(MENAFN- IANS) New Delhi, Nov 16 (IANS) The domestic spice exports market is likely to reach $10 billion by 2030, entering newer geographies, according to Ramkumar Menon, chairman of the World Spice Organisation (WSO).
At the 'National Spice conference (NSC) 2024' event in Ahmedabad, Menon said the spice export growth in the first half this fiscal has seen 8.8 per cent growth (year-on-year).
India's spice exports for the first half of FY24 reached Rs 17,488 crore ($2.09 billion), according to Menon. The spice exports are set to surpass $4.7 billion for FY 24-25.
To meet the ambitious $10 billion target, India needs to produce nearly 15 million tonnes of spices, he mentioned.
The export of spices and spice products reached an all-time high in FY 2023-24 and attained $4.46 billion.
During 2023-24 the export of spices and spice products from the country has been 15,39,692 tonnes valued Rs 36,958.80 crore ($4464.17 million), according to data by the Spices Board, under the Union Ministry of Commerce and Industry.
The growth was seen owing to a rebound in volumes and higher prices for certain varieties such as pepper, cardamom and turmeric. The red chilli exports hit a record $1.5 billion in FY24, a 15 per cent increase from the previous year's $1.3 billion which is driven by robust demand from China and Bangladesh.
Red chilli exports, worth $1.5 billion, comprised about 34 per cent of India's total spices exports. China was the top importer of Indian red chillies in FY24, purchasing over 1.79 lakh tonnes valued at Rs 4,123 crore, according to Kedia Advisory.
The Spices Board is set with a transformative scheme aimed at significantly enhancing the export of spices and value-added spice products as well as improving the productivity of cardamoms and upgrading the post-harvest quality of spices across India for export.
Various programmes rolled out under the scheme 'Sustainability in Spice Sector through Progressive, Innovative and Collaborative Interventions for Export Development (SPICED)' will be implemented during the remaining period of the 15th Finance Commission cycle, till FY 2025-26, with a total approved outlay of Rs 422.30 crore.
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