New Delhi: Indian spices export market is expected to grow to $10 billion by 2030. Ramkumar Menon, Chairman of the World Spice Organisation (WSO) said this while speaking the National Spice Conference (NSC) 2024 in Ahmedabad. Indian spice exports are set to achieve an export target of USD 4.7 billion for FY 24-25.
The growth in Indian spice exports for the first half of the current financial year (April-September 2024) have witnessed an 8.8% growth, in comparison to the last year’s corresponding period. India’s spice exports for the first half of FY24 amounted to Rs 17,488 crore (USD 2.09 billion). Our exports for last year’s corresponding period amounted to Rs 16,065 crore (USD 1.95 billion). India’s spice exports for FY 23-24 were $ 4.46 billion.
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India is the world’s largest spice producer and exporter. According to the India Brand Equity Foundation (IBF) chilli, turmeric, cumin, ginger and coriander constitute approximately 76% of India’s total spice exports. The spice sector’s exports span across regions including China, Bangladesh, Sri Lanka, the USA, the UK, the Middle East, Thailand and Germany. India currently produces approximately 12.48 million tons of spices annually.
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