Strategies for Indian Companies to Enhance Turmeric Exports
A spice that holds centuries of culture, India is the world’s largest producer and exporter of turmeric. The global turmeric market is forecast to grow at a CAGR of 16.1% from now to 2028, which is why the country has set itself an ambitious target of its turmeric exports reaching $1 billion by 2030. Indian industries need to take strategic initiatives to improve production, maintain quality and increase market presence to realize this objective. Current Landscape of Turmeric Production and Export Although India accounts for more than 70 percent of global turmeric production, with primary areas of cultivation in Andhra Pradesh, Telangana, Tamil Nadu, Odisha, Karnataka, and West Bengal. For 2023-24, the country exported around 162,000 tonnes of turmeric worth $226.5 million. Other major buyers of Indian turmeric are Bangladesh, the United Arab Emirates, the United States and Malaysia, with North America being the largest market and Europe being the fastest-growing market. Creating...