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Branded Spices Market
HOT & SPICY
August 2021
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
Branded spices – An introduction
Significant deal activities
Spices category in India – A deep dive
Large category
High growth
Strong margins
Value creation potential
Top 20 Indian food companies
Valuation drivers
The winning formula
Potential for expansion
Driver for product innovation
Emerging trends
The Avendus advantage
About the team
03
04
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07
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19
20
21
25
2
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
Avendus is India’s #1 Investment Bank for Spices and Seasonings,
having closed 7 deals in the space
Regional market leadership & high
share of blended spices, resulting in
superior margin profile & cash flow
generation
Huge expansion potential for regional
spice players to build a multi-state or
national play
Growth will be further fueled by
product innovation driven by need
for convenience
Despite a current low
branded penetration …
form the with an
High value add and
strong brand stickiness
has led to robust
material margins
MATERIAL
MARGINS
Indian market is dominated
by regional brands, as
Indian palate varies by
region, unlike other F&B
categories where global
MNCs have significant
share
… there has been a
noticeable shift from
traditional home-ground
masalas to branded
spice mixes
CAGR
3
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
M&A PRIVATE EQUITY
Deal Value
₹ Cr
(EV)
₹ Cr
(EV)
₹ Cr
(Primary fundraise)
₹ Cr
(Primary fundraise)
Stake
Majority stake
acquisition followed
by merger with MTR
100% stake 25% stake Minority stake
Acquirer
Year
Mar 2021 May 2020 Jun 2020 Oct 2019
ITC and Orkla paid a premium to expand / add
scale in the attractive spices market
4
Source: VCCEdge
Note: EV: Enterprise Value
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
0% 5% 10% 15% 20%
Ca
tego
ry s
ize
(IN
R C
r)2
Value growth (2019A-24E)
Pasta &
Noodles
Breakfast
cereals
Ready
meals
LARGE CATEGORY
HIGH GROWTH
STRONG MARGINS
Unorganised to Branded shift
Convenience focus → Higher
adoption of blended spices
Every-day usage
Centre of the plate
High value-added
Brand stickiness
Most attractive category with
high growth prospects &
potential to expand
Sweet biscuits,
snack bars
and fruit snacks
Savoury
snacks
Confectionery
Spices1
Baked goods
Within spices,
Blended
spices are
higher margin
(40%+ gross
margin) &
higher growth
of 24% CAGR
LARGE, HIGH GROWTH
CATEGORIES
6
Source: Euromonitor for market size except spices which is basis Avendus estimates
Note: 1. Avendus estimates for value growth
2. Category size for 2019/2020
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page Large category High growth Strong margins
All figures in INR Cr
24%
76%
65%
35%
Organised spices: 16% CAGR
Blended spices: 25% CAGR
Straight spices: 12% CAGR
Total spices market
Organised spices market
Organised (%)
Straight Blended
2020
2025
Increased need
for convenience
High brand stickiness
leading to higher
margins
Region-specific
blends
Various options
available across
cuisines
Accelerated adoption due to COVID
Improved quality
Introduction of smaller (Re.1/ Rs.5) pack
sizes, multiple SKUs
Increased shelf life
7
Source: Avendus estimates; Primary research
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page Large category High growth Strong margins
BURGER ITALIAN PIZZA
FISH ‘N’ CHIPS INDIAN THALI
Mustard | Ketchup | Mayo Tomato paste | Pizza sauce | Pesto sauce
Pepper | Sauces for sidesChilli & turmeric | Coriander | Whole spices |
Blended curry masalas
Sauces & dressings Sauces & dressings
Sauces & dressings Sauces & dressings
Bun
Chicken/Beef
Vegetables
Potato/Peas
Fish
Gram flour/oil
Rice/Papad
Vegetables
Wheat flour/oil
Ham/shrimp/salami
Vegetables
Pizza base
Cheese
8
Source: Avendus estimates
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
MARKET STRUCTURE –
TOP 5 BRANDS AND RETAIL VALUE SHARE1
Juices
29% 20% 18% 8% 1%
~45%
Ready
Meals 28% 21% 19% 8% 6%
~45%
Noodles &
Pasta 38% 18% 7% 5% 3%
~45%
Savoury
snacks2 30% 16% 9% 9% 5%
~20%
Spices2 15% 10% 8% 6% 4%
0%
Coca Cola Parle PepsiCo Dabur ITC
ITC
Nestle ITC Chaudhary Capital Foods
Local Brands MNC Brands
Large category High growth Strong margins
MNC BRANDED
MARKET SHARECATEGORY
PepsiCo ITC
Regional/ local companies
dominate → Different cuisine
and taste palate in every region.
