Market Report - January 2026

Market Report - January 2026

BLACK PEPPER

Indonesia:

Harvest Season: July to September

• Season is over by now.
• Arrivals slowed down.
• Crop was about 35% lesser than last year.
• Because of the high prices and lower yields, many farmers are holding on to their stock, expecting prices to rise further.
• 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 7500/MT for light berries with 6.5% piperine. Prices moved up substantially over last few weeks.

Sri Lanka-India:

Harvest Season: April – June. / Dec-Jan

• Severe flooding across Sri Lanka’s key spice-growing regions has disrupted crops, logistics, and communication networks.
• Reports indicate substantial crop damage due to continuous rainfall and landslides
• Pepper growing areas are badly affected. Arrivals are very low, as some areas are still not accessible.
• The upcoming April–June crop is expected to suffer significant losses.
• No more crops are being harvested in Kandy. Indications point to losses of stored stock of some major collectors’ inventories also, in the flood.

• Indian crop is just average, similar to last year, or slightly high.
• Prices are being quoted at USD 9200-9500/MT, for 9% piperine extraction grade material.

Vietnam:

Harvest season: December to February

• Crop will commence this month. Black pepper prices climbed 2% week-over-week signaling strengthening demand.
• Severe flooding hit Central Highlands in Vietnam, pepper crop also got affected.
• U.S. eliminated all tariffs on Vietnamese pepper (effective Nov 14) - 0% duty now applies to black/white pepper, cinnamon, ginger, turmeric.
• Domestic prices have increased due to above.
• Tight supply across Vietnam, Brazil, Indonesia - recovering EU/U.S. demand and China increasing spot purchases - continued upward pressure
• Global pepper prices may increase, driven by higher U.S. demand and reduced competition.

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 20-30% compared to last year.
• Demand has remained steady, and cold storages across India still has some stocks left.
• Chilli arrivals have started in some regions. Rain affected and high moisture material is arriving in the market.
• Current sales rely on carryover stocks. Carryover stocks stood higher marking 10% increase than last year.
• Prices are stable as farmers / Traders are expecting Higher prices & Demand will increase.
• Though the Raw Material prices are stable - Oleoresins are being sold at zero margins by extractions companies, due to competition from China.
• As per general feedback, the prices of Oleoresins are expected to be stable for Next Season too.
• 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.

NUTMEG:

India:

Harvest season: May to August

• Season is over.
• Arrivals are slow.
• Various qualities of raw material are entering the market.
• At present, raw material prices are fluctuating- USD 1165 - USD 1200/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.

GINGER:

Harvest Season: December- March

• New season fresh ginger season has started.
• 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.
• Excess moisture has reduced oil content, with many lots yielding below 2%
• 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 firming up.

CARDAMOM:

Harvest Season: August- November

• Prices remain high for Indian cardamom pods.
• Cardamom season is almost over.
• 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.
• Anticipates higher prices in coming weeks, due to some news on lower crop in Guatemala, resulted in high demand.

CORIANDER:

Harvest Season: March – May.

• It is off-season now.
• 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 likely to remain firm until arrivals peak in February–March, then stabilize.

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 material.
• Next harvest is delayed slightly, expected from February 2026 onwards. Supply is expected to increase as the 2026 turmeric crop is developing well, with a 15% increase.
• Prices have stayed firm, and market is dull, due to high price, and new crop expectations.
• Easing of U.S. tariffs has revived interest and lifted demand, which causes increases in price uncertainly.

Vietnam:

Harvest season: February - April

• It is off-season now.
• Prices prevailed very high this year, close to USD 1900/MT this year, due to short crop.
• Currently prices moved down little bit, however, quality RM with high curcumin levels are not available.

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.

PAPRIKA:

Harvest Season: November- April.

• New season has stated, slowly. Harvesting has started across central India
• 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.
• Arrivals are expected to increase in January.

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 off.
• New crop nurseries were damaged in big way, so crop is expected to be short this year.
• Price is expected to be stable 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.

GARLIC:

Harvest Season: March – May.

• Season is over. Crop was fair.
• Prices have moved down substantially after the season. Thereafter prices have shown upward trend, material is in short supply currently.
• Prices are in the range of USD 500/MT to 550/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.

• Season is over now.
• Prices are moderately fluctuating as fresh arrivals balance out demand, if exports rise sharply, domestic price may firm up.

CUMIN:

Harvest Season: February- May

• Season is over
• Crop was good but price has not reduced as expected.
• Carry-forward stocks of cumin remain high, with around 50% of the current harvest still in storage.