Saffron and cardamom are two spices that are most profitable to trade in global market. In 2020, global saffron market was pegged at $374.6 million and expected annual CAGR between 2020 and 2028 is pegged at 8.5% for it. This annual CAGR is expected to be achieved on the back of medicinal and cosmetic application of saffron. Saffron has notable health benefits and is a known source of antioxidants. Cardamom is second only to pepper in usage in food preparations and cardamom trade is comparable to saffron trade in profitability.
The Indian spice market has grown at a CAGR of 15 percent during the period of 2015-20. According to market analysts, the spice market is expected to continue on this growth trajectory during 2021-2026.
The outbreak of corona has impacted the demand and supply industry. The borders of the countries were closed, which concluded in high demand and less supply. This situation affected almost every industry in the world. However, Covid-19 also brought in opportunities for various industries, including Spices Industry. Considering the ill-effects of corona on a person’s health and in order to increase a person’s immunity, numerous Health Experts worldwide suggested adding some specific spices to the meal. This boomed up the demand for Spices worldwide, which eventually boosted the Spices Industry in many good ways. Indian Spices Industry, being the largest exporter of Spices in the world, was impacted hugely by the pandemic, thankfully in a positive manner.
Spices are the edible portion of plants that have healing properties and can radically change the flavor and aroma of a cuisine. It is becoming more integrated with wellbeing. The retail food producers have expanded the application of spices and seasonings to match the taste and preferences of the many ethnicities of consumers across the world, propelling the industry ahead. Here, you’ll get deep insights into the global market of spices.
Manufacturing Process of Spices and Its Benefits
A spice is a bark, root, flavoring agent, seed, fruit, and other plant products that enhance the aroma and taste of the food. India is often called ‘The Land of Spices.’ The history of spices dates back to the Indus Valley civilization 4000 years ago. Spices were among the few grounds for outsiders to conquer India. Most spices in India are used in powder or seed form. Some popular spice yields in India are Turmeric, Cardamom, White Pepper, Black Pepper, Clove, and Cumin. Spices from India are still in high demand in the international market. Punjab, Kerala, Gujarat, and some north-eastern states of India are the most popular for the cultivation of spices. Top Importers of spices are the USA, Hong Kong, Vietnam, China, UK, Bangladesh, Thailand, Malaysia, Sri-Lanka, and UAE. In the fiscal year 2019, the export values of spice sum up to 231 million Rupees. The annual turnover of spice in India increases by 40,000 crores. The expansion of the spice business is a 7% gain in volume, 8% gain in currency.
India has been known as the land of spices from time immemorial. So what exactly are the spices? Spices are essentially vegetable products used for the seasoning and flavoring of foods. In the market, it can be found in powdered or seed form. Spices are added to improve the nutrition and flavor of the food.