Even national players have to
modify their blended spices
recipe to suit the tastes of
different regions.
Specific spices have been
used for generations in
households → High brand-
stickiness for local brands
Global MNCs have a significant share in a few packaged F&B categories, whereas spices
comprise only of local Indian players due to its regional/local nature
9
Source: Euromonitor for Juices, Noodles & Pasta, Avendus research for snacks, ready meals and savoury snacks, news articles
Note: 1. Latest available market share (CY20/FY21) except snacks (FY20)
2. Ready meals, noodles & pasta, Spices & snacks market share is calculated based on Avendus estimates
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page Large category High growth Strong margins
FRESH HEALTHY CONVENIENT QUALITY
Preference for using
fresh ingredients
Healthier & more
nutritious than
restaurants
Through usage of
cooking aids such as
blended spices
Guaranteed hygiene/
cleanliness
Branded spices Blended spices
100g
INR 15/-
Home ground spices
100g
INR 20/-
100g
INR 60/-
Monthly HH1 Premium Paid INR 38 - 50 INR 90 - 112
Monthly Household Consumption 750g - 1kg 200 - 250g
Packaged dosa batter
1kg
INR 30/-
Local dosa batter
1kg
INR 75/-
Monthly HH1 Premium Paid INR 90 - 180
Monthly Household
Consumption 2 - 4 kgs
Packaged curd
1kg
INR 50/-
Home-made curd
1kg
INR 100/-
Monthly HH1 Premium Paid 200 - 250
Monthly Household
Consumption 4 - 5 kgs
10
Source: Euromonitor, News articles, Bigbasket, Avendus estimates; Primary research
Note: 1. HH: Household
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
Staples
(Rice/Oil/Pulses)
Large category High growth Strong margins
STRAIGHT SPICES BLENDED SPICES
300
140 - 150
90 - 100
450
260 - 270
130 - 140
33 - 35%
Material margin
~3.0x
Material multiplier
Chilli powder1 Chilli masala powder1
48 - 50%
Material margin
~3.5x
Material multiplier
Amounts in INR per kg Amounts in INR per kg
MRP Realisation Material cost
Blended spices command higher margins
• High value-add / impact on taste
• Regional preferences & tastes
• High brand stickiness & pricing power
Brand enters new households through straight
spices, brand recall through blended spices
Straight spices → adds volume but price
sensitive
Blended Spices → Stickiness & high margin
STRAIGHT SPICES MATERIAL MARGIN (%)
Dairy
(Polypack Milk)
Straight Spices
Biscuits
Savoury snacks
50:50 Blended &
straight spices
Blended spices
10-20%
15-20%
33-35%
35-40%
35-45%
40-45%
45-50%
11
Source: Avendus estimates.
Note: 1. Chilli powder and chicken masala have been used for illustrative purposes only
Material cost = Raw material cost + Packing material cost
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page Large category High growth Strong margins
WEST
Spicy but not very pungent
Major spice brands:
SOUTH
Hot, more roasted spices, high usage of coconut
NORTH
Hot & spicy; more cumin
EAST
Hot, coastal and sweet
Major spice brands:
Major spice brands:
Major spice brands:
The spices market in India is a highly regional and segmented category with the
top 5 players constituting only about 45% of the branded spice market
12
Source: News articles, Bigbasket, Avendus primary research
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
Source: Bloomberg; Note: The grade/type of commodities considered in the chart above are indicative
Note: 1. Made for representation of commodity price movements with proportions 43:37:20 for chilli, turmeric & coriander (CTC)
• Consumer is more price sensitive; however stronger
brands can pass on raw material price increase to the
customers with minimum lag.
• Most large players procure in bulk during season time
(have cold storage infrastructure), to protect against
RM price volatility.
• Despite availability of same masala at various price
points across brands, there is high stickiness to
trusted brands, in line with other value-added
categories like snacks & biscuits.
• With large number of ingredients in the masala recipe,
players can retune the recipe products to maintain
pricing without impacting taste.
STRAIGHT SPICES BLENDED SPICES
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
64.1
CTC derived index1
Index prices in INR/kg
64.1
Steep drop in
coriander prices
81.5
104.4
All time high for all 3 commodities Players with
high blended share were able to maintain
margins; straight spices focused players had a
gross margin decline
42.0
Blended focused players were able to benefit
more vs. straight focused players, who had to
pass on price benefit to customers
78.4
84.6
Steep increase in
chilli prices
Large category High growth Strong margins13
Volume discounts and working
capital strength to purchase in
bulk during season time helps
larger players improve gross
margins by a couple of 100 bps.
