India: Raisin prices stayed firm compared to the previous year

The overall price of the Raisin stayed stable in the market for the year. However, there were a few drastic ups and downs in the market for the dry fruit. 

Overall Scenario Of Raisin For The Year

• January and July witnessed a mixed trend in the spot market prices for the dry fruit varieties.
• There was not much movement in the market for Raisin in February, May, and December.
• The market was appreciative of the commodity in April, June, August, and November
• March, September, and October recorded a downward trend for the Raisin spot market.

Factors that Influenced The Raisin Market 

Factors that led to the price going downward in the market for Raisins during the year were

• Low domestic and international demand lowered the prices of the commodity in the market.
• Due to COVID-19, the auction of Raisins was called off last year.
• According to traders, the lack of migrant workers who work in the raisin production between January to April has put a strain on the local workers.
• Moreover, due to the COVID-19, most of the laborers from Bihar, Madhya Pradesh, and Uttar Pradesh returned to their hometowns and couldn’t come for the last phase of the production.

Factors that impacted the price positively in the Raisin market were

• There was 0.25 million tonnes less production of raisins compared to last year.
• This year’s raisin production started two months late due to the weather conditions.
• Festival season increased the demand for the Raisin in the domestic market.
• The demand for raisins also reached a stable place after the slump earlier, with many conglomerates ordering dry fruits as a gift for their employees.

Current Situation 

• Raisins, cashew, pistachio, and almond are often bought and gifted during Diwali and Dhanteras. With Christmas and New Year, the prices for raisins and other dry fruits are expected to remain steady.
• The earlier apprehension related to the shortage of dry fruit supply from Afghanistan due to the Taliban regime proved wrong. There has been a steady supply of dry fruits from the country along with Iran and the US.
• According to experts, the sales of dry fruits are relatively higher than last year and have almost reached the 2019 pre-COVID level.
• The excellent production of yellow raisins in Belgaum Karnataka and the western belt of Maharashtra has also contributed to the regular pricing of the dry fruit.
• According to dry fruit traders, there is a likelihood of the prices for raisins and other dry fruits surging with good demand from corporates, pharmaceuticals, fintech, banking, and such sectors.
• The expectation is that local bakeries and even domestic demand for dry fruits will increase during the winter due to the increase in the use of dry fruits in making Christmas and New Year’s cakes.

Prediction 

With the steady import of dry fruit from the US, Iran, and Afghanistan, the prices won’t skyrocket, but they will stay firm with good domestic demand. Traders are hopeful that slight appreciation in the price can occur in December with the upcoming festivities and New Years’ celebration.

Since people are eager to celebrate the easing of the lockdown and other restrictions imposed due to COVID-19, an increase in the consumption of dry fruits is expected. With eating joints and restaurants opening up, the sale of products using dry fruits will also increase, which is good news for the market.

It remains to be seen how the Raisin and dry fruit market will improve in the coming days.

Price Chart

Golden Raisins AA Quality

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