HOT & SPICY

Branded Spices Market

August 2021
 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 2

Branded spices – An introduction 03

Significant deal activities 04

Spices category in India – A deep dive 05

Large category 07

High growth 10

Strong margins 11

Value creation potential 14

Top 20 Indian food companies 15

Valuation drivers 16

The winning formula 17

Potential for expansion 18

Driver for product innovation 19

Emerging trends 20

The Avendus advantage 21

About the team 25

 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 3

form the with an

MATERIAL
CAGR MARGINS

Despite a current low
branded penetration …
… there has been a High value add and Indian market is dominated
noticeable shift from strong brand stickiness by regional brands, as
traditional home-ground has led to robust Indian palate varies by
masalas to branded material margins region, unlike other F&B
spice mixes categories where global
MNCs have significant
share

Regional market leadership & high Huge expansion potential for regional Growth will be further fueled by
share of blended spices, resulting in spice players to build a multi-state or product innovation driven by need
superior margin profile & cash flow national play for convenience
generation

Avendus is India’s #1 Investment Bank for Spices and Seasonings,

having closed 7 deals in the space
 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 4

M&A PRIVATE EQUITY

₹ Cr ₹ Cr ₹ Cr ₹ Cr
(EV) (EV) (Primary fundraise) (Primary fundraise)
Deal Value

Majority stake
acquisition followed 100% stake 25% stake Minority stake
by merger with MTR
Stake

Acquirer

Mar 2021 May 2020 Jun 2020 Oct 2019

Year

ITC and Orkla paid a premium to expand / add

scale in the attractive spices market

Source: VCCEdge
Note: EV: Enterprise Value
 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 6

LARGE, HIGH GROWTH

CATEGORIES
45,000
Savoury
snacks
Sweet biscuits, LARGE CATEGORY
40,000 snack bars
and fruit snacks
Every-day usage
35,000
Centre of the plate
Category size (INR Cr)2

30,000
Confectionery
Within spices, HIGH GROWTH
25,000 Blended
Spices1 spices are
higher margin Unorganised to Branded shift
(40%+ gross
20,000 margin) & Convenience focus → Higher
Baked goods higher growth adoption of blended spices
of 24% CAGR

15,000
Pasta &
Noodles STRONG MARGINS
10,000
High value-added

5,000 Brand stickiness

Breakfast Ready
cereals meals

-
0% 5% 10% 15% 20%
Most attractive category with
Value growth (2019A-24E) high growth prospects &
potential to expand

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 7 Large category High growth Strong margins

All figures in INR Cr

Total spices market

Organised spices: 16% CAGR

Organised spices market

35%
24% 2025
Blended spices: 25% CAGR
2020 Straight spices: 12% CAGR 65%

76%
Straight Blended

Organised (%)

Increased need Region-specific

Improved quality
for convenience blends

Introduction of smaller (Re.1/ Rs.5) pack

sizes, multiple SKUs High brand stickiness
Various options
available across leading to higher
cuisines margins
Increased shelf life

Accelerated adoption due to COVID

Source: Avendus estimates; Primary research

 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 8 Large category High growth Strong margins

BURGER ITALIAN PIZZA

Vegetables
Bun
Ham/shrimp/salami
Chicken/Beef
Cheese
Vegetables
Pizza base

Sauces & dressings Sauces & dressings

Mustard | Ketchup | Mayo Tomato paste | Pizza sauce | Pesto sauce

FISH ‘N’ CHIPS INDIAN THALI

Fish Vegetables

Potato/Peas Rice/Papad

Gram flour/oil Wheat flour/oil

Sauces & dressings Sauces & dressings

Chilli & turmeric | Coriander | Whole spices |
Pepper | Sauces for sides
Blended curry masalas

Source: Avendus estimates

 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 9 Large category High growth Strong margins

