Market Report - April 2026

Market Report - April 2026

Agitation in Iran and the Middle East has created significant uncertainty in global trade. The closure of the Strait of Hormuz and instability across the region have disrupted normal shipping routes and made logistics more unpredictable. Shipping lines are charging war surcharges and, in some cases, have even stopped accepting bookings to Middle Eastern destinations.

The Middle East is one of the largest buying and trading hubs for spices, so any disruption in this area affects global flows. According to industry updates, conflict around Iran is expected to affect pepper trade, especially because the UAE is a major buyer and transit hub for pepper and other spices. Rerouting shipments is also increasing freight costs and delaying transit times.

As a result, the spice market is now more volatile, not due to production issues but because of challenges in logistics, demand shifts, and supply‑chain insecurity.

While Pepper marker remained dull over last few weeks, turmeric and ginger market has been highly upward and volatile. 

BLACK PEPPER

Indonesia:

Harvest Season: July to September

• It is off-season now. Arrivals are very poor. Light berries are not available.
• Indonesian bold pepper prices indicated a stable trend due to low availability and continued demand.
• The upcoming crop harvesting is expected to be delayed compared to previous years.   It is expected to start in August, and material availability continues to remain limited.
• Carry forward stocks are limited compared to previous years.  This will tighten the availability of material and will lead to price hike.

Sri Lanka-India:

Harvest Season: April – June. / Dec-Jan

• The upcoming April–June crop is expected to be fair so far.
• Prices are being quoted at USD 8200-8500/MT, for limited stocks of 8% piperine extraction grade material.
• Indian crop is just average, similar to last year, or slightly high.
• Market is currently dull, with limited activity reported.
• Prices are stable in market due to lower demand and higher carry forward stocks.
• The new crop is expected to be good, even though 10 to 12% damage    has been reported from the Ceylon hit areas.  Until next harvest market supply will depend on carry-forward stocks.
• Prices are expected to stabilize in the new season due to good crop and normal demand conditions.

Vietnam:

Harvest season: December to February

• New crop is currently on.
• Crop size is similar to last year.  Current price is stable in the range of USD 6700/Mt for extraction grade pepper with 5.5 -6% piperine. Prices for bold berries have been slightly downward over last three weeks.
• Price trend future will depend on how demand picks up.
• Carry forward stocks are very low compared to previous years and this may lead to price increase if demand increases.

Brazil: 

• Though being emerged as the second largest origin, not contributing to Oleoresin Industry, due to light berries plucking is not in practice and due to regulatory issues on account of microbial and pesticide issues.
• Middle East and Vietnam are major importers from Brazil. Season is throughout the year, courtesy weather conditions and wide landscape.
• Prices were stable due to good availability and favourbale demand. Prices are expected to continue the stable trend in the short term.

CAPSICUM:

Harvest Season: December to May

• Chilli Crop Plantation is reduced by 30% compared to last year. This, together with adverse weather conditions are expected to limit production.
• Indian colour chilly / extracts prices have gone up too high, almost 35%, due to increased chilly RM prices.
• Less cultivation of major chili varieties and adverse weather conditions have resulted in less availability this year.
• Strong domestic demand, along with quick clearance of cold‑storage stocks, has resulted in higher prices in the market.
• Market is assured to be firm and upward.
• Prices are firm across high, medium, and low colour varieties.
• Demand is strong due to tight supply, reduced acreage, weather losses etc. Farmers  are selling very little. Export interest and domestic short covering are supporting prices.
• Buying from Chinese buyers   have slowed down due to higher prices.

GINGER:

Harvest Season: December- March

• Harvesting season is almost over.
• The adverse climatic condition during the growth stage has adversely affected the fields.
• There has been 30-35% crop damage due to erratic rainfall and pest issues. Prices have increased by almost 40% in the last two months and is expected to move further up.
• Prices at other origins, China/Africa, are also firm.
• Ginger oil prices continue to trend upward due to limited raw material availability and strong global demand.
• Ginger prices have risen sharply due to strong demand and low supply.
• Extraction grade dry ginger availability is limited.  Price has increased to USD 2000/mt.
• Limited supply, less superior‑grade availability, and strong global demand are keeping the market firm.  High Nigerian ginger prices make imports unattractive, increasing preference for Indian origin.
• The market is expected to stay strong due to reduced supply and sustained domestic and export demand.

NUTMEG:

India:

Harvest season: May to August

• It is off season now.RM arrivals are very slow. New season will commence in May. Crop is expected to be fair.
• Various qualities of raw material are entering the market.
• At present, raw material prices are in the range - USD 1190 - USD 1250/MT
• Prices are stable, similar levels through last one year.

