The Indian asafoetida market is a vibrant and diverse industry that is growing constantly. Asafoetida, also known as hing, is derived from the resin of the Ferula plant and is widely used in Indian cuisine for its pungent flavor and aroma. Asafoetida holds a prominent place in Indian cuisine and culture. It is an essential ingredient in various regional dishes and spice blends, such as rasam, sambhar, and pickles. The cultural significance of asafoetida ensures a consistent demand for the spice across the country.
The market can be segmented into various categories, including types, product forms, and sales channels. Based on types, the market is sub segmented into milky white asafoetida and red asafoetida. Based on product form, it comes in granulated and powdered forms. Additionally, based on sales channel, it can be found on online shops such as Amazon, Kerala Spices Online, BigBasket, and others, and offline channels,
Key Drivers of the Indian Asafoetida Market
Increasing Health Consciousness
Asafoetida is known for its medicinal properties and is believed to aid digestion, relieve flatulence, and reduce bloating. According to the National Library of Medicine, asafoetida, traditionally used for various ailments such as stomach issues, asthma, and epilepsy, has shown beneficial effects on digestion, bile flow, and pancreatic enzyme activity. It is also known to address women's health problems and exhibit antioxidant, antimicrobial, antiviral, and anticancer properties. Additionally, it has shown neuroprotective and hypotensive effects, among others. With a rising emphasis on health and wellness, consumers are seeking natural remedies, leading to an increased demand for asafoetida as a healthy spice alternative.
Expanding Export Opportunities
Indian asafoetida has gained popularity globally, finding its way into international markets. The export demand for high-quality asafoetida from India, known for its distinct flavor and aroma, has opened up new growth avenues for the industry. According to the Department of Commerce reports, in 2019-20, India exported $8.3 million worth of asafoetida to countries such as the US, UAE, Saudi Arabia, Malaysia, and Singapore, compared to $6.7 million worth of asafoetida in 2014-15.
Initiatives by Private and Public Organization
Several private and public organizations are taking steps to promote organic farming and support the spice industry. Initiatives such as subsidies, training programs, and market development schemes have positively impacted the asafoetida market, encouraging farmers to cultivate and meet the growing demand. For instance, according to the Press Information Bureau, CSIR-IHBT, the Institute of Himalayan Bioresource Technology, has made history by introducing asafoetida (Heeng) cultivation in the Indian Himalayan region. This breakthrough is set to transform farming practices in the remote Lahaul valley of Himachal Pradesh, utilizing vast stretches of waste land in the cold desert conditions. India currently imports around 1200 tonnes of raw asafoetida annually, spending approximately 100 million USD. CSIR-IHBT brought in asafoetida seeds and developed agro-technology for its cultivation. The institute also organized training programs and established demonstration plots to facilitate seed production and commercial cultivation. This development aims to reduce India's dependence on imports and promote self-sufficiency in asafoetida production.
Expansions and Innovations by Major Market Players
The Indian asafoetida market has significant contributors such as MDH, Everest Masala, Ramdev, Laljee Godhoo, Patanjali, Hamdard, and others. These players assist in the market’s growth with the launch of new products and through collaborations and investments. Some of the recent developments in the market include-
• In July 2022, Emami Agrotech Ltd., the Emami Group's branded food production division, launched Mantra Spices under the Emami Healthy and Tasty brand. Mantra Spices offers a wide range of spices, including hing, garam masala, chicken masala, and others.
• In April 2022, Shree Rani Sati TradeCorp, a marketing, distribution, and supply chain services provider, partnered with Hamdard Food Division to expand distribution of Hamdard's products across North India. The partnership will see Shree Rani Sati TradeCorp provide modern trade distribution placement services and e-commerce services for Hamdard's products such as Hamdard Hing, Nariyal Paani, Herbal Juices, Glucose-D, RoohAfza, Jam-e-Shirin, Hamdard Isabgol, and others.