The decline in turmeric cultivation has hit rock bottom, leaving farmers in a pickle in the spices market. They have turned their backs on the vibrant yellow spice seduced by the allure of maize and soybean. As a result, turmeric is as rare as a hen’s teeth, with reserves nearly exhausted. This has set the stage for Erode’s Turmeric to command a princely sum.
40% decline in sowing
Down south, turmeric sowing has taken a nosedive by a whopping 40% this season, and Mother Nature hasn’t been kind either, sabotaging the overall production. The estimated yield of a mere 5.8-6.0 million bags falls pitifully short of our huge consumption demand of one crore bags. A significant chunk of the old stock has been wiped off the map, leaving the market gasping for breath. It’s a case of feast or famine as turmeric shipments coincide with a surplus of powdered turmeric flooding the market. But this year, the cupboard is bare. Grinding has gobbled up the supply for the past five years, leaving a meager six to seven years’ worth of turmeric.
The futures market for May has been a wild ride, climbing relentlessly. Meanwhile, the Nizam and Sangli regions are singing the turmeric blues, grappling with a scarcity of pods. Bigwig corporations have already stocked up on turmeric for grinding, while legumes are selling like hotcakes in Eastern India, maintaining the momentum.
Considering these factors, it’s crystal clear that the current price of turmeric is poised for a free fall shortly. Consequently, the price has shot up like a rocket, defying gravity.