Indonesia:

Harvest Season: March- April, July – August

• Market remains low.
• Prices have subsided marginally, due to less trade, we believe.
• Current price for Nutmeg BWP Without shell falls between USD 4300 to USD 4700 per MT.
• Indonesian nutmeg prices  have shown a weak trend in march. Carry forward stock positions are stable, and quality material is available.
• Season ongoing, production is steady.

CARDAMOM:

Harvest Season: August- November

• Prices remain high and stable for Indian cardamom pods.
• It is off-season for cardamom.
• RM arrivals are reduced and carry over stock is not available. RM price is in the range of USD 31800/MT
• Arrivals at auction centers remain tight, as supply is below normal, supporting firm prices.  The next picking is expected to start by July.
• Market is firm, supported by tight arrivals, increased demand both in export and domestic markets.

CORIANDER:

Harvest Season: March – May.

• New season has started.
• Prices are currently stable on USD1200 per MT
• 2026 crop - Slight decline in acreage compared to last year due to crop diversification, farmers are shifting to mustard and cumin in some regions.
• Weather volatility and export demand fluctuations could influence prices.
• Prices are expected to increase due to high demand and tight supply.

TURMERIC:

India:

Harvest season: February - April

• Harvesting has started, with current prices quoted around usd1650/- to 1750/ per MT.
• The area under cultivation this year is reported to be about 20% higher than last year; however, yields in some regions are lower compared to the previous season. In a few areas, fungal issues have been observed, though the impact remains limited at present.
• As the carry forward stocks were almost nil, whatever is coming to market is instantly picked up by grinding and extraction companies. This keeps the price extremely firm and material are in short supply, despite fair arrivals.
• Short term trend is highly upward. Future trend will depend on how demand remains.

Vietnam:

Harvest season: February - April

• Season is on now. Prices are high, @ USD 1850/MT levels.

Indonesia:

Harvest Season: August- November

• It is off-season currently.
• Prices have stayed high due to steady demand, with poor quality RM only available.

PAPRIKA:

Harvest Season: November- April.

• New season harvesting is almost over.
• Although the area under cultivation has dropped by 35%, the weather was favourable for the crop throughout the growing period., so the final crop assessment shows a 15% reduced crop than last year.
• Prices remain firm, but stable.

CELERY:

Harvest Season: May- June.

• It is off-season now. New crop will commence in May-June.
• As the crop was not so good, prices moved up drastically this season.
• Production was down by 35% compared to last year. RM price currently ranges from USD 1350 to USD 1450 /MT.
• Celery seed oil and oleoresin prices moved by 30-40%, compared to last season.
• Crop conditions remain healthy, with neither germination related issues nor yield related issues reported so far.   Carry-forward stocks remain limited, supporting a firm market trend.

FENNEL:

Harvest Season: February- May

• Season is on.
• New crop nurseries were damaged in big way, so crop is expected to be short this year.  But a major price hike is not expected as the demand is low now and carry forward stocks   are there in market.
• RM price is at a stable condition, at USD 1500/MT
• Market sentiment is firm due to low carryover stocks and increased demand.

GARLIC:

Harvest Season: March – May.

• The Indian garlic market remains firm, supported by strong domestic demand and controlled arrivals from producing regions.
• Harvesting is on in full swing; crop is only below average.
• Farmers are releasing stocks cautiously, anticipating better price realization as demand from traders and exporters remains steady.
• Quality of the new crop is reported to be average to good. though size variation is observed in early arrivals.
• Current price for Garlic bulbs is in the range of usd1140/Mt and Garlic flakes in the range of usd1710/Mt.
• Market remains volatile due to variations in daily arrival volumes.
   

FENUGREEK:

Harvest Season: June-July and October-November.

• In India, fenugreek remains a significant crop, with favourable weather conditions supporting its cultivation., but weather variability and storage conditions may affect quality and availability.
• Currently price is at USD 850/MT levels.
• Current crop area is   about 30% lower due to the low price of material for the past three years.
• Carry forward stock is lower than previous year.
• Prices are trending upward against increased demand, due to low arrivals and limited carry forward stocks.

ONION:

Harvest Season: January- February, April-June, October -November.

• Prices are moderately fluctuating as fresh arrivals balance out demand, if exports rise sharply, price may firm up.
• Current price for Onion RM is stable at USD 570/Mt, and Onion flakes in the range of USD 1198/Mt.
• New season harvest is ongoing.  Main Rabi crop arrives in March-April.
• Market remains mixed, heavy arrivals in some Mandis soften prices, while others stay firm due to low supply.

CUMIN:

Harvest Season: February- May

• New crop harvesting has started. Cultivation area is 25% lower   than last year.
• Despite this, prices have come down marginally, due to very poor demand.