Prices for Turmeric Dropped on News of Increased Sowing

The price of turmeric fell sharply by -2.79% to settle at 16924, mostly due to reports of enhanced seeding activity in India’s major producing areas. Due to favorable prices, growers have increased the amount of turmeric they cultivate this year compared to last.

According to reports, seeding has doubled along the Erode line, and sowing in Maharashtra, Telangana, and Andhra Pradesh has increased by an estimated 30–35% over the previous year. Turmeric production is predicted to increase significantly as a result of this crop boom in 2024, rising from 80–85 lakh bags in 2023 to 45–50 lakh bags.

Though there is hope for higher output, questions have surfaced over the dynamics of the supply in the future. Although the outstanding stock from the previous season 35–38 lakh bags was noteworthy, it is expected to be nil this year, suggesting that there may be future supply constraints. Despite the increased seeding, it is predicted that the upcoming harvest of turmeric may only total between 70 and 75 lakh bags, which may not be enough to meet demand in the future, especially in 2025.

Turmeric shipments decreased by 19.07% in April 2024 compared to March 2024 and by 27.98% in April 2023 on an international level. On the other hand, imports increased dramatically in April 2024, up 570.31% from April 2023 and 192.36% from March 2024, suggesting a change in the dynamics of global commerce in turmeric.

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