Pressure on the price of cumin due to strong arrival of new crop
The new cumin crop in Gujarat, located in western India, is being harvested and prepared at full scale, and its arrival in the markets is increasing rapidly. Unjha, the most prominent cumin-producing market in Gujarat, is seeing an average daily arrival of 50,000-55,000 bags of cumin. However, due to a lack of corresponding domestic and export demand, prices are under pressure. Currently, the daily arrival of cumin in this market is around 40,000-45,000 bags. Similarly, new cumin is also arriving in Rajasthan, but the quantity there is reported to be only around 5,000 bags. According to official data, during the 2024-25 season, the area under cumin cultivation in Gujarat has shrunk to 476,500 hectares, which is about 25% higher than last year's 381,424 hectares. As a result, last week, cumin prices in Gujarat's markets fell by Rs 40 to Rs 150 per quintal. However, it is expected that after price stability, buying will increase, and the market may improve, though buyers may wait for stability before making purchases. Globally, India remains the only major supplier of cumin. In countries like Turkey, Syria, and Iran, new cumin arrivals typically begin around June-July. However, Syria�s internal conditions are very poor, and much of Turkey's stock has already been sold. According to data from the Spices Board, cumin exports from India during the first eight months of the current fiscal year (April-November 2024) have surged to 1.59 lakh tons, which is significantly higher than the 94,000 tons shipped during the same period in 2023. Export earnings from cumin also jumped from Rs 348 crore to Rs 4,382 crore during this period. It is expected that total cumin exports for the current fiscal year will reach 2 lakh tons with export earnings of around Rs 5,000 crore. The export performance of cumin is also expected to remain strong in the upcoming fiscal year.