Global demand for turmeric stabilises price at Erode market

In Erode, turmeric prices remain stable between ₹13,000-14,000/quintal due to high demand in global markets. Curcumin content ranges from 2.5-4.5%. Farmers bring their produce to 4 markets for auctioning. Traders from various districts and states procure turmeric directly. Export of turmeric and its value added products has increased by 25%. Prices rose to ₹15,000/quintal in Aug 2023. Demand for fine quality turmeric is on the rise, keeping prices stable.

With demand for turmeric continuing in the global market, the price of turmeric has stabilised and continues to be auctioned between ₹13,000 and ₹ 14, 000 a quintal in September 2023. 

Turmeric that is grown widely across the district is known for its curcumin content that ranges from 2.5% to 4.5%. Farmers bring their produce for auctioning to the four markets, Agricultural Producers Cooperative Marketing Society Limited in Gobichettipalayam and at Karungalpalayam in Erode and regulated markets at Perundurai and the market in the Turmeric Market Complex owned by Erode Turmeric Merchants and Godown Owners’ Association. 

Traders from various districts and from other States participate in the auctioning and procure turmeric directly. Also, turmeric and its value added products are exported from the district to various countries. 

On Monday, the finger variety was auctioned between ₹8,299 a quintal and ₹13,378 a quintal, while the bulb variety was auctioned between ₹7,869 a quintal and ₹11,889 a quintal at the Erode Regulated Market. 

Members of Erode Turmeric Merchants and Godown Owners’ Association said the demand for turmeric has increased significantly after COVID-19 pandemic. “In July this year, turmeric was sold between ₹6,129 a quintal and ₹8,099 a quintal. But, it touched ₹15,000 a quintal in August and currently it was trading between ₹13,500 and ₹14,000 a quintal,” they added. “Demand for turmeric in both developed and developing countries has improved leading to an increase in export by 25%,” members said. 

Between January and August 2023, 1.17 lakh tonne turmeric was exported from the country which was 1.11 lakh tonne during the corresponding period last year. Since the demand for fine quality turmeric is on the rise, prices remain stable at the markets as more farmers prefer cultivating turmeric in the district.