For nearly a year, cumin prices have soared to remarkable heights, leaving producers basking in the glow of attractive income. Their fields, once fertile with the promise of profitable harvests, became the gardens of prosperity. The price rally in the cumin market ignited a fever of enthusiasm for cultivation. In this new act, the sowing of cumin is poised to commence in select regions.
Excitement to uncertainty
However, the script twists as the backdrop shifts from excitement to uncertainty. The future price of Cumin paints a vivid picture of the spice’s journey, tracing back to October last year when it traded at a humble $ 2,76 to 3,00 per kilogram. The price surge was fueled by diminishing sowing areas and average yield rates, heralding a decline in cumin production. However, trade analysts project a different narrative, suggesting a dip by February 2024, followed by a further decrease in April per kilogram. The suspense unfolds as Cumin meanders through the maze of market forces.
From $7,500 to $5,900
On the international stage, the cumin export business faces a new challenge—competition from Turkish and Chinese suppliers offering cheaper goods. While these foreign cumin seeds may come at a lower price, they bear the burden of lighter quality, and in the world of spices, quality often reigns supreme. This juxtaposition places a spotlight on Indian Cumin, which has witnessed a drop in its average unit export offer price from $7,500 (EUR 7,005) per tonne last month to $5,900 (EUR 5510) per tonne in the present. The export landscape is shifting, and importers worldwide must stay attuned to the changes.
China increased production
China, one of the key importing countries for Indian Cumin, is now making waves in the Indian market. Cumin production has seen an uptick in China, prompting its re-entry into the Indian market after a hiatus of 8-10 years. The dynamics are evolving as the international cumin trade experiences ripples of change.
In Gujarat, the seeds of Cumin’s next act have already been sown, and Rajasthan, another critical player in cumin cultivation, is poised to take its turn on the stage. The cumin market, a tale of twists and turns, unfolds its narrative, leaving the audience—importers and spice enthusiasts alike—awaiting the next thrilling chapter in this spice’s journey.
