The trade of spices dating back to ancient times has been a role player in the economic growth via a huge revenue share in the annual trade. The Spices Board of India has represented that the country has exported over 11 lakh tonnes of spices worth Rs 20,000 crore in Indian Rupees during the year 2021. The diverse climate and geography of the nation, along with terrain that provides ideal conditions for growing a wide range of spices, including black pepper, turmeric, coriander, cardamom, and cumin, used in different international cuisines, have been crucial in fostering the annual valuation.

The solidifying export branches of the country, with more than 50 variants of supplies over 150 countries worldwide, has indulged the nation in recording an export trade value of spices worth 5.8 billion US dollars in 2024. The increase in consumer preferences regarding natural and organic products inclusion is opening up new opportunities for Indian exporters to qualify their position in the global international trade.

The Significance of Spice Exports in the Economy of India in 2024

The spices export industry of India has been a role player in the economic growth, with a certain contribution to the annual revenue generation. The overall growth rate in the exports has reduced the country's reliance on foreign imported goods for the dietary inclusion of spices in day-to-day life, maintaining a proper balance in the import and export. The steady growth in the price of exports has not only strengthened the country's position in global trade but has also helped maintain a dynamic trade balance in five sectors, solidifying the country's position as a leading exporter in the international market.

The latest trade statistics have reported that the Indian spice market is expected to grow at a CAGR rate of 10.56% in a year by trade increase by 2033, driven mostly by the increased demand in the food and beverage sector, accompanied by the health and wellness industries due to the beneficial and nutritious nature of the modified products.

A Brief Overview of India's Trade in 2024

Leading Spices Export of India in 2024

India has continued its dominance in the global spice trade by exporting a wide variety of high-demand spices such as cumin, turmeric, and cardamom. The effective pricing strategies adopted have maintained a robust supply chain to meet the growing international demands, particularly from markets in the Middle East. According to the India Export Data, the top 10 leading variants of spices exported from the nation in 2024 are,

1. Turmeric - Export valuation - 987 million US dollars; Annual trade share - 42%

2. Cumin - Export valuation - 765 million US dollars; Annual trade share - 28%

3. Coriander - Export valuation - 524 million US dollars; Annual trade share - 15%

4. Chili Peppers - Export valuation - 478 million US dollars; Annual trade share - 12%

5. Cinnamon - Export valuation - 354 million US dollars; Annual trade share - 10%

6. Ginger - Export valuation - 265 million US dollars; Annual trade share - 8%

7. Cardamom - Export valuation - 145 million US dollars; Annual trade share - 6%

8. Fenugreek - Export valuation - 122 million US dollars; Annual trade share - 5%

9. Nutmeg - Export valuation - 87 million US dollars; Annual trade share - 4%

10. Garlic - Export valuation - 65 million US dollars; Annual trade share - 3%

Major Export Trade Partners of India for Spices in 2024

The Spices Export Trade sector of India has demonstrated its robust growth, with exports rising by 5.7% year-on-year. The strategic partnership over its top importing destinations has crucially facilitated the annual valuation. According to the India Customs Data, the top 10 export trade partners of the nation for spices in 2024 are,

1. United States - According to the USA Import Data, the total valuation of spices exported from India in 2024 - 876 million US dollars.

2. China - According to the China Import Data, the total valuation of spices exported from India in 2024 - 654 million US dollars.

3. Vietnam - According to the Vietnam Import Data, the total valuation of spices exported from India in 2024 - 478 million US dollars.

4. UAE - According to the UAE Import Data, the total valuation of spices exported from India in 2024 - 354 million US dollars.

5. Malaysia - According to the Malaysia Import Data, the total valuation of spices exported from India in 2024 - 265 million US dollars.

6. Germany - According to the Germany Import Data, the total valuation of spices exported from India in 2024 - 187 million US dollars.

7. Sri Lanka - According to the Sri Lanka Import Data, the total valuation of spices exported from India in 2024 - 165 million US dollars.

8. UK - According to the United Kingdom Import Data, the total valuation of spices exported from India in 2024 - 142 million US dollars.

9. Saudi Arabia - According to the Saudi Arabia Import Data, the total valuation of spices exported from India in 2024 - 128 million US dollars.

10. Singapore - According to the Singapore Import Data, the total valuation of spices exported from India in 2024 - 116 million US dollars.

Top Spices Manufacturing Companies of India in 2024

India, renowned as the land of spices, has continued its dominating trade over the global spice industry with a rich heritage and diverse agro-climatic zones. The country remains a crucial role player in the spice production and export, mostly driven by a dynamic mix of traditional and modern manufacturing companies. According to the India Trade Data, the top spices manufacturing companies of the nation in 2024 are,

1. Everest Spices - Everest Spices is one of the internationally renowned brands of India. The company has been serving the nation with its high-quality spices for more than five decades and has an expertise in different high-quality essential productions. The wide range of products offered by the authority including ground spices, blended spices and other cooking essentials has recorded an annual trade share of 32% in the overall exports.

2. MDH Spices - MDH is also a crucial role player of the spices export industry of India. The company being established in 1919 by Maharshi Dharampal Gulati has come a long way from its small shop selling homemade blends to a service expansion of spices in more than 62 different varieties of ground and blended variations catering to every palate. The annual trade share is of 22% in the global export.

3. Eastern Condiments - Wrapping up, Stern Condiment is relatively a new player in the spice manufacturing industry of India, but has gained an impressive recognition as one of the top players of the nation. The company, established in 1989, has expanded its services to various parts of India and is also exporting its spices to over 23 countries globally. The annual trade share is 15% of the global exports.

Conclusion - Import Globals with its India customs data highlights the total shipments of spices, solidifying the country's pivotal role in the global spice trade. Ranging from sustained demand for turmeric, chili, cumin, and a variety of value-added spice blends, the valuable information also highlights the resilience of the nation in the global trade market. Business holders can refer to the statistical analysis to get the in-depth information regarding the potential marketing zones to make decisions based on the latest trend strategies of the fast-paced global market.

FAQ'S

Que. What is the export trade value of spices from India in 2024?
Ans. The export trade value of spices from India in 2024 is 5.8 billion US dollars.

Que. Who is the top export trade partner of India for spices in 2024?
Ans. The United States is the top export trade partner of India for spices in 2024.

Que. Name the top spices manufacturing company of India in 2024.
Ans. Everest Spices is one of the top spice manufacturing companies in India in 2020.

Que. Where can you get a detailed trade analysis of the spices export industry of India in 2024?
Ans. By subscribing to Import Globals, you can get a detailed trade analysis of the spices export industry of India in 2024.

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