Market Report - March 2026

Market Report - March 2026

BLACK PEPPER

Indonesia:

Harvest Season: July to September

• It is off-season now. Arrivals are very poor. Light berries are not available.
• Crop was about 35% lesser than last season.
• 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.
• Indonesian 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 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.
• 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 cylone 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 expected to remain comparable to last year.  Current price is stable in the range of USD 6700/Mt for extraction grade pepper with 5.5 -6% piperine.
• Price trend future will depend on how demand picks up.
• The 2026 Vietnam pepper harvest began in late January and expected to peak in March and may continue until April.
• New crop is lower than previous year mainly due to adverse weather conditions.   Market anticipates total output will be   declined by 10% compared to 2025.
• 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 in February 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, due to increased chilly prices.
• 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.
• New crop arrivals with 40,000–60,000 bags/day received in Byadgi during February.  Expecting peak arrivals in March.
• 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.  Prices are approximately 30% higher than the same period of last year.
• Buying from Chinese buyers   have slowed down due to higher prices.

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.
• 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.
• 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.
• Ginger prices have risen sharply due to strong demand and low supply.
• Extraction grade dry ginger availability is limited.  Price has increased to usd2000/mt.
• Limited supply, lower 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.
• 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   remain stable trend. Carry forward stock positions are stable, and quality material is available.
• Season ongoing, production is steady.

CARDAMOM:

Harvest Season: August- November

• Prices remain high 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
• Anticipates higher prices in coming weeks, due to the lower crop in Guatemala, resulted in high demand.
• 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.
• Crop size is smaller this year, approx.…  by 10%.  Carry forward stocks are also lower compared to last year. Prices have increased to USD 1475/mt.
• Prices are expected to increase due to high demand and tight supply.

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

• 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

• It is off-season currently.
• Total crop output was expected to be slightly higher than last year, however, on harvesting the volumes were lesser than last year, in 2025.
• 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.
• 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.
• Crop conditions remain healthy, with neither germination related issues or 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.
• Harvesting just started; arrivals are low.
• Market sentiment is firm due to low carryover stocks and increased demand.  At present prices are stable at usd1500/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 March.
• 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 USD 1710/Mt.
• New crop arrivals have improved.  Quality and yield are better than last year.
• Market remains volatile due to varying arrivals.
   

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.
• 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.  So, oil price may go up if demand increases
• RM price has slightly increased to USD 2900/Mt   from usd2730/Mt   anticipating crop shortage and increase in demand.
• Harvesting has already started in major producing regions (Gujarat & Rajasthan). Arrivals are now slow but expected to increase through March as the season progresses.
• Export demand has fallen by roughly 12% compared to the previous season.