WORLD NEWS | Hot Indian spices add flavor to ‘spicy’ economy

New Delhi [India], Jan 10 (ANI): The traditional spice box known as “masala dabba” is one of the must-haves in Indian kitchens. Masala dabba usually consists of several small metal cups, each containing a specific spice.

Indian spices are used all over the world in various products such as sauces, baked goods, frozen meals, beverages, condiments, packaged foods and many more. Among the 109 spice varieties listed by the International Organization for Standardization, about 75 are produced in India, a big spice country.

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In India, the production of different spices has increased significantly in the past few years. According to a report by the government trust India Brand Equity Foundation (IBEF), 10.88 million tonnes of spices will be produced in 2021-22.

Many of these spices are exported from the country to many countries around the world. India exports spices and spice-related products to 180 countries in 2020-2021. China, United States, Bangladesh, Thailand, UAE, Sri Lanka, Malaysia, United Kingdom, Indonesia, and Germany are the major destinations for Indian spices.

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And, from 2020 to 2021, more than 70% of export earnings will come from these markets alone. Since the COVID-19 pandemic, the demand for Indian spices has increased even more due to their immunity-boosting properties.

“I think we’re going to get 10% to 12% annual growth very soon, and the Indian government is aiming for around 19.5% of annual export sales so that we can be a ‘manufacturer’ in the global market. among Indian brands,” said Ridhay Raman Khanna, managing director, HH Global Sources.

From 2020 to 2021, spice exports are at record highs both in volume and value, growing 17% in dollar value and 30% overall. Their growing demand is stimulating the Indian spices market.

“The Indian spice market is booming. Our spices are in demand all over the world, especially in the US. The quality of our spices is so good that most countries are importing them,” said Naresh Bansal, owner of Star Spices and Dried Fruits.

The tremendous growth of the Indian spices market has created a range of business opportunities for those looking for high returns on small investments. Leading spice producers are also stepping up their marketing efforts and launching innovative products.

With heavy investments in social media platforms, market players are engaging with customers to understand their needs and tastes. Industry experts believe that India has maintained its spice appeal and will remain at the top for years to come. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)