Demand and prices for ginger in the Russian market have skyrocketed in recent weeks, as Russians persist in believing the root has miraculous properties that combat the coronavirus, Global Trade Magazine reported.
According to the report ‘Russian Federation – Ginger – Market Analysis, Forecast, Size, Trends and Insights’ by market analysis agency IndexBox, the revenue of the ginger market in Russia was estimated at $26M in 2018. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price).
Since ginger is not grown in Russia, demand in the local market was fully covered by import supplies. In 2018, ginger imports into the country amounted to 11,000 tons, going up by 2.5% year-on-year. Overall, ginger imports continue to skyrocket.
The most prominent rate of growth was recorded in 2009 when imports increased by 91% against the previous year. Over the period under review, ginger imports reached their peak figure in 2018 and are likely to continue its growth in the immediate term. The Netherlands and China are the main suppliers of ginger to Russia.