spices store iran trader market - A Flavorful Outlook for Spices in 2024

A Flavorful Outlook for Spices in 2024 Spice Prices May Experience a Refreshing Dip in the New Year

Mintec Global
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A dash of good news breeds in the spice bazaar this new year. Consumers may soon find solace from the relentless surge in prices, particularly cumin, with expectations of a decline in January. This anticipated relief is linked to the influx of new spices during the Kharif season, offering a glimpse of moderation following last year’s unprecedented spike.

A Pinch of Positivity from World Spices Organization

The World Spices Organization Chairman shares an optimistic forecast, anticipating a decline in spice prices between January and March 2024. This optimistic outlook aligns with the arrival of the new crop in the market, promising respite for consumers. It underscores the crucial role of a robust harvest in stabilizing prices as they reach consumers. Following his participation in the National Spice Conference 2023, the chairman revealed that India boasted exports worth four billion dollars last year. To further enhance this success story, efforts are underway to augment the value of these exports, unlocking potential markets for Indian spices globally.

Cumin’s Journey – From Peaks to Valleys

The spotlight falls on cumin, a spice that experienced a rollercoaster ride in pricing. The surge in cumin prices highlights the volatility in prices and the potential for stabilization with the arrival of the new crop. While the costs of Nepal’s old Natale may not decline, experts assert that measures will be in place to maintain control. Currently, 50 percent of exports consist of value-added products like spice mixtures and oils. The goal is to elevate this figure to 75 percent, propelling exports to an ambitious target of 10 billion dollars by 2030. The chairman envisions reaching the milestone of 5 billion dollars by 2025.

Quality Check – A Spice Voyage from Domestic to Global

Furthermore, the significance of prioritizing the quality of domestic spices aligns with the escalating demand for superior products both locally and internationally. India currently exports 15 percent of the total spice production of 10.3 million tonnes, with the remaining 85 percent consumed domestically. India is urged to explore untapped markets to meet the lofty target of $10 billion in exports. Experts identify promising opportunities in CIS Africa and South America.

The spice industry anticipates a positive shift in pricing trends, relieving consumers of soaring costs. The emphasis on quality, exploration of new markets, and value addition in exports align with industry goals. Stabilizing cumin prices and strategic measures for Nepal’s spices underscore the industry’s commitment to sustainability and growth.

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