Diwali is 2 days away and the festivities are at their peak. With fintech, logistics, pharmaceuticals, and banking sectors being the major buyers, the demand for chocolates and dry fruits have gone as high as it was before Covid. Same is the case on the retail front as the demand soars ahead of Diwali and Dhanteras.
Vijay Singh Bhuta, Mumbai Dry Fruits Traders Association said – “Supply of dry fruits from Afghanistan, Iran and US is smooth and prices have not increased much, which has come as a big relief to the trade. The demand this year is much higher than 2020 and has touched the pre-Covid level.”
Cashews, almonds, pistachios are usually bought during the festive season. It was speculated that after Taliban’s takeover on Afghanistan, dry fruit prices will surge and would impact the festive season. Luckily, it didn’t happen, and along with that the production of yellow raisins in the western belt of Maharashtra and Belgaum in Karnataka has been very good.
Bhuta said – “For a brief period of time, prices went up 10-15%. But when the supply side normalized subsequently, prices corrected and remained stable.”
A dry fruit trader in Delhi’s Khari Baoli market said – “Offices have opened and there are very few restrictions now. We thought the corporate will place huge orders. But it was normal, just like 2019.”, expecting an upsurge in demand from the corporate given that the economy is bouncing back and vaccination drive picked up.
Mumbai-based Chocolate Smith partner Ayesha Memom said – “most of the orders have come from pharma companies, banking sector and logistics companies. Since local restrictions are not there, corporate are reaching out to their clients in every corner of the country. As these sectors have done well during the Covid-19 pandemic, when medical assistance, no contact delivery and digitization in payments went up.”
Some people have made money in the equity market and the retail demand has gone up. Sanjay Jain, a dry fruit and chocolate trader said – “For more than a year and a half, people have fought with Covid and related anxiety. So, they want to celebrate this festive season in a big way. They have liquid money in hand and are therefore spending on dry fruits and chocolates.”
