The demand for spices in India is projected to rise from 4.91 million metric tons in 2024 to 5.14 million metric tons by 2028. Given the 2023 demand was 4.85 million metric tons, the year-on-year growth rates for 2024 through 2028 are positive, with the annual growth rate increasing slightly each year. The compound annual growth rate (CAGR) over this period indicates a consistent upward trend in demand.
Future trends to watch for:
- Increasing middle-class income levels and urbanization driving home cooking and food industry demand.
- Growing health consciousness promoting the use of spices for their medicinal properties.
- Potential impact of climate change affecting spice crop outputs.
