November 2026 · Ecospice Ingredients Market Intelligence
Our November update covers cardamom crop conditions in India and Guatemala and extraction-grade black pepper supply in Vietnam, Indonesia and Sri Lanka.
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Cardamom Crop and Market Outlook
Price outlook: Firm after Diwali. Crop update: Guatemala’s harvest is underway.
Price trends and demand
Prices are steady across major producing countries, supported by consistent international demand. India’s prices have held firm after Diwali, when they typically soften. Guatemala’s prices remain close to opening levels, with marginal easing.
India and Guatemala
Idukki’s crop is fair overall. Field observations indicate lower production around Kumily and fair to good conditions in Adimali and Rajakkad. Buying in India and the Middle East is supporting prices as the off-season approaches.
About a quarter of Guatemala’s 2026/27 harvest has been picked. Regular rainfall is helping plantations recover from earlier damage. Producers expect a larger crop than last season, though official figures were unavailable at the time of reporting. Buyers in the US, Europe and Asia remain active.
Field observations from Idukki
Photographs from Ecospice’s Idukki plantation.
Sourcing note: Ecospice recommends verifying authenticity and quality specifications when cardamom oil is offered well below prevailing market prices.
Source: Ecospice market update and Idukki field observations, 12 November 2026.
Black Pepper Crop and Market Outlook
Price outlook: Stable to firm. Supply: Extraction-grade pepper remains tight.
Global market outlook
Industry estimates put 2026 output at about 462,000 tonnes against demand above 500,000 tonnes. With global stocks below a year’s consumption and US and Chinese buying steady, the balance supports prevailing prices.
Supply by origin
- Vietnam: The 2026 crop was 13–14% smaller. Ageing gardens and crop switching contributed to the decline. September and October rain affected fruit set for the 2027 crop. Prices have been stable since October.
- Indonesia: Output is estimated at around 32,000 tonnes. Pepper acreage is shrinking as growers shift to oil palm, coffee and cocoa. A longer dry season adds pressure to the next crop, and prices remain firm relative to other origins.
- Sri Lanka: The Kandy season is starting with low early arrivals and initial lots at 230–250 g/L. Indian buying and demand for pepper oil and oleoresin supported prices, which rose about 7% in recent weeks.
What to watch: The December crop survey and weather developments affecting the 2027 crop. Production figures are industry estimates and the price outlook is indicative.
Source: Ecospice market update, 12 November 2026, and IPC quotations through 10 November.
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