Purchasing and pricing has become
more organized over the past few
years with the development of
mandis, spot markets and tech
enablement across the value chain.
Each of India’s top 5 spice companies are expected to grow over 6x in valuation over the next 10 years.
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
Revenue in INR Cr
#
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
CATEGORY
Diversified (#1 in Noodles)
Diversified (#1 in HFD)
Biscuits
Biscuits
Diversified (incl. spices)
Tea/ Coffee
Savoury snacks
Chocolate confectionery
Savoury snacks
Savoury snacks
Spices
Confectionery
Spices
HFD
Chocolate Confectionery
Spices
Savoury snacks
Edible Oil, RTC
Tea
Spices
FY20
REVENUE
12,369
12,232
c. 12,000
11,600
10,969
9,637
c. 8,200
7,168
4,046
2,336
c. 2,000
1,846
1,651
1,488
1,473
c. 1,450
1,394
1,347
1,282
c. 1,200
COMPANY
SIGNIFICANT SHARE OF THE TOP 20
FOOD COMPANIES IN INDIA AND HIGHER
GROWTH VS MOST PLAYERS
15
15 spices companies are estimated to
exceed by FY30; 4 spices companies will
become INR 5,000 Cr+ by FY30
MASSIVE OPPORTUNITY FOR VALUE
CREATION IN SPICES
Source: Avendus estimates & Annual Reports of Companies, Top 20 food companies list excludes staples (rice, atta, etc.), dairy (pure dairy plays),
alcohol/ carbonated beverages; Includes food revenue above for all players - Britannia, Tata includes some dairy/ tea/ salt; HFD: Health
Food Drink, RTC: Ready-to-cook products
Valuation of top 4 spices companies by
FY30
Growth in valuation to INR 2,10,000 Cr
combined for top 5 spices companies
Revenue share of 5 spices companies in
overall top 20 Food companies; We
estimate it to increase to 8-9% by FY30
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
• #1 or #2 player in the region
MARKET LEADERSHIP & BRAND DOMINANCE
• Faster than market; capture disproportionate
market share & keep competition at bay
HIGH GROWTH
• Results in brand stickiness & higher margin
profile → superior ROCE
HIGH PROPORTION OF BLENDED SPICES
• Provides ability to command better (i.e. lower)
channel margins & drive procurement efficiencies
LARGE SCALE
• Ability to leverage the brand and distribution
to add ‘In The Kitchen’ product offerings1
PLATFORM FOR FUTURE GROWTH
16
Note: 1. ’In-The-Kitchen’ categories include staples, edible oil, tea, coffee, cooking aids such as sauces, cooking paste etc, noodles & pasta,
RTC/ RTE etc; There exist significant distribution synergies with these categories & potential usage of product know how
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
BRAND
MARKET
POSITION
BLENDED
SPICES (%)
MATERIAL
MARGINS (%)1
EBITDA
(%)1
REPORTED
REVENUE (INR CR)
PAN
INDIA#1 in India ✓✓✓ ~50%+ ~35%+
c. 2,000
(FY20)5
RE
GIO
NA
L
Strong brand
in North India✓✓✓ 51% 37%
c. 1,450
(FY20)5
#1 in Tamil
Nadu✓✓ 43% 13%
1,182
(FY20)
#2 in Tamil
Nadu✓✓ NA3 8%
900
(FY19)5
(Spices - c.80% rev)
#1 in Kerala ✓✓ 40% 11%4
881
(FY20)
(Spices - c.78% rev)
#1 in
Karnataka✓✓✓ 48% 17%
820
(FY20)
(Spices - c.40% rev)
#1 in Uttar
Pradesh✓ 29% 13%
738
(FY20)
#1 in West
Bengal✓✓ 35% 17%
592
(FY20)
(Spices - c.80% rev)
Strong brand
in North India✓✓✓ 48% 8%
555
(FY20)
#1 in Gujarat ✓✓ 35% 7%411
(FY20)
2
MARKET
LEADERSHIP
HIGH
PROPORTION
OF BLENDED
SPICES
HIGHER
MARGINS
17
Source: Industry Research, Avendus estimates
Note: 1. Material & EBITDA margins are for FY20 except for MDH (FY18) & Avendus estimates for Everest
2. Even though it has state leadership, margins are low due to focus on more low utility products
3. Material margin of spices portfolio not known
4. EBITDA adjusted for non-recurring items
5. Avendus estimates
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
Everest is the only player which has built Pan India presence in
this category. Most other players including MDH, Eastern,
Catch have expanded across few states but with limited
presence outside the home market
Regional players have Heritage (trusted brands built
over 30 years), resulting in a sticky and loyal
customer base
TOP 5 BLENDED SPICES IN EACH REGION
KERALA MAHARASHTRA NCR KARNATAKA TAMIL NADU
Chicken masala Garam masala Garam masala Sambhar masala Chicken masala
Meat masala Chaat masala Meat masala Chicken masala Sambhar masala
Sambhar masala Chicken masala Chicken masala Garam masala Rasam powder
Garam masala Pav bhaji masala Chana/chole masala Meat masala Curry masala
Fish masala Sambhar masala Chaat masala Puliogare masala Columbo chilli
• Pan India/multi state players (e.g., Everest, MDH, Eastern) have launched common spice blends in multiple states with
some modifications
• They have been successful in launching region-specific spice blends too
Additional opportunity to capture market for international cuisines modified for Indian taste palates
such as Chinese, Pasta masala, etc.
