India’s branded spices market is set to double to touch ₹50,000 crores by 2025. Branded spices will make up half of the spices sold in the country, according to a 2021 report by investment bank Avendus Capital.
On Wednesday, Emami Agrotech Ltd., the branded food manufacturing arm of the Emami Group said its packaged spices business could draw revenues of ₹700-1,000 crore over the next five years.
On Wednesday the company said it is rolling out its spices range under the Mantra Spices brand nationally after it soft-launched the product in West Bengal in 2019. Emami Agrotech also produces and sells branded edible oils, specialty fats and vanaspati. The company will sell pure and blended powder spices as well as tastemakers.
India’s branded spices market is set to double to touch ₹50,000 crore by 2025. Branded spices will make up half of the spices sold in the country, according to a 2021 report by investment bank Avendus Capital.
Emami Agrotech will sell spices including turmeric, chilli, cumin, coriander powders apart from blended spices like Garam Masala, Meat Masala, Chicken Masala, Pav Bhaji Masala etc. The company plans to introduce taste makers in the national market in the next phase. Spices are being manufactured at the company’s facility in Jaipur, Rajasthan.
“We plan to expand our footprint across 2,00,000 retail outlets by the end of this year and 5,00,000 outlets in the next three years and will have significant presence in modern trade and e-commerce channels. We are also bullish of achieving our revenue target of ₹700-1,000 crores in the next five years for Mantra,” said Krishna Mohan Nyayapati, director, Emami Agrotech.
Mohan also said the company is eyeing a bigger play in the packaged foods space and could launch new products over the next two to three years. It has also launched soya chunks in select markets with plans to go national.
Earlier this month the government asked edible oil companies to slash oil prices by ₹15 per litre, amid easing supply bottlenecks internationally. In response serval companies initiated price cuts.
Emami Agrotech that sells edible oils such as the—Emami Healthy & Tasty Soyabean oil, sunflower oil and mustard oil—has also dropped prices by Rs15-30 per litre on select stocking keeping units in response to cooling commodity prices. Mohan said prices could climb down further given global cues.
