Market Report - February 2026

Market Report - February 2026

BLACK PEPPER

Indonesia:

Harvest Season: July to September

• Season is over now.  Arrivals have slowed down.
• Crop was about 35% lesser than last year.
• Farmers abandoning pepper for coffee & durian, reducing cultivation area and quality as plantations are neglected due to higher labour costs.
• Current offers from Indonesia are close to USD 7300/MT for light berries with 6.5% piperine. Prices moved up substantially over last few weeks due to short supply.

Sri Lanka-India:

Harvest Season: April – June. / Dec-Jan

• The upcoming April–June crop is expected to be fair so far.
• The small season is over in January.
• Prices are being quoted at USD 9200-9500/MT, for limited stocks of 9% piperine extraction grade material.
• Indian crop is just average, similar to last year, or slightly high.
• Market is currently dull, with limited activity reported.

Vietnam:

Harvest season: December to February

• New crop is currently on.
• Crop size is expected to remain comparable to last year.  Current price is stable in the range of USD 6700/Mt for extraction grade pepper with 6% piperine.
• Price trend future will depend on how demand picks up.

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.

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, due to customers preferring more of Indian products currently, and demand has risen since last few months.
• Lower cultivation of major chili varieties and adverse weather conditions are expected to limit availability this year.
• Strong domestic demand, along with quick clearance of cold‑storage stocks, has resulted in higher prices in the market.
• Excess moisture and rain‑related damage have been reported in early arrivals, which may lead to some quality deterioration.
• Going forward, price movement will largely depend on the quality of arrivals and the extent of procurement activity by trade and stockists.
• Market is assured to be firm and upward.

GINGER:

Harvest Season: December- March

• New season for fresh ginger has started in November-December.
• The adverse climatic condition during the growth stage has adversely affected the fields.
• Overall crop production is expected to be affected in the 2025-26 crop season.
• Reports indicate 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
• Demand for fresh ginger has risen sharply, with prices nearly doubling compared to the past two months. As farmers prefer selling ginger fresh rather than drying it, the availability of dried ginger has declined significantly, which is further supporting the rise in ginger oil prices.  Current RM price is in the range of USD 1875/Mt.

NUTMEG:

India:

Harvest season: May to August

• It is off season now.    RM arrivals are very slow.
• Various qualities of raw material are entering the market.
• At present, raw material prices are fluctuating- USD 1190 - USD 1250/MT
• Prices are stable, similar levels through last one year.

Indonesia:

Harvest Season: March- April, July – August

• Market remains low as it is off-season now.
• 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.

CARDAMOM:

Harvest Season: August- November

• Prices remain high for Indian cardamom pods.
• It is off-season for cardamom.
• Expected an ease in price by this month, but not happened due to high demand, and firming prices from Guatemala.
• RM arrivals are reduced and carry over stock is not available. RM price is in the range of USD 31800/MT
• Anticipates higher prices in coming weeks, due to the lower crop in Guatemala, resulted in high demand.

CORIANDER:

Harvest Season: March – May.

• New season expects by February-March 2026.
• 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.

TURMERIC:

India:

Harvest season: February - April

• Prices are very high. Current demand for turmeric is being met from carry-forward stocks. Domestic demand remains high, but availability is very limited for high spec extraction grade material.
• Harvesting has just 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.
• Prices will depend on how arrivals, quality, and demand develop in the coming weeks.

Vietnam:

Harvest season: February - April

• New season is commencing this month
• With new crop arrival expected from March, prices may ease slightly during the peak harvest and stabilize again post April depending on export demand.  Current crop is good as of now.

Indonesia:

Harvest Season: August- November

• Crop arrivals have ended.
• Total crop output was expected to be slightly higher than last year, however, on harvesting the volumes were lesser than last year.
• Prices have stayed high due to steady demand, with poor quality RM only available.

PAPRIKA:

Harvest Season: November- April.

• New season harvesting is on.
• Although the area under cultivation has dropped by 35%, the weather was favourable for the crop throughout the growing period.
• Total crop output is expected to be like last year, so prices may remain stable at similar levels of this year.
• Peak harvesting for the 5531 variety is expected in later February, with market arrivals likely to conclude by mid-March.
• Market arrivals remain well below last year’s levels, contributing to a sharp increase in prices.
• Domestic demand from curry powder manufacturers remains firm, which is expected to support prices over the medium term. However, as the season progresses, some price softening is expected at the end of the season for lower colour values.

CELERY:

Harvest Season: May- June.

• It is off-season now.
• 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.
• Sowing for the next season has completed, cultivation area had also increased by 20-30% by last year.
• This increase in acreage is due to the higher prices from last season.

FENNEL:

Harvest Season: February- May

• Season is on and material is expected to come to market by March.
• 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 the demand   is low now and carry forward stocks   are there in market.
• RM price is at a stable condition, at USD 1500/MT.

GARLIC:

Harvest Season: March – May.

• The Indian garlic market remains firm, supported by strong domestic demand and controlled arrivals from producing regions.
• Harvesting of the new crop has started in major growing areas, with arrivals gradually improving; however, bulk arrivals are expected by end February.
• 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.
   

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.
• 2025 crop was fair, so prices were stable this year.
• Prices seems to be decreasing due to lack of demand.  Currently price is at USD 850/MT levels.

ONION:

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

• Prices are moderately fluctuating as fresh arrivals balance out demand, if exports rise sharply, domestic 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.

CUMIN:

Harvest Season: February- May

• New crop harvesting is expected to begin from late February, with peak arrivals during March.  Cultivation area is 25% lower   than last year.  So, oil price may go up if demand increases.
• RM price has slightly increased to usd2900/Mt   from usd2730/Mt   anticipating upcoming crop shortage and increase in demand.