India, despite holding a commanding share of over 62 per cent of global turmeric trade, faces challenges that impede further growth. They range from rejection of spices in key export markets, price fluctuations leading to farmers withdrawing from cultivation and not meeting the desired curcumin levels required by companies, a report by Icrier, in association with Amway, showed.
The report was released on Tuesday amid Commerce Minister Piyush Goyal expressing hope that the newly-launched National Turmeric Board will help develop new markets internationally. This will help promote exports and double production to about two million tonnes in five years.
Goyal was speaking at an event to mark the launch of the Turmeric Board, which was notified in October.
The board, to be chaired by Palle Ganga Reddy, its first chairperson, will be headquartered in Nizamabad, Telangana. It will focus on development of turmeric and turmeric products in the country. India is the largest producer, consumer and exporter of turmeric in the world.
In the financial year 2022-23, an area of 0.32 million hectares was under turmeric cultivation in India with production of 1.16 million tonnes.
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