Fenugreek Market: Riding the Waves of Fluctuation

Fenugreek Market: Riding the Waves of Fluctuation Supply Shocks and Optimistic Outlook Shape Fenugreek's Destiny

Mintec Global
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The fenugreek market is witnessing a rollercoaster ride, with the recent decline in arrivals sending shockwaves through the industry. Small traders have been left in the lurch as prices take a nosedive. However, this setback has ignited a spark of optimism as the market gears up for a bullish run. Madhya Pradesh, in particular, has experienced an upward trend, and the speed shows no signs of slowing down. 

Fenugreek seeds have taken the lead, outpacing their competitors in the Rajasthan and Madhya Pradesh markets. At the Neemuch Mandsaur domestic shop, fenugreek is selling like hotcakes, priced at a range of 0.82 to 0.91 USD per kilogram. While fenugreek is grown in various states across North India, Rajasthan, Gujarat, and Madhya Pradesh dominate production, accounting for 77 percent of the country’s output. Sowing begins in November and December, with the harvest commencing in March. Unfortunately, the market faced a temporary slowdown in April, dampening spirits. However, hope springs eternal as demand resurfaces, beckoning buyers. 

A potential shortage

The fenugreek supply in Neemuch, Mandsaur, and Ratlam lines has dropped 20-22 percent compared to last year, signaling a potential shortage. Conversely, Pratapgarh and Nimbahera lines in Rajasthan are grappling with limited stock. Nevertheless, North India has developed a taste for fenugreek, with consumption witnessing an impressive 26 percent rise since January. From culinary creations to the medicinal world of Ayurveda, fenugreek plays a significant role. Ayurvedic companies, in particular, have ramped up their demand, seeking fenugreek’s magical properties in combating diabetes.

As Ayurvedic companies clamor for fenugreek in Madhya Pradesh and Rajasthan, reduced arrivals from producer shops and dwindling local stock have created a price gap in the current week. Savvy buyers from Maharashtra, Punjab, and Karnataka are traversing the market landscape, sourcing fenugreek from diverse shops. Given current affairs, it seems like Fenugreek prices are preparing for an exhilarating leap, according to market whisperers.

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