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Spice exporters tapping fast growing markets, introducing new products
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Thursday, 26 February, 2015, 08 : 00 AM [IST]
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Libin Chacko Kurian, Mumbai
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fiogf49gjkf0d Spice exporters from India are seeking aggressive growth by looking at tapping fast growing markets and introducing new products. In fact, such is the frenzy for improvement in business that exports of spices from the country are expected to be much beyond the expectations put forth by Spices Board for 2014-15.
According to the board, growing demand in markets like Africa and America is a good sign for Indian players and farmers. Interestingly, the board is involved in market development in different parts of the world and has been successful in its efforts till now. Further it believes that though spices market is at a good stage, it needs aggressive marketing and development of innovative products.
As per the board, the exports have already crossed 56% of its estimation till September in quantity. Though latest data is unavailable, Spices Board is confident to cross current estimation and target. The current data available shows 12% increase in exports compared to that of last year. Specifically spice oils and oleoresins had got increase of 21% compared to that of last year.
Ashok Mani, CEO, Kitchen Treasures, Synthite, said, “The spice market and Indian share are increasing significantly. There is a bright future for spice business, as per the demand and growth of market. We are introducing some of our new spice products into the market of Gulf region soon, as we found it had great potential for future expansion. Mostly there is demand for spices and value-added spice products. We will be launching in the UAE with about 30 different products in categories like pastes, masalas and pickles. We already have strong presence of these products in Kerala. We are expecting Rs 20-25 crore turnover within 3-4 years from this segment.”
An official from the marketing department of Spices Board said, “Spices export is growing significantly even above the expectations of Spices Board. Big companies as well as small exporting players are gaining much in the market. Markets like America and Middle-East have constant demand while Africa is a rising market. Innovation is the key to penetrate into the current market, while finding new markets is important for expansion. Indian spices have an upper hand over other countries. The reason behind the ongoing export surge is both hardwork of exporters and Spices Board. While Spices Board helps in developing new markets, exporters are coming up with new products.”
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