Makhana prices nearly double due to rising global demand

Demand for makhanas, or fox nuts, has risen sharply as they gain global recognition as a superfood. Consequently, prices have nearly doubled over the past year, even though supply remains steady. Local residents are feeling the impact of these price increases. For example, Sheetal Kumar from Baner shared that she recently paid Rs 180 for a 100-gram pouch of raw makhanas. Naveen Chawla from Wanowrie noted that the price of high-quality fox nuts can reach between Rs 2,000 and Rs 2,500 per kilogram. Due to these rising costs, many customers are now purchasing smaller packages. Retailers say that a significant portion of the makhana is being exported, driving up both wholesale and retail prices. In stores, prices for fox nuts range from Rs 1,400 to Rs 1,730, depending on quality. The Indian government has taken notice of this trend. In the latest budget, Finance Minister Nirmala Sitharaman announced the creation of a Makhana Board in Bihar, which produces over 90% of India's makhana. This move aims to formalize the industry and support local farmers. Shambhu Prasad, CEO of Madhubani Makhana, reported increased export inquiries from countries like the US and the UK. The price for their exported makhana has jumped from Rs 350 to Rs 1,100 per kilogram in just two years. They currently process 2.5 tonnes of makhana daily, with plans to double that production soon. Others in the market, like Hiten Parekh and Sarvesh Agrawal, echoed similar sentiments about rising demand and prices. Last year, wholesale prices were between Rs 600 and Rs 700 per kilogram, but now they have increased to Rs 1,400. Most of their supply comes from Bihar and West Bengal.