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Spice Industry

1854 Words8 Pages

Export is considered as an important factor in the development of any country as well as the engine of economic growth. India is an emerging economy and has a large percentage of international and domestic trades taking place.
INTERNATIONAL SPICE TRADING/ INDIA’S SHARE IN GLOBAL SPICE MARKET
India is known as the ‘land of spices’ and no place can be compared to India for the kind of spices it produces. Its strategic location, climatic condition, advanced production process and availability of cheap labors make it advantage for the producers to ensure large scale production of quality spices and herbs. Spice Industry has been witnessing considerable growth rate in the international sector. The growth in the sector can be accredited to the change …show more content…

Through the high quality of the product that AVT NPL supplies, the image of the company in the world market is that of an extremely quality conscious and prompt supplier. The marketing department helps in maintaining a good image and broadening the market horizons. All these are achieved by effective promotional activities. The company is trying to make awareness among the representatives of other international companies about the advantages of using natural food products by participating in international food exhibition, trade exhibition and spice festivals. The company is also giving their products advertisement in the food magazines for the promotion of their products. Spice oils are sold through direct outlets in the international market. Various events are sponsored by Avt group as a part of their promotional activities.
Spices industry is oligopoly in characteristics. Since the quality of essential oil being subjective, there should be a direct contact between buyer and seller for fixing quality standards.
The price is determined by a number of factors including market shares, completion, material cost, product identity and the customer’s value of the product. The business may increase or decrease the price of a product if other stores have a same product according to their pricing strategies.
The pricing strategy adopted by AVT NPL is geographical pricing strategy where different pricing is done for the products in …show more content…

The spice oils distilled off from the spices at the initial stage before subject to solvent extraction. These oils are the volatile components present in spices and provide the aroma and flavor of the spice they are made from. India is one of the top most producers of spice oils and contributes to around 70% of the total spice oil production. Countries including USA, EU, Japan and other Middle Eastern countries are major importers of spice oil. The export of Indian spice oils has been rising significantly in the last few years owing to a sharp rise of demand in the fast food

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