Dear Client,
Please find below the latest market intelligence for the Indian Spice sector as of
5 October 2026.
The Kirana-Dry Fruits market experienced a bullish sentiment last week, with most commodities seeing price increases driven by strong festival demand, though some items like nutmeg and figs softened due to increased supply.
Big Cardamom Surges! 📈
Large Cardamom prices are experiencing a significant upward trend driven by robust domestic demand for the upcoming festive and wedding seasons. While new crops are entering the market, existing old stocks are also being swiftly absorbed by major traders and spice companies. This strong stocking activity and anticipation of sustained demand are exerting upward pressure on prices.
Green Cardamom on a Bull Run 🚀
Small Cardamom prices are showing a strong bullish trend, fueled by critically low old stock levels and limited new crop arrivals. Adverse weather conditions, including insufficient rainfall during the early season, have led to an estimated 25-30% reduction in production in key regions like Kerala. With festival and winter demand accelerating, and concerns over reduced output from Guatemala, stockists and traders are actively bidding higher, ensuring continued upward momentum.
Cumin’s Bullish Momentum Continues! 🌶️
Cumin prices are expected to see further increases, buoyed by strength in the futures market and speculative activity. While regular quality arrivals are stable, there’s a scarcity of premium quality sought by exporters and large brands, pushing those prices higher. Uncertainty surrounding temperature and weather conditions for the upcoming Rabi sowing season in Gujarat and Rajasthan is contributing to a bullish outlook, with farmers and traders holding stock in anticipation of better returns amidst strong festival demand.
Red Chilli: Awaiting Festive Spark 🔥
Red Chilli prices are currently soft after a recent rally, hovering at previous levels. Key producing states like Andhra Pradesh and Telangana report historically low leftover stock from the past season. Despite a limited harvest and depleted cold storage inventories, local markets are experiencing cautious buying. A slight increase in demand from spice companies and stockists is noted, but overall general buying remains subdued.
Cloves: Glut and Sluggish Demand 📉
Clove prices are experiencing a sluggish phase, primarily due to heavy and continuous imports from major producing countries like Madagascar and Indonesia. Domestic markets face no shortage of stock, leading to subdued local demand. Traders are hesitant to accumulate new inventory at current price levels, anticipating a continued cold trend in the market.
Black Pepper: Steady but Cautious 🌶️
Black Pepper prices remain stable, with only marginal firmness observed recently. Spice traders, exporters, and wholesale buyers are exercising extreme caution in new purchases, avoiding large stock accumulations. This cautious approach is expected to persist until festival and winter demand fully materializes. Despite lower domestic production, cheap imports from Sri Lanka and other nations, coupled with sudden market arrivals, are preventing significant price rallies.
Dried Ginger: Global Scarcity Drives Profit 🌿
Dried Ginger prices are currently profitable, propelled by sustained demand in international markets and reduced global availability. Major producing countries like Nigeria are reporting lower production, leading to supply constraints. Large stockists and traders are actively buying at lower levels, providing strong price support. With continuous demand for winter and Ayurvedic products, and high processing costs, significant price drops are unlikely without better new raw ginger arrivals.
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