New Delhi: A day after the launch of the National Turmeric Board, the Indian Council for Research on International Economic Relations (ICRIER) released a report outlining India’s immense potential to become a global hub for turmeric.
According to the think-tank's report, India could boost its turmeric exports to $1 billion by 2030. India exported 162,000 tonnes of turmeric, valued at $226.5 million, in FY24. The country produces over 70% of the world's turmeric, and global demand for the yellow spice has been rising steadily, presenting an opportunity to boost exports.
The report highlights the unique opportunity India holds to dominate the global turmeric market, which is projected to grow at a compounded annual growth rate (CAGR) of 16.1% by 2028. India, as the largest producer of turmeric globally, has the ability to leverage its market share and scale production to meet increasing international demand.
On the occasion, Ramesh Chand, member of NITI Aayog, emphasized the country's vast agricultural potential and the need for strategic steps to expand the export of turmeric.
"Demand for turmeric is coming from several new sources—both from foreign destinations and domestic markets. However, many such commodities gain temporary attention, and after a while, they fade from focus. The challenge now is to sustain the global preference for turmeric and increase exports,” said Chand.
"But we must be cautious about the danger of overproduction. Turmeric has a fixed demand, and exceeding market capacity could cause a price crash. Past experiences with other crops have devastated markets. Farmers should focus on quality and avoid market saturation. For instance, Meghalaya turmeric, with 6% curcumin, holds significant value," said the NITI Aayog member.
However, the road to making India the global turmeric hub is not without its challenges. Despite its significant global share, India faces obstacles in stabilizing turmeric production, addressing price fluctuations, and ensuring consistent quality to meet international standards.
The report calls for targeted interventions such as streamlining regulatory processes, subsidizing third-party organic certifications, and fostering research and development (R&D) to enhance the quality and consistency of turmeric varieties, particularly high-curcumin types that are in demand globally.
As per the commerce ministry, in 2023-24, turmeric was cultivated over 305,000 hectares, yielding 1.07 million tonnes and accounting for over 70% of global production. India remains the largest producer, consumer and exporter of turmeric.
Arpita Mukherjee, lead author of the report, stressed the importance of leveraging India’s rich turmeric heritage to boost its position in the global market.
While launching the National Turmeric Board on Tuesday, Union commerce minister Piyush Goyal said that the board will focus on increasing productivity, particularly in Andhra Pradesh and Telangana, while supporting farmers across 20 states, including Maharashtra, Tamil Nadu and Meghalaya, home to the renowned Lakadong variety.
The board will have representatives from key ministries such as AYUSH, agriculture and farmers’ welfare, and pharmaceuticals, along with stakeholders from producer and exporter groups.
The National Turmeric Board will play a key role in driving leadership and enhancing coordination across various government departments and agencies with respect to the turmeric sector.
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