{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Daybreak","title":"FMCG giants are caught in a spice war","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/4fedb266\"></iframe>","width":"100%","height":180,"duration":753,"description":"India’s packaged-food bigwigs ignored spices for a long time. Not anymore.\nSince 2020, everyone from ITC to Tata Consumer Products, from Dabur to Wipro, has been scrambling to cement their place in this essential corner of the Indian kitchen. They’ve pounced on spice brands, sometimes paying top dollar for them, all while their investors cheered them on. In fact, the stocks of Tata Consumer and ITC have both outperformed the S&P BSE FMCG index over the last five years.\nTurns out, this was all the vindication that Norwegian conglomerate Orkla needed to go public\nBut this isn’t just another public listing. It’s the opening salvo in what industry insiders are calling the “great spice wars”. And here’s where it gets even spicier: though the category offers some of the highest margins in FMCG products—with pure spices commanding 30–35% gross margins and blended spices going up to 60%—they come with their own unique challenges.\nTune in.\nCheck out the latest episode of The Ken's brand new careers podcast, 90,000 Hours. ","thumbnail_url":"https://img.transistorcdn.com/uPitovxKRYBGX6AWg9UrET6s3nAdkS-Ci9uZvsZj7vk/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS85ODhl/ZWM4NmEwZTcxZjZk/MDRlYjAzNTNkMjJi/ZGQ2YS5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}