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 USD 58.2 million in 2020 and is projected to grow at a CAGR of 16.1 per cent 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 USD 587 million, with exports at USD 320 million. The export value increased by 13.56 per cent between 2017 and 2023.
