FFOODSSpectrum April 2023
$10B Export Target for Booming SPICE Industry
In recent years, India’s spice exports have witnessed an impressive surge, with a 115 per cent increase in volume
and an 84 per cent rise in value between 2014 and 2021, reaching a historic high of $4.2 billion in 2020-21. This remarkable growth has captured the attention of several multi million-dollar FMCG companies in India, who are now eyeing the spice market. Startups in the sector are also not
lagging behind. With the Spice Board of India and other government bodies introducing various initiatives for the
sector’s growth, it's worth examining what the Indian spice sector looks like in 2023.
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