Turmeric Market in India 2015-2019
The idea of the use of turmeric is not new in India. Turmeric has been India's golden spice for the past five centuries. This is one of those very few Indian products that are perceived to have both commercial as well as mythological significance. In almost every Indian household, turmeric is used not only in the culinary item but also as cosmetics. However, being a kharif crop, the productivity of the spice is very uncertain. In the past, the productivity has been severely hampered due to the various environmental hazards and unseasonal rainfall.
Technavio’s analysts forecast the turmeric market in India to grow at a CAGR of 0.97%, in terms of consumption, for the period of 2014-2019
Covered in this Report
This report discusses the present scenario and the future prospects of the turmeric market in India for 2015-2019. The market size is calculated by subtracting the total exports from India to other countries from the total productivity in India. In terms of category, the market is segmented into the following:
Technavio Announces the Publication of its Research Report – Turmeric Market in India 2015-2019
Technavio recognizes the following companies as the key players in the Turmeric Market in India: Everest Spices, ITC Spices, MDH Spices and Shah Ratanshi Khimji
Other Prominent Vendors in the market are: Allanasons, Dalgreen Agro, Dhameja Home Industries, Gandhi Spices, Green Earth Products, Grover Sons, Jhaveri Organic Farms, Konark Herbals and Health Care, Nathubhai Cooverji & Sons, Nature & Nurture Healthcare, P. C. Kannan, Shalimar Food Products, Shreenidhi Manufacturers, Surendraray and Vinayak International
Commenting on the report, an analyst from Technavio’s team said: “Due to the growing usages of this product, there has been a growing demand for turmeric from many foreign countries. The Indian market is considered to have a monopoly in this scenario as it is the largest producer of turmeric in the world. According to the Ministry of Commerce, as of 2014, India exports 43% dry, 4% fresh, 42% powder, and 12% other types of turmeric. The US, the UAE, Iran, Malaysia, and Japan are the leading importers of Indian turmeric, and France, Germany, and the UK are considered to be emerging markets. This increase will lead to larger amounts of revenue flowing into the country, thus improving its economy.”
According to the report, since its discovery to the present era, turmeric has been known for its ayurvedic therapeutic essence. This perception is prevalent on both national and international levels, so much so that it has been granted GRAS status by the USFDA. Turmeric is known for having many medicinal benefits as well. For instance, an ingredient found in turmeric named curcumin is regarded as a very useful catalyst in the prevention of many prolonged diseases like cancer, inflammation, liver problems, and type II diabetes. These medicinal benefits of the product increase the consumer base as they prevent turmeric from being just a flavoring and coloring agent.
Further, the report states that climatic uncertainties not only hamper crop productivity but also reduce the overall market demand for the product at domestic and international levels.
Everest Spices, ITC Spices, MDH Spices, Shah Ratanshi Khimji, Allanasons, Dalgreen Agro, Dhameja Home Industries, Gandhi Spices, Green Earth Products, Grover Sons, Jhaveri Organic Farms, Konark Herbals and Health Care, Nathubhai Cooverji & Sons, Nature & Nurture Healthcare, P. C. Kannan, Shalimar Food Products, Shreenidhi Manufacturers, Surendraray, Vinayak International