Seasonal Swing
The Kharif season spices are gearing up to hit the shelves. Experts predict a bumper crop by January 2024, potentially impacting prices. Hold tight; the rollercoaster might start its ascent from January to March 2024.
The recent National Spices Conference 2023 in Hyderabad witnessed insights from the Chairman of the World Spice Organization. With spice exports hitting $4 billion last year, the prospect of value addition promises a spicy boost for India.
Market Whirlwind
Cumin, the flavor hero, witnessed a price hike from $ 3 to$ 7,68 or €7,02, now stabilizing around $5,40 or €4,93. Experts believe that while reaching the old levels might be tricky, stability is on the horizon. Current spice exports focus on 50 percent value-added products, a figure that needs a boost to 75 percent to aim for a $10 billion export target by 2030.
Market analysts emphasize a strategic focus on enhancing spice yield and quality, aligning with both domestic and international standards. With fierce market competition, India needs to spice things up to maintain its position.
Export Expansion And Harvesting Opportunities
Out of the total spice production, 15 percent, approximately 10.3 million tonnes, is exported, leaving 85 percent for domestic consumption. To hit the ambitious $10 billion export target, experts suggest tapping into new markets like CIS, Africa, and South America, as traditional routes like Russia face challenges.
The traditional Central Asian spice markets are evolving, urging India to explore fresh avenues. Eyes on South America and Africa, the spice industry needs more than just spice— it needs resilient strategies for a sustainable future, ensuring prosperity for farmers and consumers alike.
The spice market, with its seasonal swings and global nuances, is a testament to the intricate play of demand, supply, and international factors. The challenge lies not just in ensuring a bountiful harvest but in shaping a future that’s sustainable and lucrative for every player in the spice industry. As we witness this market, the potential for stability after the initial surge is a ray of hope, urging stakeholders to spice up their strategies for a flourishing spice industry
Import/Export Statistics
Please click to reach our marketplace