Last week in a nutshell
India’s spice market is going to blow! But will the world accept it?
31% of all MDH masalas were given the thumbs down by US Customs in the past six months due to salmonella contamination. Additionally, Between September 2020 and April 2024, the EU food safety regulators discovered ethylene oxide in 527 products linked to India. Keep scrolling for the full story.
Met Gala: Celebrities, Fashion, and $26 Million in Annual Funds
The Met Gala raised ₹2,150 cr this year for the Met's Costume Institute. Seat prices surged from ~₹4 to ₹6 cr now. Celebrities often don't pay; designers buy tables for ~₹30 crore, and the celebs can sit at the table bought by the designer they are wearing.
Telecom Titans Fight for Rs 96,317 Crore 5G Spectrum
India's telecom giants, Reliance Jio, Airtel, and Vodafone Idea, are gearing up for a monumental showdown, eyeing a staggering ₹96,317.65 crore worth of 5G spectrum in an upcoming auction starting on June 6. With the government poised to selectively purchase airwaves, the bidding war for these lucrative assets is set to be nothing short of monumental.
Keep scrolling to read the big story 👇
Sugar and spice, but not everything is nice
Remember the viral reel of @foodpharmer (Revant Himatsingka) on Instagram where he got Bournvita in trouble for being full of sugar? That whole drama has led to change. The Commerce Ministry has directed e-commerce platforms like Amazon and BigBasket to remove drinks like Bournvita, Horlicks, and Protinex from the “health drinks” category.
But when it comes to Indian food and products "health drinks" aren't the only ones in trouble.
Spices are in trouble too
Overseas authorities have raised concerns about Indian spices containing cancer-causing ethylene oxide, leading to bans in Hong Kong and Singapore and rejection by US Customs due to salmonella contamination.
EU regulators found ethylene oxide in 527 Indian food products from September 2020 to April 2024. Besides all these challenges, the Indian Spice market has an optimistic future.
The Indian spice market could reach $24.6 bn by 2030
This growth is fueled by rising demand for convenience foods and value-added spice products like infused oils and blends. The government is actively promoting exports and encouraging the use of spices in various cuisines. However, rising exports could lead to higher domestic prices, and variations in GST across states might create market instability.
Exciting opportunities await...
On the other hand, the South Indian region is expected to maintain its dominance due to its ideal climate for spice cultivation and the expertise of its artisans. This market report also details key players like ITC Limited and Patanjali Ayurved, offering valuable insights for those interested in the Indian spice industry.
