Efforts to achieve spice export target of $ 10 billion intensified

07-Mar-2025 05:52 PM

India's ambition to increase its spice export target to $10 billion by 2030 is an exciting challenge. The strategy being devised to reach this goal revolves heavily around boosting the export of value-added spice products.

This is crucial because, while the export of whole spices is doing well, the growth in value-added products is essential to meeting the target.

As the export of spices continues to rise—reaching a record $4.40 billion in 2023-24 and showing an 8% increase in the first ten months of the current financial year—the focus will shift toward ensuring that the growth is sustainable and that more value-added products are produced and exported.

Increasing the contribution of value-added products to 70% of total spice exports will require significant efforts in innovation, processing capabilities, and market expansion.

Currently, these products make up around 50% of the spice export income, and the government, in partnership with industry stakeholders, will need to address challenges like increasing exportable surplus and improving the international competitiveness of Indian spices.

The fact that 85% of the spices produced in India are consumed domestically, with only 15% being exported, suggests that there is significant potential for expanding the spice export sector.

With global demand for Indian spices remaining strong, India's position as the world’s largest producer, consumer, and exporter of spices puts it in a strong position to grow the sector substantially.

The success of this strategy will depend on several factors, including improving spice processing technologies, expanding the reach of Indian spices in international markets, and ensuring that quality standards are met globally