Spices are non-leafy parts (e.g. bud, fruit, seed, bark, rhizome, and bulb) of plants used as a flavoring or seasoning, although many can also be used as an herbal medicine. A closely related term, ‘herb’, is used to distinguish plant parts finding the same uses but derived from leafy or soft flowering parts. Spices are essential ingredients in any good cook’s kitchen. They are also used in the manufacture of incense, oils, cosmetics, preservatives and flavorings.
India is the largest producer, consumer and exporter of spices and spice products in the world and produces more than 50 spices. India is also a big exporter of Chilli, turmeric, cumin, pepper and many other spices. The revenues from India market are expected to expand to around USD 18 billion in FY’ 2020, growing with a CAGR of ~% from FY’ 2016 to FY’ 2020. The highest contribution to this growth is expected to come from the spice mixes and blended spices. As a whole any entrepreneur can venture in this project without risk and earn profit.
Few Indian major players are as under
· A D F Foods Ltd.
· Aachi Masala Food'S Pvt. Ltd.
· Akay Flavours & Aromatics Pvt. Ltd.
· Catch Foods (India) Ltd.
· Chordia Food Products Ltd.
· Devon Foods Ltd.
· Empire Spices & Foods Ltd.