tarannum Manjul
Fresh Brew, Big Ambitions
From startups to stores, Beanly's Samayesh Khanna and Rahul Jain elevate India's coffee culture by making freshly brewed coffee a daily delight
"On Track To Become India's Top Café Chain"
In an exclusive interview, RAJAT AGRAWAL, CEO of Barista Coffee, shared insights on the company's current market position, expansion strategies, and its response to growing competition
"Ensuring A Seamless Coffee Experience Outside The Cafe Is The Next Big Thing To Watch Out For"
In an exclusive conversation with BW Businessworld's Resham Suhail, Third Wave Coffee CEO RAJAT LUTHRA and its Co-founder AYUSH BATHWAL delve on how they are navigating the competitive landscape, going beyond retail and tapping changing consumer preferences