Indian Spice Exports: Ups And Downs in 2024-25
A Spicy Start to 2024-25
India’s spice trade is off to a complex start this fiscal year. Export volumes fell by 2% in the first four months of FY 2024-25, yet revenues climbed 4%, according to the Spices Board of India. What’s driving this paradox? Some spices are seeing soaring demand, while others are grappling with production challenges and shifting global preferences.The Stars of the Spice Trade: Fennel, Tamarind, and Cumin Shine Bright
- Fennel’s Stellar Performance: A Double DelightFennel is basking in the limelight, with exports more than doubling by 111%. Between April and July 2024, India shipped 41.70k tonnes of fennel, earning USD 45.75 million—up 22% from last year. Its rising demand in Middle Eastern and European cuisines, coupled with its growing medicinal appeal, has catapulted fennel into a superstar category.
- Tamarind: The Tangy Game-ChangerTamarind is no longer just a kitchen staple; it’s becoming a global favorite. Exports soared 63% to 13.28k tonnes, with revenue jumping 64% to USD 9.84 million. The unique blend of culinary and medicinal uses is driving its strong performance in international markets.
- Cumin: The Spice That Won’t QuitCumin continues to be a heavyweight in India’s spice trade, with exports up 57% to 97.16k tonnes. Revenue surged 26% to USD 318.29 million. With consistent demand in Asia and South America, cumin is holding its ground as a go-to spice for flavor-packed dishes.
Tough Times for Coriander and Turmeric:
- Coriander’s Fall from GraceIt’s been a rough year for coriander farmers. Exports plummeted by 65%, with volumes dropping to just 21.07k tonnes. Revenue wasn’t spared either, falling 55% to USD 25.92 million. The culprit? Weak domestic production has left coriander struggling to meet international demand.
- Turmeric: Less Volume, More ValueTurmeric is caught in a bittersweet situation. Export volumes dipped by 14% to 61.61k tonnes, but revenue skyrocketed by 53%, reaching USD 121.39 million. The global health craze for turmeric-based products is keeping prices high, offering some relief to exporters despite reduced shipments.
From Black Pepper to Red Chillies:
- Black Pepper and Cardamom Surge AheadBlack pepper exports rose by 23%, while small cardamom shipments jumped an impressive 47%, cementing their roles as growth drivers in the spice sector.
- Red Chillies Hit a Rough PatchNot all spices are enjoying the same success. Red chilli exports dropped by 7%, reflecting challenges in maintaining their dominance in global markets.
Yet The Indian Spices Market is Having Potential
The first four months of FY 2024-25 reveal a shifting landscape for Indian spice exports. While fennel, cumin, and tamarind are thriving, coriander and red chillies highlight the challenges of fluctuating production and demand.The focus will be on maintaining the momentum of high-performing spices like turmeric while addressing the struggles of underperformers like coriander. With changing global tastes and India’s unique positioning in the spice trade, the industry is poised for an exciting, albeit challenging, year.
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