India Fox Nut Market- Supply & Demand Analysis

Key Takeaway

• Makhana originates from the Euryale ferox plant, belonging to the water lily family (Nymphaeaceae). Fox nut, traditionally grown in regions of Asia, it holds significant cultural, nutritional, and economic importance. The countries producing fox nut include India, China, South Korea, Japan, and Nepal. The global production of fox nut is concentrated in specific geographic areas, driven by favorable climatic conditions, traditional knowledge, and emerging consumer demand for superfoods.
• India is the largest producer and consumer of fox nut globally, accounting for more than 90% of the total production. It is the primary exporter, catering to increasing global demand for organic and nutrient-dense foods.
• Fox nut (makhana) cultivation in India is predominantly centered in states like Bihar, Uttar Pradesh, Assam, West Bengal, and parts of Jharkhand. Bihar accounts for over 85-90% of the country total production, with its rich floodplain ecosystem providing ideal conditions.
• India's fox nut (makhana) cultivation area expanded to 28.17 thousand ha. in 2018, reflecting a 2.01x growth compared to 2012-13. The granting of the GI tag for Mithila Makhana to 21 districts in Bihar in 2022 significantly boosted the recognition of this valuable crop. This development attracted a growing number of producers, entrepreneurs, start-ups, and traders to the makhana value chain. Additionally, the area under makhana cultivation increased by 18.22% in 2022-23, compared to 33.75 thousand hectares in 2021-22. The cultivation area is projected to expand at a robust CAGR of 5.01% during the period from 2025 to 2030, attributed to the increasing domestic and international demand for fox nuts, which has bolstered farmers' price realization and profitability.
• The conversion rate of fox nut seeds to makhana pops has historically ranged between 40% and 42% up to 2023. However, advancements in mechanization and the growing availability of modern processing machinery are expected to enhance this conversion rate in the coming years. In 2023, total makhana pop production was recorded at 34.22 thousand tonnes, reflecting the growing demand for this nutrient-rich snack.
• Fox nut (makhana flakes) prices (retail) have shown a steady increase of 2.03x during the period from October 2022 to January 2025 (from ₹ 850 to ₹ 1725 per kg). Factors such as GI tag, decline in monsoon rain, rising consumer demand for healthy snacks, and increase in labor costs have cumulatively supported the price rise during the period.
• The global market for popped makhana has gained traction, and witnessed strong growth in the recent years. In 2024, exports of popped makhana stood at 825 tonnes, reflecting growing international interest in this superfood. However, due to factors such as limited awareness in overseas markets and trade barriers, export growth is expected to be comparatively slower, with a projected CAGR of 10.56% over the forecast period from 2024 to 2030.