Radish Prices Explained
Radish prices regained their track as the root vegetables’ value in the European market increased because the demand exceeded all winter.
2022 was not a good year for the commodity as the global output flood in international markets created surpluses as the demand was low.
Why are radish prices fluctuating?
1. Market Competition
Market competition is a major factor affecting radish prices since growers and sellers adjust their prices in response to changes in the market and the price of other vegetables.
Also, increased competition leads to a decrease in radish prices to attract more customers while decreased competition results in price increases to maximize profits.
For example, the price of radish fell by 10% in the Philippines in January 2023, which was attributed to an increase in the availability of other vegetables such as cabbage, lettuce, and carrots on the market.
2. Production Costs
The expenses related to the production of radish include labor, water, electricity, machinery, seeds, fertilizer, and pesticides.
Normally, producers choose to reduce the planting area or increase the price at which radishes are sold to compensate for rising production costs. As a result, this causes the market price of radishes to increase or the supply to decline.
For example, in November 2023, the rising costs of labor, diesel, and fertilizer were the reason behind a 20% increase in radish prices in India.
3. Weather Conditions
Radishes are subject to various weather conditions that affect their growth, quality, transportation, and storage.
Droughts, floods, typhoons, and frost are examples of extreme weather incidents that harm radish crops, reducing their availability and driving up prices.
For instance, due to heavy rains and flooding that affected radish production in some areas, the price of radishes in China increased by 50 percent in July 2022.
4. Supply and Demand
The pricing of radishes in the market follows the dynamics of supply and demand. In cases of oversupply, radish prices generally decrease, whereas in situations of shortage accompanied by increased demand, prices go up.
For example, radishes cost 22.38 percent less in South Korea in the fourth quarter of 2021 than they did in the same period in 2020.
Overall, this decrease is related to increased production and decreased consumption of radishes.
Which variables impact the price of radish?
- Market Competition
- Production Costs
- Weather Conditions
- Supply and Demand
- Government Policies
- Transportation and Distribution Costs
Where does radish come from?
Cultivated throughout the world, this crisp and peppery root vegetable is valued for its unique flavor and many health advantages. Also, different varieties of radishes display unique qualities in terms of size, color, flavor, and culinary uses.
Here are some common types of radishes:
1. Red Radishes -This variety is the most prevalent and universally acknowledged type of radish. Additionally, it is characterized by its small to medium size, round or oval shape, and vibrant red skin.
2. Daikon Radishes – Compared to red radishes, these are longer and more elongated, with a lighter green or white skin and a milder flavor. Asian cuisines make extensive use of these radishes which are usually shredded or sliced and used in salads, pickles, and other dishes as garnish.
3. Black Radishes – Larger than red radishes, these are identified by their dark black or dark purple skin and have a stronger spicier flavor. Moreover, they are used in salads, as a garnish, or pickled.
4. Watermelon Radishes -These radishes have a green and white exterior but when cut open, they reveal a bright pink or red inside that tastes like watermelon. With a gentle, sweet flavor, they serve as a colorful addition to salads and various dishes.
5. French Breakfast Radishes – This variety is elongated with a red top and a white bottom. Additionally, it has a milder flavor compared to some other radish varieties.
6. Easter Egg Radishes – A blend of pink, purple, red, and white radishes, thus living its name as the range of colors resembles colorful Easter eggs. These radishes are mildly flavored and visually appealing when added to salads.
7. Cherry Belle Radishes – These radishes are small, spherical, and bright red. They have a crisp texture and a classic radish flavor.
8. Icicle Radishes -These radishes are thin, long, and have a white outer covering. Furthermore, their mild flavor makes them a popular addition to salads.
What are the uses of radish?
Radishes are an essential component of a healthy diet because of their high vitamin C content and other elements. Packed with antioxidants, they aid in cellular defense by reducing harm and inflammation.
Though their main use is for food, radishes are also used in a variety of industries.
1. Biodiesel – Certain radish varieties such as the Daikon radish are used to extract oil. The resulting oil is high in unsaturated fatty acids, perfect for making biodiesel.
2. Food Industry – The adaptable radish is used in many different recipes such as salads, pickles, and garnishes. Additionally, it is good for making sauces, stews, curries, and soups.
3. Pharmaceutical Industry – Radishes have medicinal qualities that make them useful for treating various conditions such as kidney stones, constipation, indigestion, urinary tract infections, cough, cold, fever, and skin problems.
Furthermore, radish juice, oil, or extracts are used as herbal medicine ingredients or as natural remedies.
4. Cosmetic Industry – Radish is used to make many natural cosmetic products such as face masks, scrubs, creams, and lotions. Moreover, it is used to improve skin tone, lessen acne, lighten scars, and moisturize the skin.
Furthermore, radish proves beneficial in the creation of hair products like shampoos, conditioners, and oils, promoting hair growth, preventing loss, and enhancing hair shine and texture.
5. Agricultural Industry – Radish is also used as a cover crop, green manure, or biofumigant, playing a role in improving soil quality, suppressing weeds, controlling pests, and preventing erosion.
Additionally, radish serves as a valuable fodder crop for livestock, catering to the dietary needs of cattle, sheep, goats, and pigs.
What is the future price of radish?
The demand for fresh radishes is rising globally, partly because people become more careful of their health and prefer organic produce and people are becoming more aware of the benefits of consuming fresh radishes.
Round root radishes are the most popular type of radish in the world, mostly because of their unique flavor and texture which has made them very popular with customers.
Additionally, fresh radishes are in high demand not only for direct consumption but also for a variety of uses, such as snacks or meal replacement diets which leads to more usage in other industries.
Overall, the price of Radish will be $0.45 to $1.26 per kilogram in 2028, at a CAGR of 3.50% over the forecast period of 2023-2030.