Due to reports of increased sowing, turmeric prices closed down 3.85% at $15,246, but the downside is restricted since farmers are hoarding supplies in expectation of future price increases. Farmers in the main producing states are increasing their sowing because they want to receive good pricing for their harvest. Turmeric plantings in Maharashtra, Telangana, and Andhra Pradesh are expected to have increased by 30–35%, while in Erode, sowings have allegedly doubled from the previous year.
It was projected that the country’s turmeric seeding area will rise to 3.75–4 lakh hectares this year from roughly 3–3.25 lakh hectares last year. A production estimate of 45–50 lakh bags of turmeric is projected for 2024 due to last year’s poor sowing area and unfavorable weather, with an additional 35–38 lakh bags of turmeric in stock.
A production estimate of 45–50 lakh bags of turmeric is projected for 2024 due to last year’s poor sowing area and unfavorable weather, with an additional 35–38 lakh bags of turmeric in stock. Even though this season’s seeding has increased, the anticipated harvest of turmeric is estimated to be between 70 and 75 lakh bags, and the remaining stock is anticipated to run out completely.
Consequently, even with the high output and excess stock observed in 2023—80–85 lakh bags produced, with an exceptional stock of 25–30 lakh bags, it is expected that there will be less turmeric available in 2025 than consumed. Turmeric exports decreased dramatically; in April 2024, there were about 14,109.09 tonnes exported, down 19.07% from 17,432.83 tonnes in March 2024 and 27.98% from 19,590.87 tonnes in April 2023.