Local Brands MNC Brands

MARKET STRUCTURE – MNC BRANDED

CATEGORY TOP 5 BRANDS AND RETAIL VALUE SHARE1 MARKET SHARE

Coca Cola Parle PepsiCo Dabur ITC

~45%
Juices
29% 20% 18% 8% 1%

ITC

~45%
Ready
Meals 28% 21% 19% 8% 6%

Nestle ITC Chaudhary Capital Foods

~45%
Noodles &
Pasta 38% 18% 7% 5% 3%

PepsiCo ITC

~20%
Savoury
snacks2 30% 16% 9% 9% 5%

0%

Spices2 15% 10% 8% 6% 4%

Regional/ local companies Even national players have to Specific spices have been
dominate → Different cuisine modify their blended spices used for generations in
and taste palate in every region. recipe to suit the tastes of households → High brand-
different regions. 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
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 10 Large category High growth Strong margins

FRESH HEALTHY CONVENIENT QUALITY

Preference for using Healthier & more Through usage of Guaranteed hygiene/
fresh ingredients nutritious than cooking aids such as cleanliness
restaurants blended spices

Home ground spices Branded spices Blended spices

100g 100g 100g

INR 15/- INR 20/- INR 60/-

Monthly Household Consumption 750g - 1kg 200 - 250g

Monthly HH1 Premium Paid INR 38 - 50 INR 90 - 112

Local dosa batter Packaged dosa batter Home-made curd Packaged curd

1kg 1kg 1kg 1kg

INR 30/- INR 75/- INR 50/- INR 100/-

Monthly Household Monthly Household

Consumption 2 - 4 kgs Consumption 4 - 5 kgs

Monthly HH1 Premium Paid INR 90 - 180 Monthly HH1 Premium Paid 200 - 250

Source: Euromonitor, News articles, Bigbasket, Avendus estimates; Primary research

Note: 1. HH: Household
 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 11 Large category High growth Strong margins

STRAIGHT SPICES Amounts in INR per kg BLENDED SPICES Amounts in INR per kg

Material multiplier Material multiplier

~3.0x ~3.5x
300 450
Material margin Material margin
140 - 150 33 - 35% 260 - 270 48 - 50%
90 - 100 130 - 140

Chilli powder1 Chilli masala powder1

MRP Realisation Material cost

STRAIGHT SPICES
Staples
(Rice/Oil/Pulses)
Dairy
(Polypack Milk)
MATERIAL MARGIN (%) Blended spices command higher margins
• High value-add / impact on taste
10-20%
• Regional preferences & tastes
15-20% • High brand stickiness & pricing power

Straight Spices 33-35%

Brand enters new households through straight
spices, brand recall through blended spices
Biscuits 35-40%

Savoury snacks 35-45% Straight spices → adds volume but price

sensitive
50:50 Blended &
40-45%
straight spices
Blended Spices → Stickiness & high margin
Blended spices 45-50%

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 12 Large category High growth Strong margins

NORTH

Hot & spicy; more cumin

Major spice brands:

WEST EAST

Spicy but not very pungent Hot, coastal and sweet

Major spice brands: Major spice brands:

SOUTH

Hot, more roasted spices, high usage of coconut

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

Source: News articles, Bigbasket, Avendus primary research

 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 13 Large category High growth Strong margins

STRAIGHT SPICES BLENDED SPICES

• 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.

104.4 84.6
All time high for all 3 commodities Players with Steep increase in
64.1 high blended share were able to maintain chilli prices
margins; straight spices focused players had a
CTC derived index1
gross margin decline
Index prices in INR/kg 78.4

64.1 81.5
Steep drop in
42.0
coriander prices Blended focused players were able to benefit
more vs. straight focused players, who had to
pass on price benefit to customers
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Volume discounts and working Purchasing and pricing has become

capital strength to purchase in more organized over the past few
bulk during season time helps years with the development of
larger players improve gross mandis, spot markets and tech
margins by a couple of 100 bps. enablement across the value chain.

