Asafoetida is a dark brown, resin-like substance obtained from the ferula root. Ferula is a perennial plant that is mostly cultivated in India but also in Iran and Afghanistan. The plant's gum is removed and then processed into a coarsely grained yellow powder known as hing or asafetida. There are two types of asafoetida in the Indian market- milky white asafoetida and red asafoetida.
Market Summary
Asafoetida, also known as hing in India, may be found in any kitchen. Its use in the nation is widespread, spanning regional cuisines in addition to Ayurvedic medicine. However, the product has primarily been imported into the nation to meet domestic demand. According to the Department of Commerce, in India, total asafoetida imports totaled $132.9 million between 2014-2015 and 2019-2020. Afghanistan has been the leading exporter of asafoetida to India, accounting for 98.19% of total imports in 2019-20. In 2019-20, India's exports of this commodity to the rest of the world were $8.63 million. Asafoetida importers in India often buy it in raw form and afterwards add value by transforming it into a compound form, which is then shipped to the rest of the globe.
The market will grow in the coming years as the government initiates efforts to increase asafoetida production in India. For instance, in order to jointly cultivate asafoetida, the IHBT (CSIR-Institute of Himalayan Bioresource Technology) and the agricultural ministry of Himachal Pradesh signed a Memorandum of Understanding in June 2020.
Another factor in the market’s growth is the increasing awareness of the health benefits of asafoetida. For instance, it has a lot of antioxidants, which protect the body against heart disease, cancer, type 2 diabetes, and chronic inflammation. Additionally, it helps with the management of IBS (inflammatory bowel syndrome) and indigestion. Asafoetida may also have benefits for reducing blood pressure, managing cognitive health, and others. It also has antifungal and antibacterial properties.
According to OMR Research, owing to all such factors, the Indian asafoetida market will grow significantly during the forecast period (2023-2029).
Recent Developments
The key companies in the Indian asafoetida market include Aachi Spices & Foods Pvt. Ltd., Badshah Masala, Everest Food Products Pvt. Ltd., Mahashian Di Hatti Pvt. Ltd., Laljee Godhoo & Co., MTR Foods Pvt. Ltd., Vandevi Ltd., and others. These companies contribute to the market’s growth through several mergers, collaborations, new product launches, and investment activities. Some of the recent developments in the market include-
• In August 2022, Dabur India Ltd., India's premier Ayurvedic and Natural Health Care Company, announced the expansion of the Dabur Vedic Tea portfolio with the introduction of "Dabur Vedic Green Tea Detox Kahwa," a green tea steeped with Ayurvedic herbs. The tea is made with eight whole herbs, including asafoetida, black pepper, tulsi, ginger, cardamom, clove, cinnamon, and nutmeg.
• In July 2022, Emami Agrotech Ltd., the branded food production part of the Emami Group, released Mantra Spices under its well-known Emami Healthy and Tasty brand. There is a huge variety of spices under Mantra Spices, including hing, garam masala, chicken masala, and other spices.
• In April 2022, Darwin Platform Group (DPG) launched its range of spices for the Indian market called the DP Masala Mix under the brand name DP Retail Masala. The spices include hing (asafoetida) powder, garam masala, chicken masala, chana masala, vegetable masala, and others.