As an AI language model, I don’t have access to the latest data on the market rate of turmeric in Basmat market. However, I can provide valuable insights into the importance of turmeric in the global market and factors that may influence its price.
Turmeric, also known as the “golden spice,” is a common ingredient in Indian, Middle Eastern, and Southeast Asian cuisine. It is widely known for its medicinal properties, particularly its anti-inflammatory and antioxidant effects. Curcumin, the active compound in turmeric, is also being studied for its potential benefits in treating various illnesses, including cancer, Alzheimer’s disease, and depression.
The global turmeric market size was valued at $4.84 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028. Factors that may influence the market rate of turmeric include the following:
– Demand and supply: As with any commodity, the price of turmeric is influenced by the balance between demand and supply. If the demand for turmeric increases, the price may go up, provided that supply does not outstrip it. Conversely, if the supply of turmeric exceeds demand, the price may go down. The COVID-19 pandemic has also influenced the turmeric market, with the increased demand for immunity-boosting herbs and spices.
– Weather conditions: Turmeric is grown in tropical regions, and weather conditions can have a significant impact on its production. Insufficient rainfall or extreme temperatures can affect the quality and yield of turmeric, which may lead to higher prices.
– Government policies: Government policies can also influence the market rate of turmeric. For example, in India, the government regulates the export of turmeric to ensure that domestic supply is not affected. Any changes in these policies may have a ripple effect on the global turmeric market.
– Currency exchange rates: Turmeric is traded globally, and currency exchange rates can affect its price for buyers and sellers in different countries.
In conclusion, the market rate of turmeric in Basmat market may be influenced by a combination of demand, supply, weather conditions, government policies, and currency exchange rates. As a valuable spice with both culinary and medicinal benefits, turmeric is likely to maintain its significance in the global market.