Drip Capital, Inc, a global trade finance company, recently released its latest commodity analysis on Indiaâ€™s spice exports. From analyzing proprietary and publicly available data to understanding several emerging market trends within the industry, the report discusses different spices exported by India.
India is the largest exporter of spices globally. The western plateau and hills of Telangana, Maharashtra, and Karnataka produce over 60% of the countryâ€™s turmeric. But, Maharashtra is the second-largest producer of turmeric in India and exported $500Mn worth of spices in FY21.
Moreover, the stateâ€™s turmeric production has soared by 400% over the past five years due to an increase in the sowing area.
Also, in general, spice exports from this region have been witnessing a CAGR of 5% over the last five years till FY21, with the state also producing chilli, tamarind, and garlic.
Given that covid-19 has fueled a new wave of appreciation for Ayurveda and ethnic Indian food, the demand for convenience, and the desire of people to experiment with different flavours, Maharashtraâ€™s spice exporters can leverage opportunities from these emerging trends to make their mark in the export market.
Pushkar Mukewar, CEO/Founder of Drip Capital, said, â€œConsidering the medicinal value of turmeric and the global preferences of beverages like turmeric latte as immunity boosters, Maharashtraâ€™s turmeric exporters need to stay updated on market developments and innovate their products. This will help strengthen â€˜Brand Indiaâ€™ globally and allow spice traders to better cater to international markets.â€