Spice trade has long been one of India's most prominent strengths. It was our spices, among other things, that first made Westerners search for routes to India. Even today, they are one of the country's biggest exports. India's dominance in species is owed largely to the biggest factors - its diverse cuisine that makes lavish use of species creating a handsome local demand and spice traders. Trading in species is an excellent venture, but much like every other business, it requires some knowledge of the market.
Some of these aspects of the spice trade in India are mentioned below
A plethora of species are traded in India, all having different characteristics and getting different demands in different markets. Some of the most common types include Black Pepper (often called the king of spices due to its popularity), Cardamom (comes in green and black varieties), Turmeric, Cumin, Coriander, Cinnamon, Cloves, Fenugreek, Chilli Peppers, Asafoetida (more commonly known as “hing” in India), Saffron, and Curry Leaves.
Though traditional use to ‘spice food up,’ that is, to add a strong taste to food, species are also used as colouring agents, cosmetics (particularly turmeric), and even for their health benefits, especially in Indian traditional medicinal systems like Ayurveda. That also means that spices are demanded in industries like the food industry, cosmetic industry, wellness industry, etc. You might find demand for spices in these industries.
You must ensure that you only deal in only the highest quality of spices. Some markets even require certain quality certifications or approval by regulatory authorities. It may also be desirable if spices are of organic quality.
Even if you are only buying spices just to resell them later, you must store them in the meantime. That is not easy, as spices may easily get spoiled when exposed to adverse weather conditions. Thus, you must find storage that optimizes the life of spices.
Another logistic challenge relating to spices is transporting them to or from your chosen storage. You will have to partner with transportation services that offer a safe and hygienic way of transporting the spices, particularly given the packaging (or lack thereof) for your spices.
A trader’s biggest asset is often not their stock in trade but their goodwill; that is, how reliable they are considered by their trading partner. Thus, you must find the right spice trading partners and foster strong relationships with them. Of course, you must, in turn, prove your reliability to them over time.
You must, of course, be mindful of various price and cost considerations, including seasonal variations, if any, when trading in species.
AVR Logistics is a trader with the perfect understanding of various intricacies of the spice trade and thus is a reliable and trustworthy trading partner. Not only spices, but we also trade in several other food items like rice, maize, sugar, etc. If you are interested or have any queries, then just get in touch with us to learn more.
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