The Impact of Fenugreek Decline on the Market
Fenugreek, the aromatic herb and spice, is facing a significant setback this season in India's Gujarat, Rajasthan, and Madhya Pradesh regions.
Currently, 75% of the crop lies idle at farmers' homes, while the first two months of the season saw only 25% of the crop arrive in the country. The regular export of Indian fenugreek is 0.4 million bags yearly, but the prices in Pakistan, India's rival in the spice market, had risen to $750 per tonne from $600 per tonne when the season began. This makes it more challenging to export more than the regular export of fenugreek from India, with prices of Indian fenugreek already at $900 per tonne.
Fenugreek production in the current season is estimated to be 1.2 million bags lower than the annual requirement of 2 million bags, leading to a significant decline in the market. Experts predict, at the end of the season, there is no possibility of a huge boom in fenugreek.
Considerable decline in arrivals
Last year, different regions of Gujarat saw a heavy arrival of fenugreek. But this year, the picture is entirely different. The fenugreek crop in Gujarat has witnessed a considerable decline, with only 0.275 million sacks of crops estimated to be harvested this year, compared to the previous year's 0.575 million bags.Currently, 75% of the crop lies idle at farmers' homes, while the first two months of the season saw only 25% of the crop arrive in the country. The regular export of Indian fenugreek is 0.4 million bags yearly, but the prices in Pakistan, India's rival in the spice market, had risen to $750 per tonne from $600 per tonne when the season began. This makes it more challenging to export more than the regular export of fenugreek from India, with prices of Indian fenugreek already at $900 per tonne.
Fenugreek production in the current season is estimated to be 1.2 million bags lower than the annual requirement of 2 million bags, leading to a significant decline in the market. Experts predict, at the end of the season, there is no possibility of a huge boom in fenugreek.