June 26, 2019
North America is the largest regional market for turmeric, meanwhile, Europe is the fastest growing market
Spice is a vital component of the food processing sector which is expected to cross US$550 billion by 2020
India produces about 75 of the 109 varieties listed by the International Organization for Standardization (ISO)
In 2017-18, India exported over 1 million tonnes of spices and spice products, valued close to US$2.8 billion
India has emerged as the world’s largest exporter of turmeric. India, also the world’s largest producer of the popular spice, reported total export of US$236 million in 2018, as per a June 26 announcement by the Trade Promotion Council of India (TPCI). India currently accounts for 80 per cent of the spice’s global production. The council added that North America was the largest regional market for the product, while Europe was the fastest growing market. Speaking on the record export, Mohit Singla, chairman of TPCI said that India was the largest manufacturer, consumer and exporter of curcumin, a substance found in turmeric that is known for its many health benefits.
Turmeric ranks third in the total exports of spices from India. The leading importing countries of Indian turmeric include the UAE, Iran, US, Sri Lanka, Japan, UK, Malaysia and South Africa. The rising demand of curcumin in the pharmaceutical for treating critical ailments such as cancer as well as from the food and cosmetic industries has been a major factor in driving the growth of the global curcumin market. Rising awareness among consumers regarding turmeric’s antioxidant and anti-inflammatory properties have also aided the growth. Apart from this, the surging inclination of consumers towards organic products is likely to provide an impetus to the market in coming years.
India produces about 75 of the 109 varieties listed by the International Organization for Standardization (ISO), making it the hub of global spice trade. As the world’s largest producer, consumer and exporter of spices, India represents around half of its global trading. In 2017-18, India exported over 1 million tonnes of spices and spice products, valued close to US$2.8 billion. In terms of volume, the total exports attained an all-time record, with a growth of 8% year-on-year, according to data from the Spices Board, the apex industry body. Apart from raw spices, India exports processed, powdered and value-added items, such as spice oils and oleoresins, blends, among others.