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)
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 15

Revenue in INR Cr
FY20 SIGNIFICANT SHARE OF THE TOP 20
# COMPANY CATEGORY REVENUE FOOD COMPANIES IN INDIA AND HIGHER
GROWTH VS MOST PLAYERS
01 Diversified (#1 in Noodles) 12,369

02 Diversified (#1 in HFD) 12,232

03 Biscuits c. 12,000
Revenue share of 5 spices companies in
04 Biscuits 11,600
overall top 20 Food companies; We
05 Diversified (incl. spices) 10,969 estimate it to increase to 8-9% by FY30

06 Tea/ Coffee 9,637

07 Savoury snacks c. 8,200

08 Chocolate confectionery 7,168 15 spices companies are estimated to

exceed by FY30; 4 spices companies will
09 Savoury snacks 4,046 become INR 5,000 Cr+ by FY30

10 Savoury snacks 2,336

11 Spices c. 2,000 MASSIVE OPPORTUNITY FOR VALUE

CREATION IN SPICES
12 Confectionery 1,846

13 Spices 1,651

14 HFD 1,488
Valuation of top 4 spices companies by
15 Chocolate Confectionery 1,473 FY30
16 Spices c. 1,450

17 Savoury snacks 1,394

18 Edible Oil, RTC 1,347

Growth in valuation to INR 2,10,000 Cr
19 Tea 1,282
combined for top 5 spices companies
20 Spices c. 1,200

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
 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 16

MARKET LEADERSHIP & BRAND DOMINANCE

• #1 or #2 player in the region

HIGH PROPORTION OF BLENDED SPICES

• Results in brand stickiness & higher margin

profile → superior ROCE

HIGH GROWTH

• Faster than market; capture disproportionate

market share & keep competition at bay

LARGE SCALE

• Provides ability to command better (i.e. lower)

channel margins & drive procurement efficiencies

PLATFORM FOR FUTURE GROWTH

• Ability to leverage the brand and distribution

to add ‘In The Kitchen’ product offerings1

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 17

HIGH
MARKET PROPORTION HIGHER
LEADERSHIP OF BLENDED MARGINS
SPICES
MARKET BLENDED MATERIAL EBITDA REPORTED
BRAND POSITION SPICES (%) MARGINS (%)1 (%)1 REVENUE (INR CR)

PAN c. 2,000
#1 in India ✓✓✓ ~50%+ ~35%+
INDIA (FY20)5

Strong brand c. 1,450

✓✓✓ 51% 37%
in North India (FY20)5

#1 in Tamil 1,182
✓✓ 43% 13%
Nadu (FY20)

900
2 #2 in Tamil
✓✓ NA3 8% (FY19)5
Nadu
(Spices - c.80% rev)
881
#1 in Kerala ✓✓ 40% 11%4 (FY20)
(Spices - c.78% rev)
REGIONAL

820
#1 in
✓✓✓ 48% 17% (FY20)
Karnataka
(Spices - c.40% rev)

#1 in Uttar 738
✓ 29% 13%
Pradesh (FY20)

592
#1 in West
✓✓ 35% 17% (FY20)
Bengal
(Spices - c.80% rev)

Strong brand 555

✓✓✓ 48% 8%
in North India (FY20)

411
#1 in Gujarat ✓✓ 35% 7%
(FY20)

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 18

Everest is the only player which has built Pan India presence in Regional players have Heritage (trusted brands built
this category. Most other players including MDH, Eastern, over 30 years), resulting in a sticky and loyal
Catch have expanded across few states but with limited customer base
presence outside the home market

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)
Source: Primary research, News articles
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 19

TIME IN
KITCHEN
PER DAY PRODUCT
TIME

10 YEARS BACK

• Home ground spices

HOURS

• Unbranded straight spices

HOURS • Transparent packs

+ Shift towards
branded spices

• Branded straight spices

CONVENIENCE
• ‘All purpose’ blended spices e.g., Garam
Masala, Kitchen King Masala
HOURS
• Limited variety of popular “Dish-specific”
blended spices such as Pav Bhaji, Chole &
PRESENT DAY Sambhar masala
+ Variety /
Experimentation

