Phytochem International, a major importer and distributor of standardized botanical extracts located in Ontario, Calif., announces a 20 percent price increase to $130 for turmeric 95% curcumioids.
Seventy percent of the world supply of turmeric is grown in India. The major harvest for turmeric is between February and March. Due to heavy rains, the turmeric harvest in India came in 30 percent lower than expected. India is a major consumer of turmeric and according to our manufacturer, Ningbo Traditional, there will be a 50 percent reduction of Indian turmeric available for export.
For simplification, when quoting prices in this press release, we are quoting prices for quantity buyers purchasing 500 kg above FOB U.S.A.
Ningbo Traditional, the only ISO-certified Chinese manufacturer of Indonesia turmeric, says, “the cost for Ningbo quality turmeric has risen by 20 percent to 30 percent since January.” They are predicting pricing around $150 to $165 by September.
Phytotech Extracts Pvt., our major Indian supplier of Indian botanical extracts including Garcina Cambogia 50% and 70ws and a major exporter of turmeric to Europe and Japan, collaborates this forecast.
Phytochem’s pricing is following this trend mirroring the rising cost of turmeric 95% curcuminoids. We’ve just raised our price approximately 20 percent to $130 and expect additional increases of 20 percent to 30 percent by September.
Ningbao Traditional assures us that they have secured turmeric supply and will keep us supplied through the shortage.
Whether there will be market shortage and overall volatile pricing will depend on factors outside our control. Much depends on whether the minor harvests later in the year are normal. The second factor is how other manufacturers have stocked raw material for the shortage.