Project Background:
Spices are the most significant & fundamental constituents of Indian Food & Cuisines and plays an important role in enhancing the flavour & taste of the processed foods. On account of their ability to impart flavour and aroma, spices have been used in the preparation of a wide variety of processed foods. Not only in households, but also in hotels, restaurants, eateries, etc. Spices are also used in the medicines because of their carminative stimulating and digestive properties.
Key Spices:
- Turmeric Powder
- Chili Powder
- Pepper Powder
- Jeera Powder
- Dhania Powder
- Garam Masala & other blended flavoured Spices
Plant Specifications:
- Plant capacity: 20 MT per day
- Days operational: 300 days
- Hours operational: 20 hours per day
- Approximate area: 1-2 acre
- Approximate project cost (minimum viable): Rs.10-20 crores (US $ 1.4-2.8 Million)
Market Share:
India is the world’s biggest exporter of spices. There is good scope for domestic market for this commodity in processed form. Spices are used all over the world and the unit can go on adding new products once achieves stability in the market. The demand for spice powder is increasing day by day with the changing attitude as well as improvement in purchasing power of the people. India leads in Cumin, Chilli and Turmeric production in the world. In the fiscal year 2019, the export value of spices from India amounted to over 231 billion rupees. Top 10 importers of spices from India USA, Vietnam, China, Hong Kong, Thailand, UK, UAE, Malaysia, Bangladesh and Sri Lanka. The top 10 exported spices and spice products in terms of value were Mint products, Chilli, Spice Oils & Oleoresins, Turmeric, Cumin, Pepper, Curry powders/paste, Cardamom seeds, other spices (Tamarind, Asafoetida, and Cassia) and Garlic. The total export of various spices in 2019-20 stood at US$ 3.40 billion.