Potential Decline in Turmeric Prices
The area under turmeric cultivation in India is expected to increase by 30-35%, which has put significant pressure on its prices. Additionally, weather conditions could impact the overall yield more than initially expected. In major turmeric-producing regions like Vidarbha and Telangana, rainfall of about 20 mm and 18 mm has occurred, which could positively impact the growth of the crop. Sowing of turmeric has seen a significant increase in regions like Erode, Maharashtra, Telangana, and Andhra Pradesh. As a result, the total area under turmeric cultivation in the country is estimated to reach 3.75-4 lakh hectares, compared to 3.25 lakh hectares last year. Turmeric production is expected to rise to 70-75 lakh bags in the upcoming season. However, with no remaining stocks expected, there is a possibility of a shortage in availability compared to consumption in the fiscal year 2025. Therefore, a decline in turmeric prices is expected in the short term, but there could be price improvements in the future.