During the first and second quarters of 2023, onion prices surged worldwide, straining consumer budgets in countries like the Philippines and across Asia, where onion costs even outpaced those of meat by 25-50%. Surprisingly, demand for onions remained strong due to their status as a global food staple.
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The price hike was fueled by factors such as global inflation, extreme weather conditions including heatwaves and hailstorms, and supply chain disruptions resulting from the Russia-Ukraine conflict. Inflationary pressures, stemming from a weakened global economy, compelled traders, manufacturers, and banks to raise prices to sustain market operations, further contributing to the onion price increase.
Definition
Onions are edible bulbous vegetables belonging to the Allium genus, which includes garlic and leeks. They are prized for their distinctive, pungent flavor and are available in various types, such as red, yellow, and white onions. Onions are characterized by their layered structure and papery outer skin. They are a versatile culinary ingredient, commonly used in various dishes to add depth and aroma. Onions contain essential nutrients, including vitamins C and B6, as well as antioxidants like quercetin. They also possess antibacterial properties. Onions can be consumed raw in salads or sandwiches or cooked in a multitude of savory and sweet dishes.
Key Details About the Onion Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Onion in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Onion Price chart, including India Onion price, USA Onion price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Onion Price Trend:
Onions have industrial applications beyond their culinary significance. They are extensively processed into various forms, such as onion powder, flakes, and onion juice concentrate, serving as essential ingredients in the food industry for seasoning blends, soups, sauces, and snacks. Onion extracts and onion flavorings are utilized to impart their distinct flavor to a wide array of food products, including chips and condiments. In the pharmaceutical sector, onion extracts have potential medicinal applications. Additionally, onions have relevance in cosmetics and skincare products for their reputed skin benefits, while their natural pigments can be employed as natural colorants in textiles and fabrics. These diverse industrial uses underscore the versatility of onions beyond their role as a culinary staple.
Key Players:
- Natural dehydrated vegetables private limited
- Vakil Foods
- Balkrishna Agro
- Vinayak Ingredients
- Sapiro Biotech Private Limited
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