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Indian Spice Market Valued at ?1.8 Trillion, Set to Revolutionize FMCG Sector : Study

Indian Spice Market Valued at ?1.8 Trillion, Set to Revolutionize FMCG Sector : Study

18th September, 2024

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The Indian spice market, currently valued at approximately ?1.8 trillion, is set for substantial growth, which could reshape the entire FMCG ecosystem, according to a study released by the All India Consumer Products Distributors Federation (AICPDF).

The study projects that the spice market will grow 2.6 times over the next eight years, driven by robust double-digit growth. This expansion is expected to reinforce the critical role spices play in the Indian economy, especially within the fast-moving consumer goods (FMCG) sector.

"The surge in demand for spices will significantly impact the FMCG sector, positioning spices as a key economic driver," said Dhairyashil Patil, national president of AICPDF. Catering to diverse segments such as households, HoReCa (Hotels, Restaurants, and Catering), and institutional buyers, the spice market's reach highlights its deep integration into daily life.

The report also notes that with over 50 crore households in India, the market translates to an average household expenditure of ?3,600 on spices, underlining its vital role in the consumer basket.

As the market evolves, the study emphasizes the importance of strategic alignment across the supply chain to meet rising demand while ensuring quality and sustainability. This growth is expected to cement spices as a cornerstone of India’s FMCG ecosystem.

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