Branded Spices gaining flavour in Indian households

India’s domestic spices market is estimated at 5.3 mn tons, with branded segment contributing 20% in value terms. This segment is growing at a compound annual growth rate (CAGR) of 14% in value terms and is expected at a CAGR of 12% to 15% in the next four to five years.

Branded spices market in India is showing a healthy growth following a shift in buying patterns of consumers observed during the past decade. Now the preference has changed to ground spices instead of whole spices- a trend more visible in urban areas, according to a new report by Rabobank titled Decoding Spices, India Emerging as a global hub for processing spices.

India’s domestic spices market is estimated at 5.3 mn tons, with branded segment contributing 20% in value terms. This segment is growing at a compound annual growth rate (CAGR) of 14% in value terms and is expected at a CAGR of 12% to 15% in the next four to five years.

Direct household consumption of spices (whole or powder) has remained constant, ranging from 3.4% to 3.6% of total food expenditure in households, however, consumption of spices in quantity terms has grown through increased expenditure on processed food products such as snacks and beverages including at home and out-of-home consumption.

Highlights
– Indian market preference for spice blends and mixes are rising.
– Organised retailers have launched private labels.
– Increased demand is observed in seasonings, oleoresins, extracts for various food and non-food applications.

Retrieved from – http://www.commodityonline.com/news/branded-spices-gaining-flavour-in-indian-households-56940-3-56941.html

Advertisements