saubijak Agri Commodity Trading, Agri Export, Agritech, Bijak Features, Mandi Rates, Mandi Trading, Trading

A Significant Surge Observed In Turmeric Prices!

Dramatic surge in turmeric prices with golden turmeric roots on a vibrant background, symbolizing the recent market high

India is the largest producer, consumer, and exporter of turmeric in the world. In the year 2022–23, turmeric was cultivated on 3.24 lakh hectares of land in India, with a production of 11.61 lakh tonnes (accounting for over 75 percent of global turmeric production). More than 30 varieties of turmeric are grown in India, spanning across over 20 states. The major turmeric-producing states in India are Maharashtra, Telangana, Karnataka, and Tamil Nadu. Today through this blog we will analyze the important data and reasons behind the surge in turmeric prices in India.

Map highlighting the largest turmeric-producing states in India: Maharashtra, Telangana, Karnataka, and Tamil Nadu, showcasing India's dominance in turmeric cultivation

India holds a share of over 62 percent in the global turmeric trade. During the period of 2022–23, turmeric and turmeric products worth $207.45 million, totaling 1.534 lakh tonnes, were exported by over 380 exporters. The major export markets for Indian turmeric are Bangladesh, the United Arab Emirates, the United States, and Malaysia. It is expected that turmeric exports will reach up to $1 billion by 2030.

Infographic of major export markets for Indian turmeric - Bangladesh, UAE, USA, and Malaysia, illustrating global demand for Indian turmeric

In recent days, there has been a significant surge in the prices of turmeric, bringing considerable benefits to the farmers. Figures reveal that the purchase price of fresh turmeric has crossed the mark of ₹20,000 per quintal, setting a new record. Previously, the highest price recorded was ₹17,500 per quintal back in the year 2010–11.

Comparison graph showing turmeric price milestones: ₹17,500 per quintal in 2010-11 versus ₹20,000 per quintal in March 2024, marking a historic rise
Turmeric fetching record prices

In the history of Erode district in Tamil Nadu, fresh turmeric has never been sold for more than ₹20,000 per quintal until now. On Wednesday 13th March 2024, it reached an impressive ₹20,500. This turmeric belongs to the finger variety. Meanwhile, the purchase price of bulb variety has surged up to ₹18,300 per quintal. After Nizamabad in Telangana, Erode stands as the second-largest turmeric market in the country.

What do the figures say?

The market has seen a surge in the price of old turmeric (finger variety) to ₹16,900 per quintal, while the bulb variety is fetching ₹15,900 per quintal. A notable event occurred last Wednesday (18 March 2024) in Erode district, with a total of 726 lots making their debut in the market. With the rise in purchase prices, there’s optimism for increased turmeric cultivation among farmers this year. Turmeric seed prices have skyrocketed from ₹15-20 to ₹45 per kilogram. In the farming season of 2022-2023, turmeric covered an extensive area of 4,694.435 hectares in Erode district. However, this figure dropped to 3,742.7 hectares in the following year, 2023-2024.

If turmeric sales are your business, we’ve tailored a special app just for you: “Bijak Vyapaar.” With this app, you can easily stay updated on the latest selling rates of turmeric and other agricultural products. The “Price Trend” feature keeps you informed about recent changes in turmeric rates. Don’t delay any further, download the “Bijak Vyapaar” app now to streamline your operations!

We hope you found this blog useful. Visit “Bijak Blog” for more interesting reads. Feel free to share your questions and suggestions in the comments and don’t forget to follow our social media handles.