Project report for Spice powder

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Spice processing and packaging are considered profitable businesses in India. Any individual can start a spice business on a small, medium, and large scale basis as per his or her investment capacity. Even a home-based spice business is also profitable in India. Additionally, you can start with one or two varieties of spice. As your business grows, you can shift to a full-fledged spice processing company. India produces almost all the known spices. The country is the largest exporter of this commodity. As spice is a mass consumption item mostly used in culinary preparation or seasoning of food products, its internal demand is increasing quite steadily. 

With changing lifestyle and especially with changes in food habits and the increase in income level, the use of powdered spices has increased. Of late, the market for ready-to-mix of spices has grown significantly. Spices are fast-moving consumable items and have large potential. There has to be a widespread network of dealers or retailers backed up by advertisements in local media The export market for Indian spices is also growing. Spices from India are going places, with exports on course to top $3 billion by 2016-17. Powdered spices are convenient to use and also saves time and energy for preparing different delicious dishes. Besides their everyday use in households, spices are used in significant quantities in processed foods and commercial food service businesses such as hotels, restaurants, etc.

Product / Services & process

The firm focused on producing Turmeric, Chilli, Cumin, Coriander, Black Pepper, Cardamom, Cloves & a specific blend of spices for specific recipes. The list includes meat masala, chicken masala, Sabji masala, garam masala, chana masala, meat masala, Kasuri Methi, Pav bhaji masala, chat masala, biryani masala etc 

Raw materials / Consumables

The major raw materials are unground turmeric, black pepper red chilies, cumin, coriander, etc. Additionally, need to arrange the pouch as the main required packaging consumables. Also, needed corrugated cartoon for bulk packaging.

Plant & Machinery / Equipments

Land measuring around 150 sq. meters. is adequate with a built-up area of about 75 sq. meters. consisting of the main production area, packing section and go down. Spice grinding and processing generally demand simple machinery and equipment. Need to install a disintegrator, spice grinder, pouch sealing machine, and weighing scale. In a fully automatic operation, the entire system is interconnected with a bucket elevator and conveyor belt.

Market potential & Strategy

The Indian spices market is pegged at Rs 40,000 crore annually, of which the branded segment makes up 15 percent. According to Technopak, national brands dominate the branded space market. And most prominent brands are Catch, Everest, Ramdev, among others. Increasing urbanization paired with a rise in the number of working women has reduced the time of cooking. Consequently, home-makers have started demanding readymade spice mixes such as sabzi masala, garam masala, chicken masala, etc. This has augmented industry revenues. The spice mixes and branded spices entail greater profit margins, as compared to straight and unbranded spices. We can conclude, initiating a small-scale home-based spice business is a profitable investment opportunity for new entrepreneurs in India. The market is largely unorganized and the branded segment makes up about 15%.

 India exports close to 52 different spices. Spices exports from India grew to USD 626.8 million during the first quarter of 2015-16 as compared to approximately USD 511.2 million in the same period last year. India exported 215,215 tonnes of spices during the first quarter of FY16 as compared with 213,443 tonnes in the same period last year. The Indian spices market is projected to reach approximately USD 18 billion by 2020 with growth in the sector is expected to be led by branded spices and spice mixes. The Indian government is aggressively promoting spice exports through various initiatives such as the setting up of spice parks.

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