India: Fenugreek Prices Move Towards Appreciative Mode

Mintec Global
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After last week’s slump in the price of Fenugreek, the market has stayed steady. On Wednesday, it came as a relief to the farmers and traders of Fenugreek since there was a slight price hike in the spice for both – Fenugreek FAQ Machine Clean and Fenugreek Sortex.

Overall Domestic Scenario 

As per the Government Data in Rajasthan, the sowing of Fenugreek has decreased compared to last year. By 2022, the sowing area in Rajasthan will be about 49,040 hectares compared to the previous year’s 55,000 hectares. The total sowing area for Fenugreek has been reduced by 11 percent in Rajasthan.

However, the overall sowing area has increased for the spice in Gujarat and Madhya Pradesh by 30 to 25 percent compared to last year.

As per experts, the Sowing of Fenugreek is over, and there are no significant changes expected. Farmers have reported the crops are in good condition, with the weather supporting the crop’s growth.

Fenugreek In The World 

Health awareness among the emerging economies and the impact of COVID-19 have changed the dietary pattern of the world. Furthermore, the rising number of Type 2 Diabetes worldwide has become a concern. It has been reported that Fenugreek seed extract helps with the disease. As a result, the demand for the seed will get a boost in the coming years, which is likely to help the Indian Fenugreek market and its price.

Based on the seeds’ demand, the Fenugreek market will have robust growth in the Asia Pacific region between 2021-2026 at a CAGR of 10 percent.

The primary consumers of the Fenugreek seed extracts will be pharmaceutical companies, Cosmetics, Food and Beverages, and others.

India’s Fenugreek Export Report 

India for the year 2020-2021 has exported Fenugreek seeds to 133 countries. The total volume of export between April-November for the year 2020-21 was around 2,4394,310, which was valued to be US$ 19.05 million.

The major importing countries of Fenugreek from India for 2020-21 were: Yemen, Djibouti, USA, Bangladesh, Sri Lanka, UAE, Nepal, South Africa, UK, and Sudan.

Prediction 

Given the fact that experts believe the Asia Pacific will be one of the major players in the Fenugreek market in the coming years, India can play an essential role in the export market. Indian Fenugreek is imported by many countries worldwide, so with increased demand for the commodity, India can level up its game in exporting the product.

It now remains to be seen how the market fares in the coming days. As of now, the Fenugreek market is in a better position than last year and early months of 2021. The good demand can help the price stay stable and move towards an appreciative mode next year despite more seed production.

Price Trend For December

Fenugreek FAQ Machine Clean

DatePrice
December 22$1,01 per kg FOB
December 15$1,00 per kg FOB
December 6$1,01 per kg FOB
December 1$1,02 per kg FOB
November 30$1,01 per kg FOB

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