Spices Board targets exports of $25 billion by 2047

Spices Board India aims for $25 billion annual spice exports by 2047, focusing on sustainable supply chain and innovation.

The Spices Board is targeting $25-billion worth annual export of spices and spice-based products by 2047 from $4.4 billion currently, said its Director-Development Dharmendra Das.

At the United Planters Association of Southern India’s (UPASI) annual conference held in Coonoor recently, Mr. Das said that annual production of spices should be increased to 17 million tonnes to meet India’s demand of about 13 million tonnes and export of 2.7 million tonnes by 2047. India currently consumes 10 million tonnes and exports 1.42 million tonnes.

Ginger exports are the fastest growing with a CAGR of 27%, while the top export earnings are from chilli ($ 1.1 billion), he said.

The board will focus on enabling sustainable, safe and chemical-free export supply chain and promote innovative and value-added products. The potential for exports will be good for extracts, oleoresins, essential oils, blends, powders, condiments, etc., he said.

There should be well-funded research and development initiatives and measures to increase productivity. Another significant measure would be to promote import substitution by identification, development and cultivation of high oil content varieties of coriander; high curcumin varieties of turmeric; and scaling up of saffron and asafoetida as per market demand,” he added.