Gains in Some, Challenges in Others: Revenue Growth in 2024

In the first four months of the fiscal year 2024-25, India’s spice exports have seen a mix of growth and decline. While overall export volumes fell by 2%, revenue from these exports rose by 4%, according to the Spices Board of India. The numbers reflect some changes in the global demand, with certain spices thriving and others facing a tougher market.

Fennel and Tamarind Lead the Way

• Fennel has been the standout performer since the beginning. The export volumes soaring by an impressive 111%.
• Between April and July 2024, India shipped out 41.70 k tonnes of fennel, generating USD 45,75 million in revenue—up by 22% compared to the same period last year.

This growth highlights a growing demand for fennel in international markets, particularly in the Middle East and Europe.

• Tamarind exports also had a strong run, with volumes increasing by 63% to 13.28 k tonnes.
• Revenue from tamarind surged by 64%, bringing in USD 9,84 million.

This reflects the rising interest in tamarind for both culinary and medicinal uses globally.

Cumin Continues Steady Growth

• India’s cumin exports remained strong, growing by 57% in volume to 97.16 k tonnes.
• This increase helped cumin exports rake in USD 318,29 million—up 26% from last year.

Cumin’s popularity in international markets, especially in Asia and Latin America, has continued to bolster demand.

Garlic and Coriander Face Headwinds

• On the other hand, garlic exports have struggled. Shipments dropped by 66% to just 13.88 k tonnes, with revenue also dipping to USD 17,09 million—a 20% decline.
• Competition from other garlic-producing countries, along with changes in global demand, has put pressure on India’s garlic exports.
• Similarly, coriander has faced a difficult season, with export volumes down by 65%.
• Only 21.07 k tonnes of coriander were exported, bringing in USD 25,92 million—a 55% drop in revenue compared to last year. Domestic demand for coriander, coupled with lower production, has limited export availability.

Turmeric Sees a Surprising Turnaround

• Turmeric exports tell a different story. While export volumes dropped by 14%, falling to 61.61 k tonnes, the revenue jumped by 53%, reaching USD 121,39 million.
• This increase in income, despite lower volumes, reflects higher prices for turmeric in global markets, driven by its growing demand in health and wellness sectors.

Other spices have shown mixed results. Black pepper exports rose by 23%, while small cardamom saw a 47% increase. Meanwhile, red chili exports dropped by 7%, indicating some challenges in that market.

Conclusion: Opportunities and Challenges Lies Together

India’s spice exports continue to show resilience in a competitive global market. While spices like fennel, tamarind, and cumin are showing strong growth, challenges remain for garlic and coriander. Exporters may want to focus on high-demand spices like turmeric and fennel to capitalize on rising global interest. Staying ahead of market trends and focusing on quality could help ensure steady growth in the coming months.





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