Rising young population, increasing awareness of nutritional and medicinal properties and rising demand for more diverse food palette will be the key drivers of global spices demand, according to MM Murugappan, Chairman of Carborundum Universal Limited.
He was delivering the keynote address at the sixth edition of the International Spice Conference 2023 hosted by the All-India Spices Exporters Forum (AISEF) and the Cochin Chamber of Commerce and Industry. The theme of the four-day conference, which began on Thursday, is ‘Reboot N’ Rebound - Beyond the new normal’.
Murugappan added that shifting demography, rising income levels, strong preference for taste, brand awareness and digital technology are reshaping the consumer taste and behaviour across industries.
Poised for growth
He said despite global economic headwinds, the spice industry is poised for a good growth in both domestic and export markets. Pegging the global spice exports at $14 billion, he said it is expected to grow 4-5 per cent annually, driven by the growth in the European Union.
Noting that India is world largest producer, consumer and exporter of species. Murugappan said value-addition is critical for India to maintain its leadership position given the competition from low-cost economies.
In the chief guest address, D Sathiyan, Secretary, Spices Board India, said, India has a robust supply network for spices with more than 7,000 spice exporters of which more than 10 per cent are manufacturing exporters.
He added that spice exports in the last two fiscals have crossed the $4 billion mark and the government is looking to achieve annual spice exports of $10 billion in the next five years.
Highlighting that 225 different varieties of spices are being exported to 180 destinations from India, Sathiyan said the government is aiming to sustain the competitive edge of the Indian spice industry with added thrust on high-end value addition and new product development.