Next is Blended Spices popularly know as Masala’s. About 20-25 Years back then came a fresh air, but today blended spice market is even more difficult to enter than the primary spice market. Not because the products are technically complex, but because the market has become mature, crowded and psychologically "locked."

Here are the boundary conditions I see that must be kept in mind;

1. Blended spices have become a mature category.

Twenty-five years ago, Garam Masala or Chhole Masala was an innovation. Today, almost every household has already selected its preferred brand or recipe. The market is now largely about replacement purchases, not new customer creation.

2. There is almost no white space left.

From Paneer Masala to Pav Bhaji Masala, Kitchen King to Biryani Masala, virtually every Indian dish already has multiple branded offerings.

3. Every price point is occupied.

National brands, regional brands, local manufacturers and retailer/private labels collectively occupy every quality and price segment. There are very few gaps for a new entrant.

4. Prices have become psychologically anchored.

Your observation is very significant. A 100 g pack remaining around ₹35–50 for nearly two decades suggests that the category has reached a consumer reference price. 

Any increase risks volume loss, while lower prices invite suspicion about quality.

But it is truly surprising how these blended spices are continued to be sold at same price points for so long.

5. Blends are easy to copy.

Unlike patented products, recipes can be reverse engineered reasonably well. Sustainable competitive advantage rarely comes from formulation alone.

6. Most consumers cannot objectively judge blend quality.

If ten brands make Chhole Masala, very few consumers can scientifically explain why one is superior. Decisions are driven by habit, family recommendation, advertising and availability.

7. Heavy branding dominates success.

Much of the category's value has shifted from manufacturing to brand building, shelf space, retailer incentives and advertising.

8. HORECA and B2B largely stay outside this market.

Hotels, restaurants, caterers, namkeen manufacturers and street vendors often customize their own spice blends to suit their recipes and cost structures. The branded blended-spice market is therefore primarily a household retail market.

9. Retail economics favor incumbents.

Large brands enjoy economies of scale in sourcing, manufacturing, distribution and promotions. A new entrant typically faces higher production costs and much higher customer acquisition costs.

10. Innovation fatigue has set in.

Adding another "special", "premium", "royal" or "authentic" masala rarely changes consumer behaviour. Incremental innovation has limited impact.

A boundary condition worth adding

The Indian blended spice market is approaching saturation. Future growth will come less from launching new masalas and more from creating new cooking systems that solve convenience, consistency, skill and flavor challenges.

Those ideas would compete in a different strategic arena than the crowded blended-spice shelf