Thursday, November 30, 2023

Indian spices market reaches Rs 1.14 lakh crore: WSO chairman

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The World Spice Organisation (WSO), a non-profit technical partner of the All-India Spices Exporters Forum (AISEF), has organised the second edition of the National Spices Conference 2023, dedicated to the theme “Food Safe Spices – The Way Forward to a Stable and Sustainable Income” on Saturday.
Indian spices market has reached Rs 1.14 lakh crore and only 15 per cent of the production at Rs 33,000 crore is being exported to other countries as stated by the Chairman of the World Spice Organization, Ramkumar Menon.
The event provided a forum for industry leaders, experts, and stakeholders to engage in discussions and implement strategies aimed at enhancing the spice sector as a whole. The experts and industry leaders at the conference deliberated on crucial issues surrounding the safety and sustainability of spices.
Ramkumar Menon said, “ Ensuring the safety of our spices is not only a responsibility but a commitment towards building a resilient and sustainable future for our farmers and consumers alike. The industry should also ensure that all stakeholders have access to a better and more sustainable income.
The WSO has set an ambiguous target to achieve $10 billion worth of Indian spices exports by FY 2030 from $4 billion in this fiscal. The demand for branded spices is increasing drastically in the domestic and global markets due to changing lifestyles and better incomes. More agricultural startups are coming into this space to establish quality products. With this, the exports are likely to reach Rs 40,000 crore  ($5 billion) by 2025 and Rs 80,000 crore ($10 billion) by 2030.”
Dr Homey Cheriyan, Director of the Directorate of Arecanut and Spice Development (DASD), Ministry of Agriculture stated that “Spices are an important driver of economic growth. Government policies are directed to strengthen this sector.”
Dr. A B Remashree, Director Research Spices Board, shared insights to promote safe spice cultivation. He stated, “Food Safety is non-negotiable in the spice industry. Our strategies must reflect our commitment to deliver safe and high-quality Spices to consumers worldwide.”
Additionally, Cherian Xavier, Chairman of the Business Committee for NSC 2023, said, “The theme ‘Food Safe Spices- the way forward to a stable and sustainable income’ is not just a conference focus; It is a call to our industry to shape our future responsibly and sustainably.”
The participants can anticipate engaging in discussions, expert insights, and strategies for a future where food-safe practices lead to a stable and sustainable income for spice farmers. The event was attended by various Farmer Producer Organizations (FPOs) and NGOs, collectively representing approximately 25,000 farmers associated with the National Sustainable Spice Programme (NSSP). NSSP is a prominent initiative of the WSO, which focuses on enhancing the production of food-safe and sustainable spices in India, while also facilitating market access for these sustainably produced goods.

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