Optimism for Price Reductions with Fresh Crops
The spice industry, particularly the cumin sector, is poised for a significant change in early 2024. Prices are expected to decline with the arrival of fresh crops from the kharif season. This optimistic outlook was shared by Ramkumar Menon, the Chairman of the World Spice Organization, at the National Spices Conference 2023. Cumin, which saw a dramatic price increase from $3 to $7,69 has recently stabilized around at $7.69. The industry anticipates a further stabilization of prices with the influx of new harvests.
India’s Export Ambitions and Value Addition
India, a major player in the global spice industry with exports totaling $4 billion last year, is now focusing on enhancing value addition and expanding its international market presence. Menon highlighted the potential for growth, suggesting an increase in value-added exports from the current 50% to 75% to achieve the ambitious $10-billion export goal by 2030. With a strategic plan in place, India is expected to hit the $5-billion mark in spice exports by 2025. Adhering to stringent domestic and international quality standards is also a priority to maintain and elevate India’s position in the global market.
Exploring New Global Markets
The exploration of new export destinations like the CIS, Africa, and South America is seen as a key strategy to meet the $10-billion export target. Menon noted the need to reestablish connections with Central Asian markets, which were previously accessed through Russia, and to seize opportunities in South America and African markets. This expansion strategy underscores the industry’s commitment to diversification and growth.
Sustainability and Safety: A Top Priority
The conference emphasized the crucial role of ensuring the safety and sustainability of spices, a commitment pivotal to building a resilient future for both farmers and consumers. This involves ensuring that all stakeholders, including farmers, have access to better and more sustainable incomes. The industry’s responsibility extends beyond production, focusing on the holistic wellbeing of its community.
Collaborative Efforts at the National Spices Conference
The National Spices Conference 2023 witnessed the gathering of various farmer-producer organizations (FPOs) and non-governmental organizations. Representing approximately 25,000 farmers associated with the National Sustainable Spice Programme (NSSP), these groups are integral to the World Spice Organization’s efforts in promoting sustainable practices and enhancing the global stature of Indian spices.
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