Known as the ‘Golden Spice of India’, turmeric, due to its preventive, therapeutic and curative properties, has been integral to Indian and many South Asian cultures, cuisines, and traditional systems of medicine like ayurveda and unani. It is commonly used as a condiment, dye, drug and key raw material for the cosmetic industry, and in traditional medicine and religious ceremonies. The turmeric market value was around $58.2 million in 2020 and is projected to grow at a CAGR of 16.1%
Known as the ‘Golden Spice of India’, turmeric, due to its preventive, therapeutic and curative properties, has been integral to Indian and many South Asian cultures, cuisines, and traditional systems of medicine like ayurveda and unani. It is commonly used as a condiment, dye, drug and key raw material for the cosmetic industry, and in traditional medicine and religious ceremonies. The turmeric market value was around $58.2 million in 2020 and is projected to grow at a CAGR of 16.1% from 2020 to 2028. Rising awareness of curcumin’s medicinal benefits has fuelled an increase in turmeric demand. Consequently, in 2023, global turmeric trade was valued at $587 million, with exports at $320 million. The export value increased by 13.56% between 2017 and 2023.
This paper can be accessed here.
This paper is authored by Arpita Mukherjee, Dr. Souvik Dutta, Eshana Mukherjee, Ketaki Gaikwad, Trishali Khanna, Nandini Sen, ICRIER, New Delhi.
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