Onion Powder Price Forecast Report 2024-2025 | Price Trend, Latest Prices, Market Analysis, News, Chart, Demand, Extensive Forecast, Historical and Forecast Data

Onion Powder Price Forecast

Onion Powder prices forecast largely look affirmative for the global markets; however, some regional variations are anticipated in the year 2024. With declined production acreage and firm consumption, the pricing outlook is positive for the US market. At the same time, the Indian markets appear a little speculative. Learning from the price hikes in domestic markets in the past, the Government of India had imposed an export ban on onions till mid-March; however, the ban has been lifted as of May 4th’2024. This decision will likely impact the pricing and consumption dynamics for onion powder in the Indian domestic markets in the near future. Overall, a moderate price trajectory is projected for onion powder markets globally.

Market Dynamics

The onion powder market has showcased buoyancy in the major global markets in recent times. A 6% quarter-on-quarter (Q-O-Q) rise in onion powder prices is expected in the US market by the conclusion of Q2’24. A notable rise of approximately 17% in the feedstock onion costs is driving the prices for powder upwards. The US noted a decline in the planting area during this time due to shortages of water, which caused this slight supply constraint in the market. On the other hand, the onion powder prices have been under check in India in recent times. India witnessed a 15% drop in production for onion in 2023-24 owing to unfavorable weather conditions. To balance the prices, the Government of India had imposed a ban on onion exports till Mar’24 and extended it till further notice to keep the prices on the lower side. However, as of May 4th, the ban has been lifted after a five-month period after a consistent depreciation was seen in profit margins of onion farmers amidst domestic supply saturation. The allowance comes with an additional 40% export duty, which is being contested by many farmers. Overall, this decision will impact onion powder prices directly and indirectly in the long term, particularly for the Indian markets.

Annual Outlook for Onion Powder Industry

The annual outlook for the onion powder industry is positive for the year 2024. After the current uprise in the US market, the prices are likely to stabilize in the second half of the year with speculative supply normalizations. Currently, the US domestic industry is witnessing an output consolidation owed to the declining acreage in the country. Therefore, the onion powder prices are currently on a rising trajectory. However, the situation is anticipated to normalize going forward in H2’24. The Indian market, on the other hand, is likely to get a little turbulent in the latter phase of the year. The government has lifted export bans from onions after five months, which will impact the pricing scenarios for onion powder as well. However, the situation is likely to be a little better than the havoc caused last year since the 40% export duty will keep the export volumes in check, ensuring domestic availability.

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