Spice sector poised to become US$ 1bn industry

Plans are afoot to uplift the island nation’s spice sector to become a US$ 1 billion industry in five years, Sri Lanka’s Spice Council said.
Spice Council Chairman Viraj De Silva expressed confidence in the industry realising that goal provided it adopts the right strategies, especially with regard to improving the processing standards and quality of the spices.
“Value addition is critical for Sri Lankan spice exports and for that to happen, we need to do what the EU is doing. So Sri Lanka needs collaborations, partnerships and investments from prominent companies in the EU, to bring their operations here,” De Silva said.

He shared his views while addressing a panel discussion organised by the United Nations Industrial Development Organization (UNIDO) yesterday.
De Silva went on to emphasise the need for the local industry to step up efforts in adapting to the new technology developments that will help improve production.

“Immense focus should also be given to ensuring food quality and safety in spice productions for it to be certified with the Good Agricultural Practice (GAP) certification as it will bring out the traceability concept for our products, which global markets like the EU is strongly looking for,” he added.
Supply chain traceability allows the tracking of products from source to consumer. It connects all the points in the chain together, allowing companies to control the quality of their products.

This essentially helps in food safety, and to identify and address issues such as contamination, defects, or unauthorised modifications.
As per data from the Export Development Board, export earnings from Spices and Essential Oils increased y-o-y by 7.42 percent to US$ 397.78 million in the period of January to December 2023.