The India spices and seasoning market is estimated at US$ 10.8 billion in 2022 and is expected to grow at a significant CAGR of over 13% over the forecast period of 2019-2028.
Market Scope and Report Overview
According to a deep-dive market assessment by RationalStat, the India spices and seasoning market has been analyzed based on market segments, including type, form, taste, branding, packaging type, distribution channel, application, and geography/regions (incl. North India, West and Central India, East India, South India). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2019-2028.
Market intelligence for the India spices and seasoning market covers market sizes on the basis of market value (US$/EUR Million) and volume (‘000 units/tons/liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the sector. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, and insights, etc.
Period Covered include data for 2019-2028 along with year-wise demand estimations
The India spices and seasoning market report analyzes the market on the basis of economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The India spices and seasoning market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the India spices and seasoning market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/ producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the India spices and seasoning market include,
- In November 2022, Spice Story, India’s first and largest D2C brand offering the widest range of ethnic chutneys from various regions of the country, announced a partnership with Jayanti Herbs and Spice for its offline expansion.
- Jayanti Herbs and Spice is a renowned manufacturer and supplier of premium spices, herbs, and seasonings. Collaboration with Jayanti Herbs and Spice could help Spice Story increase its offline presence and reach a larger customer base.
Some of the prominent players that contribute significantly to the India spices and seasoning market growth include Everest Food Products Pvt. Ltd, MDH, Badshah Masala, Eastern Condiments Private Limited, Catch Spices, Pushp Masale, MTR, Rajesh Spice, Ashok Masala, Goldiee Group, Sakthi Masala, Kitchen Treasures, Suruchi Masala, JK spices, and Bharat Masala among others.
RationalStat has segmented the India spices and seasoning market based on type, form, taste, branding, packaging type, distribution channel, application, and region
- India Spices and Seasoning Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Type
- Curry Powder/Paste
- Ajwain Seed
- Black Salt
- Others (Caraway Seeds, etc.)
- India Spices and Seasoning Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Form
- Raw Form
- Garam Masala
- Non-Veg Masala
- Chole Chana Masala
- Chat Masala
- Others (Pav Bhaji Masala, etc.)
- India Spices and Seasoning Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Taste
- Hot Spices
- Mild Spices
- Aromatic Spices
- Others (Herbs, etc.)
- India Spices and Seasoning Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Branding
- India Spices and Seasoning Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Packaging Type
- Composite Containers
- Plastic Pouches
- Others (Unbranded, etc.)
- India Spices and Seasoning Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Distribution Channel
- Retail Outlets
- Hypermarkets and Supermarkets
- India Spices and Seasoning Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Application
- Meat & Poultry Products
- Snacks & Convenience Food
- Soups, Sauces, and Dressings
- Bakery & Confectionery
- Others (Beverages, etc.)
- India Spices and Seasoning Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Region
- North India
- West and Central India
- East India
- South India
- Leading Companies and Market Players
- Everest Food Products Pvt. Ltd
- Badshah Masala
- Eastern Condiments Private Limited
- Catch Spices
- Pushp Masale
- Rajesh Spice
- Ashok Masala
- Goldiee Group
- Sakthi Masala
- Kitchen Treasures
- Suruchi Masala
- JK spices
- Bharat Masala
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Key Questions Answered in the India Spices and Seasoning Report
- What will be the market value of the India spices and seasoning market by 2028?
- What is the market size of the India spices and seasoning market?
- What are the market drivers of the India spices and seasoning market?
- What are the key trends in the India spices and seasoning market?
- Which is the leading region in the India spices and seasoning market?
- What are the major companies operating in the India spices and seasoning market?
- What are the market shares by key segments in the India spices and seasoning market?
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