In a recent market update, seasoned traders spilled the beans on the current state of the coriander market. Once the belle of the ball, coriander from Gujarat has lost its shine, leaving prices in a pickle. The gap between Gujarat’s coriander and its lackluster counterpart from Madhya Pradesh is adding fuel to the fire. With cheaper truck freight rates favoring the latter, North Indian markets are playing hard to get.
A whopping one crore sacks of coriander are expected to grace Gujarat’s crop market, but only a fraction has made its grand entrance. A coriander caravan of 50,000 to 60,000 bags daily arrives in Gujarat’s bustling bazaars. The current market may be a hotbed of discounts, offering a spice of an opportunity. Those who strike while the iron is hot could be stirring up a return on their investments within four months.
Coriander has taken a nosedive
However, the export market for coriander has taken a nosedive, spicing up the market’s woes. A 40% decline in demand, thanks to China’s homegrown crops and previous spice sprees, has left sellers in a pickle. China’s appetite for coriander has been as bland as plain rice, but hope springs eternal as demand is predicted to resurface from July onwards. Meanwhile, distant lands like Bangladesh, Gulf countries, and Muslim nations are spicing things up for the Bakrid festival in July. Still, China’s absence from the feast has turned down the heat on coriander prices.
The global market will be tickling taste buds with coriander from September to October. Although the short-term seasoning may lack zest, a fiery resurgence is on the horizon, with prices set to sizzle. With Russia’s crop making its grand entrance in July and shipments kicking off in August, the market is set to savor some spice.
In conclusion, the coriander market finds itself in a pickle, with diminished export demand and fluctuating prices adding a dash of uncertainty.