Turmeric, often referred to as “Indian saffron” or the “golden spice,” has been a cornerstone of Indian agriculture and trade for centuries. Known for its vibrant color, medicinal properties, and culinary uses, turmeric is one of India’s most exported spices. In this blog, we’ll explore the latest trends in turmeric exports, India’s role in the global market, and key insights into the trade dynamics for 2023-24.
Understanding the Turmeric Trade
To better understand the turmeric trade between countries, companies turn to data providers for information on global imports and exports. Such weighed platforms provide in-depth analysis of trade volumes, market trends, buyer-seller dynamics, etc. In terms of turmeric, 70% plus of world supply was from India, and a total of the country remains the biggest exporter. Indian turmeric has become popular and in demand 2023-24, as Indian turmeric is comparatively better in quality and price.
Total India Turmeric Export 2023-24 : India’s turmeric exports have seen steady growth in 2023-24, driven by increasing global demand for natural and organic products. According to import export trade data, India exported approximately 1.5 lakh metric tons of turmeric, valued at over $200 million. This marks a significant increase compared to the previous year, reflecting the spice’s growing popularity in international markets.
Top 5 Countries Importing Indian Turmeric
India’s turmeric is highly sought after worldwide. Here are the top 5 countries importing Indian turmeric in 2023-24:
- United States – The largest importer of Indian turmeric, driven by demand in the health and wellness sector.
- United Arab Emirates – A key re-export hub for Indian spices.
- Bangladesh – High demand for turmeric in traditional cuisine and medicine.
- Malaysia – Growing use of turmeric in food processing and Ayurvedic products.
- United Kingdom – Increasing popularity of Indian spices in European markets.
Top 5 Buyers and Suppliers of Turmeric
Understanding the key players in the turmeric trade is crucial for businesses. Here are the top 5 buyers and suppliers in 2023-24:
Top 5 Buyers
- McCormick & Company (USA) – A global leader in spice processing.
- Olam International (Singapore) – A major player in the global spice trade.
- Rapid Organic Pvt. Ltd. (India) – Exports turmeric to over 50 countries.
- Nestlé (Switzerland) – Uses turmeric in its health-focused product lines.
- Everest Spices (India) – A leading exporter of Indian spices.
Top 5 Suppliers
- India – The largest supplier of turmeric globally.
- Vietnam – Emerging as a competitor in the global turmeric market.
- Bangladesh – Supplies turmeric to neighboring countries.
- Myanmar – Known for its high-quality turmeric varieties.
- Nigeria – A growing supplier in the African region.
Top Export/Import Companies in India
India is home to several leading companies involved in turmeric exports. Here are the top export/import companies in India:
- Synthite Industries Ltd. – One of the largest exporters of turmeric and spice extracts.
- Virdhara International – Specializes in organic turmeric exports.
- Arya Shellac – A key player in the global spice trade.
- Kancor Ingredients Ltd. – Known for its high-quality turmeric oleoresins.
- ITC Limited – A major exporter of Indian spices, including turmeric.
Global Trade Issues Affecting Turmeric Exports
Despite the growing demand, the turmeric trade faces several challenges:
- Quality Standards – Strict quality regulations in the EU and USA can hinder exports.
- Logistical Challenges – Rising freight costs and supply chain disruptions impact trade.
- Climate Change – Unpredictable weather patterns affect turmeric cultivation.
- Competition – Emerging suppliers like Vietnam and Myanmar are increasing competition.
- Trade Barriers – Tariffs and non-tariff barriers in some countries limit market access.
HSN Code for Turmeric
The Harmonized System Nomenclature (HSN) code is essential for classifying turmeric in international trade. The HSN code for turmeric is 091030. This code is used for customs documentation, ensuring smooth export and import processes.
Conclusion
India’s turmeric export industry continues to thrive in 2023-24, driven by global demand for natural and organic products. With the help of global import export data providers, businesses can navigate the complexities of the turmeric trade, identify new opportunities, and address challenges effectively. As the world embraces the benefits of this golden spice, India remains at the forefront of the global turmeric market.
Q1. Which Indian company is the largest exporter of spices?
Synthite Industries Ltd is India’s top spice exporter, specializing in spice extracts and oleoresins, followed by AVT McCormick and Everest Spices.
Q2. What is the HSN code for turmeric exports?
Turmeric falls under HSN 0910, which also includes ginger and saffron. This code is mandatory for customs clearance and GST compliance.
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