Dear Client,
Please find below the latest market intelligence for the Indian Spice sector as of
18 March 2026.
The Kirana market is witnessing a surge in demand, leading to significant price gains for Turmeric and Coriander, while stockists show increased interest in dry fruit seeds.
Turmeric Gains Momentum 📈
Rising demand from both consumers and stockists has propelled the Turmeric market into a bullish phase. Major varieties such as Erode and Salem are seeing active buying interest as market participants react to tightened supply and improved domestic consumption. The outlook remains positive with prices expected to maintain their upward trajectory.
Coriander Markets Firm Up 🌿
Increased market demand has led to a firming trend in Coriander prices across various grades, including the premium green varieties. Buying activity has intensified as stockists seek to build positions amid steady retail demand. Traders anticipate the market will remain strong in the short term due to balanced supply-demand dynamics.
Black Pepper Outlook Remains Bullish 🌶️
The Black Pepper market is exhibiting strong bullish signals due to a significant production shortfall in Kerala and Karnataka, with estimates suggesting a drop of up to 50% in some regions. Farmers are currently holding back stocks in anticipation of higher prices, while a halt in Brazilian imports and geopolitical tensions in Iran are further tightening domestic availability. Market analysts expect the commodity to maintain its strength as supply remains restricted.
Dry Ginger Faces Bearish Pressure 📉
Dry Ginger prices are under pressure due to a bumper crop in major producing states like Kerala and Karnataka following high prices in previous seasons. High arrival volumes in mandis have outpaced current demand, and the market is facing stiff competition from Chinese exports in the international arena. Sluggish demand from traditional export markets like Bangladesh and the Gulf countries suggests the market will remain soft.
Red Chilli Prices Maintain Stability 🌶️
The Red Chilli market in Guntur remains steady despite high daily arrivals, largely supported by consistent activity from exporters. While stockists are showing some caution at current price levels, the steady outflow for international shipments is preventing any significant decline. The market is expected to remain range-bound and stable in the coming days.
Cloves Supported by Global Supply Tights 🪵
Cloves are maintaining a firm stance as global stocks in major producing nations are reported to be lower than usual. The market is also finding support from the weakening Rupee against the Dollar, which has increased the cost of imports. Traders see no immediate risk of a price correction, expecting the market to remain steady or firm.
Small Cardamom Struggles to Find Support 🟢
The market for Small Cardamom remains weak as buying interest from stockists continues to be sluggish despite a recent dip in prices. Auction data shows that while arrivals have increased, the lack of aggressive buying has caused average auction prices to soften. There is no immediate sign of a bullish reversal, and the outlook remains cautious.
Cumin Markets Expected to Remain Steady 🧂
Cumin prices are showing signs of stabilization as lower arrivals in the Unjha mandi help balance the market. Farmers are resisting lower price points, leading to a decrease in daily bags offered for auction. While spot demand is currently slow, minor improvements in the futures segment suggest that the market will consolidate at its current levels.
🔑 Key Takeaways
for Buyers
- WATCH Black Pepper: Significant production drops in Kerala and Karnataka signal a strong long-term bullish trend.
- CAUTION on Dry Ginger: Record production and high arrivals combined with international competition suggest continued price weakness.
- HOLD Turmeric & Coriander: Robust domestic demand is providing a solid floor; maintain current stock positions.
- WATCH Red Chilli Exports: Market stability is heavily dependent on the sustained buying interest from exporters in Guntur.
- WATCH Global Clove Supply: Limited international stocks and currency fluctuations are likely to prevent any major price drops.
- CAUTION on Small Cardamom: High auction arrivals without matching demand indicate a continued soft market sentiment.
