NEW DELHI (Reuters) – A bumper harvest has led to a crash in turmeric prices in India, the world’s biggest producer and exporter of the bright yellow spice, causing furious farmers to stage protests in key growing regions demanding government help, growers and traders said.
Turmeric, which holds antioxidant and anti-inflammatory properties, has been gaining in popularity among health-conscious consumers around the world in recent years.
Variety - Curries - Biryani - Food - Products
But it is still predominantly used in a variety of tangy Indian curries, aromatic biryani and other food products. Indians also consider turmeric auspicious and it is smeared onto the faces of both the bride and groom ahead of weddings in a ceremony meant to bring good health.
This year’s bumper crop is the result of a boom in last year’s planting after prices soared in 2018 due to lower output and depleted stocks. Now, prices have slumped nearly 24 percent since the beginning of 2019 thanks to mounting stocks at wholesale markets.
Prices - Farmers - Streets - Plight - Punam
“Turmeric prices have dived and desperate farmers have hit the streets to highlight their plight,” said Punam Chand Gupta, a trader from Nizamabad, a key market in the southern Indian state of Telangana. “Prices have been falling since January and farmers are forced to sell at really low prices.”
Turmeric takes nine months to mature so crops planted in June mainly show up for both domestic consumption and exports in January.
Prices - Rupees
Turmeric prices hovered around 85,000 rupees ($1,200) a...
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