Over the past five years, India’s spice export market has shown significant shifts in pricing and demand. Let's break down how the key spices performed, both in terms of price mechanisms and total export values.
Chilli
Between 2019 and 2024, the price per metric tonne (MT) of chilli increased from $1,831 to $2,510, representing a 37% rise despite only moderate growth in volume. The combination of global demand and inflationary pressures pushed the total export value from $909 million to $1.51 billion.
Turmeric
Turmeric exhibited stable price growth, rising from $1,266 per MT to $1,400 over the five years. Export volumes followed a steady upward trend, from 137,650 MT to 162,019 MT, which drove the total export value to $226.91 million by 2023-24, fueled by the ongoing global interest in its health benefits.
Cumin
Cumin saw a sharp surge in price, with rates more than doubling from $2,102 per MT in 2019-20 to $4,240 in 2023-24, even as export volumes declined. This significant 102% price rise increased the total export value from $450 million to $700 million, driven largely by supply limitations and sustained international demand.
Spice Oils & Oleoresins
Prices for spice oils and
oleoresins grew from $25,435 per MT to $26,620, reflecting rising global demand for natural extracts. This premium category saw its total export value soar to nearly $500 million, with volumes and values both expanding significantly.
Mint Products
Unlike other spices, mint products experienced a price drop, with the cost per MT falling by 29% from $21,191 to $15,064. Despite stable export volumes, this price decrease pulled the total export value down from $518 million to $416 million, indicating a possible oversupply or intensifying competition.
India’s overall spice export value rose from $3.11 billion in 2019-20 to $4.46 billion in 2023-24. The global spice market remains dynamic, with certain spices such as chilli and cumin seeing their value driven primarily by price increases, while others like mint faced declining prices despite sustained demand. The diverse pricing mechanisms underscore both opportunities and challenges in the evolving spice landscape.
Source: Figures obtained through analysed data released by the @Spices Board of India