Project report for Spice Cultivation

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Introduction

Spices play an important role in the agricultural economy of the India. The total value of spices produced in India was about 7000 crores annually.Almost all Indian states produce spices, with the total area under spice cultivation pegged at around 3.15 million hectares. India commands a formidable position in the world spice trade. Spice market has many different applications including bakery products, sauces, dressings, beverages, frozen foods, and package foods. Retail and e-commerce portals are among the sought-after destinations for the distribution of spices. Retailers such as Walmart, Kroger’s, and Tesco are serving consumers with self-labeled products to establish their presence in the market and sustain the competition. 

A spice is a seed, fruit, root, bark, or other plant substance primarily used for flavoring or coloring food. Spices are distinguished from herbs, which are the leaves, flowers, or stems of plants used for flavoring or as a garnish. Spices are sometimes used in medicine, religious rituals, cosmetics or perfume production. Spices are parts of a specific tree that are edible, have medicinal properties, and can completely impact the flavor of a particular dish. Cinammon for example is the bark of its namesake tree, cloves are flower buds, bay leaves are leaf of its plants, cardamoms are seeds, and in the same way all other spices are also dried plant parts in order to be used in culinary arts, except herbs can be used fresh as well. .

Market potential & Strategy

The global spices market size was valued at INR 436.210 Crores in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2020 to 2027. Increasing demand for authentic cuisines globally is one of the foremost factors driving the consumption of spices. The growing fondness towards enjoying various kinds of flavors in foods and snacks is likely to prompt manufacturers to produce high-quality, appealing, and reliable products that can maintain consistent standards globally. Spices can alter the taste of specific cuisines and correlate with flavors of various regions. For instance, the Middle East and Southeast Asia are likely to contribute to fusions, which is expected to gain presence in the market over the forecast period. 

India exported a humongous 1.08 billion kilograms of spices of various types to different countries in the world. Such is the extent to which South Asia’s spices are desired by different cuisines around the world. Because of their unique aroma and taste, Indian spices have always been solicited for global use since the ancient times. The climate of Indian subcontinent makes it an ideal place for spices to get cultivated without affecting its regular produce. Spices have a variety of end user industries including bakeries, cosmetics, pharmaceuticals, and the most prominent one. Due to increasing demand for spices on account of expanding urbanization, during the forecast period of 2019-2025, the spices market will experience growth with a standard compound annual growth rate (CAGR) of 4.80%.

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