Turmeric prices strengthen due to expected production declines

16-Feb-2026 08:36 PM

Mumbai. The current price of turmeric is reported to be around ₹14,355 per quintal, significantly higher than the price level of ₹10,689 per quintal a year ago. Meanwhile, the NCDEX turmeric futures price for the April contract was recorded at ₹15,090 per quintal at the end of last week, while the December 2025 futures price for April 2026 had risen to ₹17,000 per quintal.

One reason for the strengthening of turmeric prices is believed to be lower production than initially estimated. The Union Agriculture Ministry had initially projected domestic production of 1.204 million tons for the 2024-25 season, but in the third advance estimate, this figure was reduced to 1.148 million tons. Total domestic turmeric production for the current 2025-26 season is expected to be around 1.140 million tons.

According to trade analysts, turmeric prices are witnessing a volatile trend due to tight supply and strong demand from exporters and the pharmaceutical industry.

Many FPOs are hedging significant quantities of turmeric to ensure higher prices. Some FPOs are also generating good profits by selling turmeric at higher prices in the spot market. Prices of this important spice are expected to soften briefly as new supplies begin to arrive, but the market may return to normal after that.

India is the world's leading producer, consumer, and exporter of turmeric. Turmeric exports are performing well in the current financial year, while domestic demand remains strong. This is likely to support prices.