Spice Business in India is one of the beneficial businesses that you can start easily. India is the major exporter and producer of spices. Also, the spices of India are world famous. Moreover, spices are an essential commodity in every kitchen. Thus, whether you want to start export business of spices or start trading spice business in India or both, opportunities are plenty for you. In this article, we will explore the beneficial spice business in India. In addition, we will read about the most beneficial spices that you can choose to start your spice business in India.
Explore the beneficial spice business in India having many opportunities
Spices have long been an important component of India’s external business with foreign countries. Indian spices are now widely available and almost every spice variety is produced in India.
In addition, the country is the largest exporter of the spices. Because spice is a mass-consumption commodity that is primarily utilized in culinary items or as a flavoring for food products, its internal demand is continuously growing.
Thus, you can start a spice business in India in multiple ways. The various opportunities spice business may include –
- Manufacturing of Spice Powder
- Growing of Spices
- Packaging of Spices
- Machinery Supplying for Spice Business in India
- Export and Import Business Of Spices
- Digital Marketing of Local Spice Business
Explore the List of most profitable spices to export
Spice Board Registration has listed 52 Spices that you can export. List of Spices mentioned in the Spice Board Act has mentioned almost every spice grown in India. However, while choosing the spices to export, it is initially best to choose only those having high profit margins.
The list of most profitable spices to export is as follows.
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Mint
It is used to flavor meats, fish, sauces, soups and stews, as well as vinegars, teas, tobacco, and syrups. Mint oil is used to make natural menthol, while dementalizing oil is used to flavor mouthwashes, toothpaste, and medicinal preparations.
Also, It is used medicinally to treat digestive problems, rheumatism, headache ointment, cough medicine, inhalation, and other ailments. Antiseptic, carminative, cooling, stimulating and diuretic properties of oils and dried herbs.
Furthermore, In the fiscal year 2016-17, India was the largest exporter of mint items, exporting around 22300 tonnes of mint. China, the United States, the Netherlands, Germany, and France are the top importers of Indian mint.
According to estimates, India exported 3130.37 tonnes of mint to the United States and 9359.55 tonnes to China.
Thus, this data clearly indicates there is a huge demand for mint in foreign exports.
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Cumin
The cumin seeds are used to produce medication. Cumin is used to treat digestive issues such as diarrhoea, colic, bowel spasms, and gas. It is worth noting that India is the world’s largest producer of cumin, accounting for around 70% of global output.
In addition, India exported 1,19,000 tonnes of cumin worth Rs. 1,96,320 lakhs for the fiscal year 2016-17. Cumin is imported by the United States, the United Arab Emirates, Vietnam, the United Kingdom, and Bangladesh.
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Turmeric
Turmeric is a popular spice derived from the root of the Curcuma longa plant. It includes a substance known as curcumin, which may help to decrease swelling. Turmeric offers several health advantages and aids in the relief of pain.
In fiscal year 2016-17, India exported 1,16,500 tonnes of turmeric. It is valued at a total of Rs. 1,24,189 lakhs. Iran, the United States, Malaysia, Bangladesh, and the United Arab Emirates are among the biggest importers. Besides, Iran is India’s top importer of turmeric, worth around Rs. 13575.50 lakhs. Turmeric, on the other hand, has a thriving industry in India. It is one among the most often used spices in Indian cuisine. Therefore, starting a spice business in India or for export, Turmeric is a very good option.
What is Spice Board Registration?
As per section 11 of the SPICES BOARD ACT, 1986, no business shall start or carry on the business of export of any spice from India without Spice Board Registration.
Therefore, It is important to note that exporting spices without the Spice board registration may result in-
- Confiscation of the Spice Stock in hand.
- Imprisonment upto one year.
- Fine upto one thousand rupees.
Thus, Spice Board Registration is one of the most important requirements before you start export business of spices. Our detailed guide at – How to Start a Spice Business in India gives you a complete roadmap to start a spice business in India.
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If you want any other guidance relating to the Spice Board Registration, please feel free to talk to our business advisors at 8881-069-069.
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