Decoding the Indian spice market | Shift from unbranded to branded spices won't be quick

The fragmented Indian spice industry is worth Rs 80,000 crore and the branded market is valued at Rs 30,000 crore and estimated to grow at an annual pace of 10-15 percent.

Amid reports that Hindustan Unilever Ltd (HUL) is in talks to buy a stake in spice maker Mahashian Di Hatti Private Limited, popularly known as MDH, some experts are betting on periodic bouts of consolidation in the Indian spice market.

''In the last two years, multiple transactions have happened in the spice market. Due to COVID-19, consumer behaviour has also changed as experimentation in terms of cooking has increased,'' said Abneesh Roy, executive director of institutional Equities at Edelweiss Securities, said in an exclusive interview with CNBC-TV18.

Given its national presence, MDH could be valued at between Rs 10,000-5,000 crore, Mint reported on March 22, citing people familiar with the development.

Products sold by MDH include ground spices like black pepper, red chilli, cumin, dhania and coriander and turmeric powders; it also sells blended spices like biryani and chicken masalas and curry powder.