Benefits of Spices Exports in India

Spices, like other agricultural produce like tomatoes and onions, are a vital part of the Indian food economy. The country is the second-largest producer of spices after China, India exporting spices to more than 100 countries and regions across the globe. In 2016, India exported spices to a staggering $1.56 billion, an increase of 17% from the previous year.

Vasundhara Raje, Chief Minister of Rajasthan, has recently expressed interest in encouraging Spices Exports in India from and has lauded the U.S. as a great market to sell Indian spices. The U.S. is the leading destination for spices from India, purchasing 80% of all Indian spices that reach American shores.

The market that these three companies are aiming to explore is the one made possible by growing demand from consumers. As consumers globally seek more nutritious food choices, spices are a natural fit. Consumers in the U.S. have been heavily impacted by the increasingly global economy as their purchasing power continues to rise. A large percentage of U.S. consumers were found to be willing to pay more for fresh foods that were produced and harvested domestically, and spices are no exception. According to the Hearth, Patio & Barbecue Association, the average cost of a pound of protein increased by 10.2% from 2015 to 2016, nearly three times the national average. The good news is that they are becoming more affordable. As an example, the most popular price point for both organic and traditional spices from McCormick was $0.79 per pound, a decrease of 3% over the previous year. As consumers look for healthier and more convenient foods, spices fit into this trend and show promise as a key sector to growth.

Spices can be a key ingredient in several types of foods including pasta sauces, seasoning blends, soups, stews, fried foods and vegetable dishes. Consumers are increasingly choosing to purchase more healthy food choices, which in turn has increased the demand for fresh spices. This trend is reflected in the increase of organic food sales in the U.S. organic spices sales have increased by 11% annually since 2011. McCormick, another leading spices producer, has witnessed organic sales growth of nearly 40% over the same time period.

As consumers demand more from their food and fast-paced lifestyles become the norm, spices are a great way to help them make an impactful culinary statement. Thanks to the potential of spices to reduce levels of unwanted fat, help decrease the level of sodium in a dish, and aid in the reduction of sugar and calories, they are also being used to create “cleaner” food.

McCormick has been able to expand their consumer base in the U.S. as the demand for their spices has increased. They’ve opened an office in Nashville, TN, to grow their relationship with food distributors in the mid-South region. To support these efforts, they will be receiving a $5 million investment from Southeastern Grocers, the largest supermarket operator in the southeastern U.S. They also recently introduced their own retail line of flavored spice mixes for use in cooking. The new line, McCormick Flavors For Real, consists of 100 percent real spices and herbs. Although these products have yet to be released, the company is promising a range of new spices.

Spices continue to increase in their sales and exports to the Rdm Exports markets. McCormick believes that they are only scratching the surface of the spice market and believe they will be able to expand the spice category substantially by increasing consumption. For these reasons and many others, the global spices market has the potential to reach $50 billion by 2025.

While the spice market in the U.S. continues to grow, the Indian spice market is the fastest-growing market worldwide. The market has grown by more than 250 percent in the last decade.

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