Huge opportunity for regional spice players to leverage the brand and
deepen consumer understanding → Build a PLATFORM and SCALE
Expand into multiple states and add ancillary categories (incl. RTC, cooking aids, condiments)
18
Source: Primary research, News articles
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
10 YEARS BACK
10 YEARS
FORWARD
CONVENIENCE
+ Shift towards
branded spices
+ Variety /
Experimentation
+ Strong R&D →
newer formats
PRESENT DAY
• Home ground spices
• Unbranded straight spices
• Transparent packs
• Branded straight spices
• ‘All purpose’ blended spices e.g., Garam
Masala, Kitchen King Masala
• Limited variety of popular “Dish-specific”
blended spices such as Pav Bhaji, Chole &
Sambhar masala
• Gravies, RTC / RTE
• Recipe/cuisine specific spices such as pasta
masala, Mexican seasonings, piri piri masala &
Indian spices such as paneer tikka & biryani
masala
19
PRODUCT
HOURS
HOURS
HOURS
HOURS
TIME IN
KITCHEN
PER DAYTIME
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
ADOPTION OF A NEW CATEGORY OF INTERNATIONAL/
WESTERN BLENDS (EG SCHEZWAN MASALA, PASTA
MASALA)
• Niche category with potential to grow at 18% p.a. in
the next 5 years driven by increased experimentation,
huge variety, accelerated push due to Covid
• Dominated by Nestle currently with its flagship Magic
Masala, several other new age/cooking aids players
have entered this segment such as Keya, Capital
Foods, etc.
• Conventional brands have not entered this segment
yet due to niche market & their traditional brand
identity but can consider entering with gaining
popularity
MULTIPLE VARIANTS UNDER BLENDED MASALA:
EVERY URBAN HOUSEHOLD HAS 15+ MASALAS IN
THE KITCHEN, WILL INCREASE AT LEAST THREE-FOLD
• Introduction of ‘Dish-specific Blended Masala’ such as
Chole Masala, Rajma Masala, Jodhpuri Kachori
Masala, driven by convenience and achieving
restaurant like taste with significant potential for
increased adoption in future
• Spices companies have introduced numerous options
to cater to a host of “local cuisines” for every region
STRATIFICATION OF THE SPICES MARKET: GOURMET
SPICES TO MASS, CATERING TO VARIOUS TARGET
GROUPS
• Increasing trend of gourmet spice mixes with better
quality & packaging to cater to the demand for high
end/urban consumers (top 3-5% of the households)
• With rising health consciousness, organic spices has
also been gaining some traction in India
INCREASED DEMAND FOR CONVENIENCE BASED
PRODUCTS: WET SPICES - GRAVIES, CURIES, READY
TO COOK (RTC), READY TO EAT (RTE)
• Woman workforce participation has led to decline in
time spent in the kitchen → higher demand for RTC
across different formats such as gravies, dry cooking
aids, etc.