• Gravies, RTC / RTE

• Recipe/cuisine specific spices such as pasta
HOURS masala, Mexican seasonings, piri piri masala &
Indian spices such as paneer tikka & biryani
+ Strong R&D → masala
10 YEARS newer formats
FORWARD
 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 20
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
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
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
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
 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 22

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

CONSUMER GOODS & SERVICES / RETAIL

Food & Beverages | Services | Apparel | Personal Care | Consumer Durable

LOGISTICS
Third Party Logistics | Multi-modal Transportation | Freight Mgmt. | Facilities Mgmt. | Security/Cash/Allied services

EDUCATION MEDIA
Preschool / K-12 | Higher Education | Vocational Training Publishing | TV Broadcasting & Production

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 23

Has invested in Has acquired Has invested in Has acquired Has acquired majority stake

Advisor to the Company & Advisor to the Company & Advisor to the Advisor to the Company & Advisor to the Company &
Existing Shareholders Existing Shareholders Company Existing Shareholders Existing Shareholders
Jan 2021 Sep 2020 Dec 2019 Sep 2019 Sep 2019

Has acquired majority stake Has invested in Has invested in Has acquired Has invested in

Advisor to the Company & Advisor to the Advisor to the Advisor to Advisor to the
Existing Shareholders Company Company Zydus Wellness Company
Jul 2019 Mar 2019 Jan 2019 Jan 2019 Dec 2018

Have invested in Has invested in Have invested in Has invested in Has invested in

Advisor to the Advisor to the Advisor to the Advisor to the Advisor to the Company &
Company Company Company Company Existing Shareholders
Dec 2018 Jul 2018 Jun 2018 Jul 2017 Aug 2016

Have invested in Have invested in Has acquired

Advisor to the Advisor to the Advisor to

Company Company Jabong
Jul 2016 Jul 2016 Jul 2016
Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 24

Has invested in Has acquired Has acquired majority stake Has invested in Has acquired

₹ ₹ ₹ ₹ ₹
Advisor to Advisor to the company and Advisor to the company and Advisor to Advisor to
Licious existing shareholders existing shareholders Raw Pressery Zydus Wellness
Jul 2021 Sep 2020 Jul 2019 Jan 2019 Jan 2019

Has invested in Have invested in Has Acquired Has invested in Have invested in

₹ ₹ ₹
Advisor to Advisor to Advisor to Advisor to Advisor to company &
Sapphire Foods Swiggy Kancor Nilon’s existing shareholders
Dec 2018 Dec 2018 | Jun 2018 Nov 2014 Jun 2014 May 2014

Have invested in Has invested in Has acquired assets of Has acquired 26% stake in

₹ ₹ ₹
Advisor to Advisor to Advisor to the Advisor to
Highlighted deals
VKL Blue Foods VKL Eastern in spices &
Apr 2013 Dec 2011 Oct 2011 Jul 2010 seasonings

Closed 7 deals in the Spices & Seasonings segment; Strong relationships & deep
understanding of the industry + value drivers
 Hot & Spicy: INR 50,000 Cr Branded Spices Market Page 25

Executive Director, Co-head, CFB Executive Director, Co-head, CFB

abha.agarwal@avendus.com anshul.agarwal@avendus.com

• 15+ years of experience in executing Investment • 17+ years of experience in executing Investment
Banking transactions Banking transactions
• Worked with Accenture Management consulting prior • Worked with Rothschild prior to Avendus
to Avendus
• MBA from IIM Calcutta
• MBA from S.P Jain Institute of Management Research
& C.A.

Vice President, CFB Vice President, CFB

saloni.jain@avendus.com parshav.mathur@avendus.com

• 12+ years of experience in executing Investment • 13+ years of experience in executing Investment
Banking transactions Banking transactions
• Worked with MAPE Advisory, J.P. Morgan and Lehman • Worked with Kotak Mahindra, Barclays & Lehman
Brothers prior to Avendus Brothers prior to Avendus
• MBA from IIM Indore • MBA from ISB

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 26

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