Turmeric Powder Price Surge: India's Role and What It Means for You - Turmeric powder, a popular spice known for its vibrant color and health benefits, has seen a significant price increase in recent months. This article explores the factors behind this trend, focusing on India's role as the world's largest producer an

Turmeric Powder Price Surge: India's Role and What It Means for You

1 year, 10 months ago.

Turmeric Powder Price Surge: India's Role and What It Means for You!

Turmeric powder, a popular spice known for its vibrant color and health benefits, has seen a significant price increase in recent months. This article explores the factors behind this trend, focusing on India's role as the world's largest producer and exporter of turmeric.

Price Trends:

  • Overall: Turmeric powder prices have increased significantly in the last 9 months (May 2023 - February 2024).

  • Specifics:

  • Prices started around $4-$6 per kg in May 2023.

  • They reached a peak of $8-$10 per kg in August 2023.

  • Currently, prices range from $6-$8 per kg, still higher than May 2023.

India's Role:

  • India dominates the global turmeric market, producing nearly 80% of the world's supply.

  • Recent events in India have significantly impacted turmeric prices:

  • Reduced production:

  • Droughts, excessive rainfall, and pest/fungal diseases affected yields in 2023.

  • Farmer protests disrupted harvesting and transportation.

  • Increased demand:

  • Growing global popularity of turmeric for its health benefits.

  • Supply chain disruptions due to the war in Ukraine limited alternative spice options.

Price Change and India:

  • Reduced production in India is the primary driver of the global price increase. Lower supply leads to higher prices.

  • Farmer protests and transportation disruptions further exacerbated the supply shortage, contributing to the price hike.

  • Increased global demand plays a role, but wouldn't have caused such a significant increase without India's supply constraints.

The chart below illustrates the price trend over the past 10 months:

Chart shown as an image

 

Feb. 24, 2024, 9:54 a.m..



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