The Cardamom market in the previous month was under a complete acrimony on account of the auction prices at the cardamom capital of India, Bodinayakanur. At the auction the 8.5 mm cardamom fetched a whooping INR 5000 for a kg. This price rise was already in the foresight since the arrivals at the auctions were less since March. Rather than planters it was the speculators who were controlling the price. The weather conditions severely changed during the months of April and May whereby the cardamom plantation encountered a massive heatwave and the delayed pre monsoon rain added to the trouble.
Explaining the swift rise in prices, insiders narrate a story that involves failed crops, delayed monsoon, poor stock, and an artificially created dealer’s market, in addition to the growing use of the spice in contemporary cooking. That has hit both supply and quality, but more crucially, sent the spot prices of small cardamom, already among the world’s priciest spices, to record highs on Mumbai’s Multi Commodity Exchange this month.
Cardamom’s complex combination of flavours, including elements of mint, citrus and herbs, make it a popular ingredient in a wide range of dishes, both sweet and savoury. Next year, availability will be a problem and we might have to import from Guatemala, but then the quality is inferior,” said Koushik, who is a well-known Indian TV chef and is also a consultant to restaurant chains.
Here’s something what the knowledgeable people in the industry have to say: –
“Prices will continue to rise in the long-term and we have reached this point because of climate change,” said Joychan Kannamunda, secretary of the Cardamom Growers Association.
“The crop is 30-40 % less than normal and of late the demand has grown by three per cent annually because of increased consumption of aromatic spices, pharmaceuticals, cosmetics and food industry,” says G K Nair, a former beat journalist.
To conclude we can say that the high prices have drastically affected the domestic and export demand which is now negligible. The demand from International and domestic markets was restricted to very small retail demand while the larger industrial demand shifted towards the imported Guatemalan Cardamom which entered in the Indian Markets. Thus we can say that Indian cardamom has arduous times waiting ahead.
Here is something more that you would like to know about the complex combination of cardamom that make it the most popular ingredient in a wide range of dishes viz. both sweet and savoury: –
1. Cardamom is among the premier spices which has been a commodity of commercial exchange for traders since ages.
2. A certain German coffee planter was responsible for the introduction of Cardamom plantation in Guatemala, as long back as before the first world war. Today Guatemala is the largest producer and exporter of the spice followed by India, the land of the spice’s origin.
3. Cardamom is in fact the third most expensive spice in the world, preceded in price per weight only by Vanilla and Saffron. Cardamom could easily be recognized by its distinct sweet taste.
4. Cardamom finds extensive use in Ayurveda due to its warming effects on the body.The Spice has been used in ancient Ayurvedic practices for the purpose of the cleaning of the lungs as well as the stomach.
5. Though used sparingly in fragrances, Bombay-based perfumer Manan Gandhi created, ‘Calicut’, using a cardamom note (as oleoresin). “It gives a spicy green note,” says Manan of the spice that in history is known for its “grateful warmth.