Nichrome Powder Packaging On the Spice Trail Last year, of India’s estimated Rs 40,000 crore spices market, just about 15% was branded and dominated by brands such as Catch, Badshah, Everest, MDH, MTR and Ramdev, among others, according to a study by Technopak Advisors. However the branded spices market is booming as consumers grow increasingly concerned about quality, purity and brand. Spice exports from India too are on the rise. As per the Economic Times, spices export from India has seen a staggering 129% growth in the last fiscal year.
The Indian spices market is projected to reach approximately USD 18 billion by 2020 with growth in the sector is expected to be led by branded spices and spice mixes. The Indian government is aggressively promoting spice exports through various initiatives such as setting up of spice parks. Spice Parks offer common processing facilities to both producers and exporters. No wonder, large packaged goods companies like ITC Ltd., Kohinoor and Tata Chemicals Ltd., the maker of branded salt and pulses, have stepped into the spices segment during the past couple of years. Besides modern retail and kirana shops, branded masalas are being sold through specialty stores like meat shops and online marketplaces like Amazon and Big Basket. There is a huge market for smaller packs and single-use pouches.