India - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSpice Price in India - 2023
Contents:
- Spice Price in India (FOB) - 2022
- Spice Price in India (CIF) - 2022
- Spice Exports in India
- Spice Imports in India
Spice Price in India (FOB) - 2022
The average spice export price stood at $2,357 per ton in 2022, surging by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The pace of growth appeared the most rapid in 2015 an increase of 19%. The export price peaked in 2022 and is expected to retain growth in the near future.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($3,510 per ton), while the average price for exports to Bangladesh ($1,271 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.
Spice Price in India (CIF) - 2022
The average spice import price stood at $3,155 per ton in 2022, waning by -16.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2014 when the average import price increased by 30%. The import price peaked at $4,051 per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sri Lanka ($6,831 per ton), while the price for Russia ($814 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Spice Exports in India
In 2022, shipments abroad of spices decreased by -22.8% to 1.1M tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 27% against the previous year.
In value terms, spice exports declined to $2.5B in 2022. The total export value increased at an average annual rate of +8.0% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 26% against the previous year.
| Export of Spice in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 416 | 589 | 650 | 451 | 2.7% |
| United States | 236 | 277 | 330 | 266 | 4.1% |
| Bangladesh | 115 | 282 | 232 | 206 | 21.4% |
| United Arab Emirates | 83.3 | 116 | 158 | 189 | 31.4% |
| Thailand | 130 | 130 | 128 | 148 | 4.4% |
| Indonesia | 70.2 | 74.4 | 101 | 124 | 20.9% |
| Sri Lanka | 98.9 | 108 | 102 | 122 | 7.2% |
| Malaysia | 90.2 | 106 | 107 | 113 | 7.8% |
| Saudi Arabia | 41.5 | 55.3 | 72.4 | 74.5 | 21.5% |
| United Kingdom | 61.5 | 72.0 | 79.6 | 64.7 | 1.7% |
| Nepal | 41.2 | 59.2 | 60.2 | 45.4 | 3.3% |
| Morocco | 33.7 | 33.8 | 44.0 | 36.9 | 3.1% |
| Others | 572 | 598 | 688 | 666 | 5.2% |
| Total | 1,990 | 2,501 | 2,751 | 2,507 | 8.0% |
Top Export Markets for Spice from India in 2022:
- China (188.7K tons)
- Bangladesh (161.8K tons)
- United States (75.9K tons)
- United Arab Emirates (68.2K tons)
- Sri Lanka (54.9K tons)
- Thailand (53.7K tons)
- Indonesia (47.7K tons)
- Malaysia (45.3K tons)
- Nepal (27.9K tons)
- Saudi Arabia (27.1K tons)
- Morocco (21.9K tons)
- United Kingdom (21.1K tons)
Spice Imports in India
For the fourth consecutive year, India recorded growth in supplies from abroad of spices, which increased by 22% to 235K tons in 2022. The total import volume increased at an average annual rate of +11.1% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, spice imports expanded to $740M in 2022. The total import value increased at an average annual rate of +10.5% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 16%. Imports peaked in 2022 and are expected to retain growth in the near future.
| Import of Spice in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 145 | 159 | 205 | 224 | 15.6% |
| Sri Lanka | 66.9 | 49.8 | 121 | 96.2 | 12.9% |
| Madagascar | 32.4 | 71.6 | 51.7 | 86.7 | 38.8% |
| Indonesia | 95.2 | 93.4 | 102 | 65.0 | -11.9% |
| Nepal | 27.6 | 51.6 | 51.8 | 56.1 | 26.7% |
| Afghanistan | 41.5 | 45.1 | 44.0 | 31.4 | -8.9% |
| Brazil | 7.8 | 8.6 | 12.6 | 30.5 | 57.5% |
| United Arab Emirates | 26.8 | 16.7 | 24.7 | 24.4 | -3.1% |
| Russia | 4.1 | 4.2 | 3.5 | 22.6 | 76.6% |
| Nigeria | 13.6 | 13.5 | 15.5 | 19.3 | 12.4% |
| China | 8.4 | 12.3 | 12.8 | 8.0 | -1.6% |
| Myanmar | 12.2 | 12.1 | 4.3 | 6.1 | -20.6% |
| Lithuania | 0.2 | 0.1 | 2.3 | 3.7 | 164.5% |
| Others | 65.8 | 84.7 | 71.9 | 65.6 | -0.1% |
| Total | 548 | 623 | 722 | 740 | 10.5% |
Top Suppliers of Spice to India in 2022:
- Vietnam (57.2K tons)
- Nepal (30.5K tons)
- Russia (27.8K tons)
- Indonesia (15.1K tons)
- Sri Lanka (14.1K tons)
- Madagascar (13.6K tons)
- Nigeria (12.3K tons)
- Afghanistan (10.2K tons)
- United Arab Emirates (8.6K tons)
- Brazil (7.7K tons)
- China (5.0K tons)
- Lithuania (4.5K tons)
- Myanmar (3.7K tons)
This report provides an in-depth analysis of the spice market in India. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 687 - Pepper
- FCL 689 - Pimento
- FCL 692 - Vanilla
- FCL 693 - Cinnamon (canella)
- FCL 698 - Cloves
- FCL 702 - Nutmeg, mace, cardamoms
- FCL 711 - Anise, badian, fennel
- FCL 720 - Ginger
- FCL 723 - Spices nes
Country coverage:
- India
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in India
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
1813
This report provides an in-depth analysis of the spice market in India.
1235
This report provides an in-depth analysis of the piper pepper market in India.
593
This report provides an in-depth analysis of the pimenta pepper market in India.
5019
This report provides an in-depth analysis of the global spice market.
6739
This report provides an in-depth analysis of the global piper pepper market.
897
This report provides an in-depth analysis of the global pimenta pepper market.
1813
This report provides an in-depth analysis of the spice market in India.
1235
This report provides an in-depth analysis of the piper pepper market in India.
593
This report provides an in-depth analysis of the pimenta pepper market in India.
5019
This report provides an in-depth analysis of the global spice market.
65
The growth rate peaked in February 2023 with a 56% month-on-month increase in Spice exports. However, the value of spice exports dropped significantly to $93M in November 2023.
186
In February 2023, the piper pepper price amounted to $4,634 per ton (CIF, India), rising by 12% against the previous month.
260
In November 2022, the pimenta pepper price amounted to $2,842 per ton (FOB, India), stabilizing at the previous month.
597
India remains the largest pimenta pepper exporter worldwide, comprising near half of the global exports. Last year, India managed to strengthen its leading position, with pimenta pepper exports skyrocketing to over 500K tons, or $1.1B. China was the key importer of Indian pepper, accounting for 32% of the total volume. The average export price for pimenta pepper from India jumped by +16% y-o-y in 2020.
491
Explore the top import markets for spice worldwide, including the United States, India, China, Germany, and the United Arab Emirates. Discover key statistics and market insights from the IndexBox market intelligence platform.
406
The global spice market is forecast to reach a value of $54.1 billion by 2030, growing at a CAGR of around 4.1% during 2022-2030.
3083
The global spice market is expected to grow at a CAGR of over 3.5% from 2022 to 2025.
1089
Among leading importers, China, India, and the U.S. saw the highest growth rates of imports over the past decade.
764
The lockdown caused a surge in household demand, and the costs of some spices were going through the roof during the pandemic.
1168
The global spice market amounted to $33.1B in 2019, leveling off at the previous year. This figure reflects the total...
