Project report for Turmeric Cultivation

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Introduction

Turmeric has been used in Indian systems of medicine for a long time. Turmeric is native to Asia and India. Turmeric is a very important spice in India, which produces nearly the whole worlds crop and uses 80% of it. India is by far the largest producer and exporter of turmeric in the world. Presently, it is cultivated in China, Taiwan, Indonesia, Sri Lanka, Australia, Africa, Peru and the West Indies. Turmeric usage dates back nearly 4000 years, to the Vedic culture in India, when turmeric was the principal spice and also of religious significance. It is much revered by Hindus and associated with fertility. In today India, turmeric is still added to nearly every dish be it meat or vegetables. The leading producer of turmeric in Andhra Pradesh and is followed by Tami Nadu. The quality of turmeric is estimated by curcumin content which is high in Indian turmeric, thus having high value in the world market.

Turmeric powder has a warm, bitter, black pepper like flavor and earthy, mustard like aroma. Curcumin, a bright yellow chemical produced by the turmeric plant, is approved as a food additive by the World Health Organization, European Parliament, and United States Food and Drug Administration. Although long used in Ayurvedic medicine, where it is also known as Haridra, there is no high quality clinical evidence for using turmeric or curcumin to treat any disease. The tuberous rhizomes or underground stems of turmeric are used from antiquity as condiments, a dye and as an aromatic stimulant in several medicines.

Market potential & Strategy

The global curcumin market size was valued at INR 4,3460 Crores in 2019 and is expected to witness a CAGR of 12.7% over the forecast period. This growth in demand is aligned to its inherent anti-cancer, anti-oxidant, and anti-inflammatory properties, which is promoting its use across end-user industries. Curcumin also finds wide applicability in skin care applications, including prevention of ring worm, eye infection, leech bites, sore skin, bruising, and swelling, which should in turn drive demand for the product over the forecast period. Increasing awareness among consumers towards health benefits observed upon the consumption of curcumin and its medicinal values being popular with ayurvedic medicinal formulation should drive momentum in the other parts of the world during the forecast timeframe. Growing demand for herbal and ayurvedic skin care products, on account of consumer inclination towards using natural ingredients infused product range, should fuel market growth. Curcumin finds substantial application scope in cosmetics, food, pharmaceutical, textiles, and dye-sensitized PV technology. This, in turn, is anticipated to drive the curcumin market over the forecast period.

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