Market Report - May 2026

Market Report - May 2026

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

• New season harvest of Light berries has started in a small way.
• Crop production is estimated to be slightly better than last season.
• However, the cost of production is reported to be higher with the increased costs for Fertilizers, Labour etc.
• Despite the tight global supply, demand from importers continues to remain low.
• Prices are currently at USD 8200-8500/MT levels, for 9% piperine material.
• There is less interest at farmer levels to pluck light berries, due to weak demand.
• We will have a better picture of this season prices, in the coming weeks.

Vietnam:

Harvest season: December to February

• 2026 crop is now over.
• Crop size was similar to last year. Current price is stable in the range of USD 6500/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 pick up.
• Demand for long-term delivery contracts from US & EU markets is supporting the price trends.

CAPSICUM:

Harvest Season: December to May

• Crop season has just finished. Crop was short by almost 40%, due to less area under cultivation and adverse weather conditions.
• 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.
• Buying from Chinese buyers have slowed down due to higher prices.
• Higher raw material prices have taken the prices of Chilly Extracts also very high.

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.

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

• Crop season has started slowly. RM arrivals are very slow. Expect arrivals to improve in coming weeks. 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.
• Domestic demand remained firm and stable.

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 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.
• Plantations in India (Kerala) is facing significant moisture stress and drought-like conditions, which may impact the overall crop yield.
• Though the production volumes are improving in Guatemala, the poor quality is leading to weak demand.
• Prices are expected to remain firm with the limited supply until the new harvest expected in September.

CORIANDER:

Harvest Season: March – May.

• New season has started in March and almost over now.
• Prices are currently stable on USD 1200 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

• Season is now getting over, with current prices quoted around USD 1650/- 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.
• Despite some unfavourable weather impacts in few growing pockets, increased acreage in certain areas offset the overall crop yield.
• With the easing of U.S. tariffs on Vietnamese spices, there is an increase in demand which is supporting the high prices.

Indonesia:

Harvest Season: August- November

• It is off-season currently.
• New crop sowing acreage has decreased by approximately 25–30% in some regions, with farmers shifting to other crops like yam and corn.
• New crop arrivals are expected around the month of July/August.
• Due to tight supply and high demand, Indonesian turmeric prices are expected to be firm.

CELERY:

Harvest Season: May- June.

• New crop will commence in June.
• As the 2025 crop was not so good, prices moved up drastically this season.
• With favourable prices last season, farmers have increased the acreage by around 20%.
• With demand picking up as fresh arrivals start, prices are expected to remain firm.

FENNEL:

Harvest Season: February- May

• Season is almost over.
• 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.

GARLIC:

Harvest Season: March – May.

• The Indian garlic market remains firm, supported by strong domestic demand and controlled arrivals from producing regions.
• 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 USD 1140/Mt and Garlic flakes in the range of USD 1710/Mt.
• Price expects to increase due to aggressive buying.
• Farmers are holding stocks expecting better size.
   

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.
• 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.
• Currently price has increased to USD 945/MT from 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, 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 April-May.
• 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 is almost over. Cultivation area was 25% lower than last year.
• Despite this, prices have come down marginally, due to very poor demand.
• Major buyers like China and Bangladesh are slow so export demand is slightly weak.
• RM price currently in the range of USD 2500/mt.