The global turmeric market continues to shine, driven by India’s ever-strengthening dominance as the principal supplier for both raw and processed turmeric products. With exports hitting new value highs and global demand rising on the back of turmeric’s multifaceted uses in food, health, and cosmetics, the spice is showing remarkable resilience compared to many other agricultural commodities in 2024. Notably, India’s position has only become more entrenched: in the fiscal year 2022–23, turmeric exports surged to USD 333.2 million, up sharply from previous years.
Bangladesh, UAE, USA, Malaysia, and Morocco have fueled much of this success, with sustained demand often linked to increasing awareness of turmeric’s medicinal properties and a persistent trend towards natural wellness products worldwide. Prices on international markets have stabilized at elevated levels following steady supply from India, while local farmgate prices are firm thanks to tight inventories and bullish forward bookings.
Weather risks, currency fluctuations, and competition from secondary origins remain factors to watch. Yet, looking ahead, analysts expect the turmeric market to remain one of India’s most stable and lucrative agricultural segments, with global trade prospects hovering on an optimistic note.
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Turmeric whole
FOB 2.60 €/kg
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Turmeric powder
FOB 3.41 €/kg
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Turmeric dried
finger salem,double polished, grade A
FOB 1.65 €/kg
(from IN)
📈 Prices & Market Sentiment
| Product | Origin | Location | Delivery Terms | Closing Price (€/kg) | Weekly Change | Market Sentiment |
|---|---|---|---|---|---|---|
| Turmeric whole (organic) | IN | New Delhi | FOB | 2.60 | 0% | Steady |
| Turmeric powder (organic) | IN | New Delhi | FOB | 3.41 | 0% | Steady/Bullish |
| Turmeric dried (finger Salem, non-organic) | IN | Telangana | FOB | 1.65 | 0% | Steady |
| Turmeric dried (finger Nizamabad, non-organic) | IN | Telangana | FOB | 1.54 | 0% | Firm |
🌍 Supply & Demand Overview
- India accounts for over 80% of global turmeric exports, with volumes holding steady around 160,000–163,000 tons per annum over the last three years.
- Export value growth outpaces volumes, reflecting improved prices and value addition.
- Top buyers—Bangladesh, UAE, USA, Malaysia, Morocco—drive demand, particularly for high-grade, pesticide-compliant lots.
- Global demand bolstered by health trends (immunity-boosting, anti-inflammatory uses) and growing application in processed foods and cosmetics.
📊 Fundamentals & Market Drivers
- USDA/Indian Government Data: Stable planted acreage and yields in 2023/24; minimal signs of supply shocks.
- Stock Situation: End-of-season inventories lower than average due to robust export movement and reduced market arrivals.
- Speculative Positioning: Commercial traders hold large net-long positions; low open interest in domestic Indian futures but with bullish undertone.
- Currency: Recent INR stability against USD and EUR adds to price steadiness.
🌦️ Weather Outlook
- The 2024 Indian monsoon has started timely with average rainfall in key turmeric belts (Telangana, Andhra Pradesh, Tamil Nadu).
- Soil moisture levels remain healthy, and no major cyclone or flood risks are in play for the coming week.
- Short-term forecast (next 7 days): scattered light rains, favoring transplanting and growth stages. This supports good yield potential into the new season.
🌏 Global Production & Stocks
| Country | 2022/23 Output (tons) | Exports (tons) | Stocks (estimate, tons) |
|---|---|---|---|
| India | 1,100,000 | 162,000 | Low |
| Bangladesh | 150,000 | 6,000 | Rising |
| Myanmar | 110,000 | 3,000 | Stable |
| Other | 110,000 | 4,000 | Stable |
📆 Trading Outlook & Recommendations
- 🔹 Existing exporters: Hold or lock forward sales at current prices; export prospects remain positive.
- 🔹 Importers: Secure coverage for Q3–Q4 2024 now; prices are supported by robust demand and tight inventory.
- 🔹 Processors/End-users: Consider inventory build-up, especially organic grades, ahead of global festive season uptick.
- 🔹 Speculators: Opportunities remain muted due to low volatility, but any significant monsoon disruption could trigger price spikes.
⏩ 3-day Regional Price Forecast
| Product | Location | Current (€/kg) | 3-day Forecast (€/kg) | Trend |
|---|---|---|---|---|
| Turmeric whole (organic) | New Delhi | 2.60 | 2.60–2.62 | Stable/Firm |
| Turmeric powder (organic) | New Delhi | 3.41 | 3.41–3.44 | Stable to Slightly Up |
| Turmeric dried (Salem/Nizamabad) | Telangana | 1.54–1.65 | 1.54–1.67 | Stable |