• Dry RTC/spices provides consumers the flexibility to
create their own recipe, while keeping the core taste
intact
• Innovation in RTC space in the form of dry gravies &
sauces through spray dried technology
20
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
deals worth in value since 2007
closures of value:
Boat, Eastern Condiments, Delhivery, Eurokids, VKL Seasonings, Ujjivan, Metropolis, Mankind, TCNS Clothing Co. (“W”)
Member dedicated team with more that years of collective IB experience
Food & Beverages | Services | Apparel | Personal Care | Consumer Durable
CONSUMER GOODS & SERVICES / RETAIL
Third Party Logistics | Multi-modal Transportation | Freight Mgmt. | Facilities Mgmt. | Security/Cash/Allied services
LOGISTICS
Preschool / K-12 | Higher Education | Vocational Training
EDUCATION
Publishing | TV Broadcasting & Production
MEDIA
22
Note: CFB (Consumer, Financial Services & Business Services) Vertical is one of the 6 Investment Banking Verticals within Avendus
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
Has invested in
Advisor to the Company &
Existing Shareholders
Jan 2021
Has acquired
Advisor to the Company &
Existing Shareholders
Sep 2020
Has invested in
Advisor to the
Company
Dec 2019
Has acquired
Advisor to the Company &
Existing Shareholders
Sep 2019
Has acquired majority stake
Advisor to the Company &
Existing Shareholders
Sep 2019
Has invested in
Advisor to the
Company
Jan 2019
Has acquired
Advisor to
Zydus Wellness
Jan 2019
Has acquired majority stake
Advisor to the Company &
Existing Shareholders
Jul 2019
Has invested in
Advisor to the
Company
Dec 2018
Have invested in
Advisor to the
Company
Dec 2018
Has invested in
Advisor to the
Company
Jul 2018
Have invested in
Advisor to the
Company
Jun 2018
Has invested in
Advisor to the
Company
Jul 2017
Has invested in
Advisor to the Company &
Existing Shareholders
Aug 2016
Have invested in
Advisor to the
Company
Jul 2016
Have invested in
Advisor to the
Company
Jul 2016
Has acquired
Advisor to
Jabong
Jul 2016
Has invested in
Advisor to the
Company
Mar 2019
23
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
Has acquired
₹Advisor to the company and
existing shareholders
Sep 2020
Has invested in
₹ Advisor to
Sapphire Foods
Dec 2018
Have invested in
₹ ₹ Advisor to
Swiggy
Dec 2018 | Jun 2018
Has acquired majority stake
₹Advisor to the company and
existing shareholders
Jul 2019
Has invested in
₹Advisor to
Licious
Jul 2021
Has acquired
₹ Advisor to
Zydus Wellness
Jan 2019
Has Acquired
Advisor to
Kancor
Nov 2014
Has invested in
Advisor to
Nilon’s
Jun 2014
Have invested in
Advisor to company &
existing shareholders
May 2014
Have invested in
₹Advisor to
VKL
Apr 2013
Has invested in
Advisor to
Blue Foods
Dec 2011
Has acquired assets of
₹Advisor to the
VKL
Oct 2011
Has acquired 26% stake in
₹Advisor to
Eastern
Jul 2010
Highlighted deals
in spices &
seasonings
Closed 7 deals in the Spices & Seasonings segment; Strong relationships & deep
understanding of the industry + value drivers
24
Has invested in
₹Advisor to
Raw Pressery
Jan 2019
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
Executive Director, Co-head, CFB
abha.agarwal@avendus.com
• 15+ years of experience in executing Investment
Banking transactions
• Worked with Accenture Management consulting prior
to Avendus
• MBA from S.P Jain Institute of Management Research
& C.A.
Executive Director, Co-head, CFB
anshul.agarwal@avendus.com
• 17+ years of experience in executing Investment
Banking transactions
• Worked with Rothschild prior to Avendus
• MBA from IIM Calcutta
Vice President, CFB
saloni.jain@avendus.com
• 12+ years of experience in executing Investment
Banking transactions
• Worked with MAPE Advisory, J.P. Morgan and Lehman
Brothers prior to Avendus
• MBA from IIM Indore
Vice President, CFB
parshav.mathur@avendus.com
• 13+ years of experience in executing Investment
Banking transactions
• Worked with Kotak Mahindra, Barclays & Lehman
Brothers prior to Avendus
• MBA from ISB
25
Note: CFB (Consumer, Financial Services & Business Services) Vertical which is one of the 6 Investment Banking Verticals within Avendus.
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page
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MUMBAI CORPORATE OFFICE
IL&FS Financial Centre, C & D Quadrant - 6th Floor,
Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051 India
Tel:+91 22 6648 0050 | Fax:+91 22 6648 0040
CIN: U99999MH1999PTC123358 | SEBI Licence: INM000011021
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