Spices Market Report – March 2026 (Pepper | Cassia | Star Anise)

Ajouté : 2026-05-28

[00:00:10]As Vietnam enters the peak harvest season in March 2026, the spice market, especially pepper, cinnamon, and star anise, is showing notable developments.

[00:00:19]In the next few minutes, we'll walk you through the latest updates on supply, weather conditions, and market trends based on real field insights and recent trade data. March represents the peak harvest period for Vietnam's 2026 pepper crop, particularly in the Central Highlands, where harvesting activities coincide with the hottest time of the year. By the end of the month, harvesting progress reached approximately 80 to 90% in Gia Nghĩa, Krông Năng, and Buôn Ma Thuột, while Đắk Lắk recorded around 65% with harvesting intensity remaining high across the region. Favorable weather conditions have supported smooth harvesting operations in most key producing areas.

[00:00:55]However, in some locations, faster than usual ripening, combined with labor shortages and elevated labor costs, has created temporary harvesting pressure, leading to minor delays and a slight increase in post-harvest yield loss rate. In March, the pepper market was influenced by negative sentiment linked to Iran-US tensions. This led to a shift in selling behavior, with farmers and small traders accelerating sales instead of holding inventory, in contrast to typical speculative pattern seen in previous seasons. During March 2026, domestic pepper prices ranged between VND 137,500 and 144,000 per kilogram, with the correction remaining gradual and controlled, preventing any sharp sell-off. In the first quarter of 2026, Vietnam exported 66,350 tons of pepper, up 39.2% year-on-year, including 55,322 tons of black pepper and 11,018 tons of white pepper. Imports also surged to 21,201 tons, mainly from Cambodia, Brazil, and Indonesia. Meanwhile, Brazil exported 25,606 tons with average prices at 6,249 United States dollars per ton, slightly down year-on-year. Turning to cinnamon, favorable weather conditions have allowed farmers to begin harvesting earlier than last year, accelerating the flow of fresh supply into the market.

[00:02:15]Dry harvesting conditions are expected to support more consistent raw material quality. However, higher temperatures may result in slightly lower essential oil content compared to 20 25. In early March, although harvest volumes increased, purchasing activity for fluid casher processing remained cautious due to hesitant market sentiment. As a result, fresh casher prices declined from VND 23,000 per kilograms to VND 21,000 per kilograms. By late March, improving demand helped prices recover to around VND 22,000 per kilograms, signaling a more positive market trend.

[00:02:48]Broken casher supply in the market has been depleted with no carryover stock remaining from the autumn 2025 crop. New spring crop materials are expected to enter the market from late April 2026.

[00:02:59]According to preliminary data from BPSA, Vietnam exported 22,254 tons of casher in the first 3 months of 2026 with India and the United States as the two largest markets. Turning to star anise, March marks the start of the spring fresh harvest. Although the timing is slightly later compared to last year, the spring 2026 crop is projected to reach approximately 49,000 tons of fresh star anise, significantly higher than previous seasons, around seven times the autumn 2025 crop and three times the spring 2025 harvest. In March, although fresh star anise became available for harvesting, low price levels limited the economic viability of hiring labor. As a result, farmers mainly relied on self-harvesting or temporarily shifted to other activities, keeping actual harvest volumes relatively constrained. Towards the end of the month, as prices recovered from around VND 19,000 to 21,000 per kilogram, harvesting activity gradually resumed in some areas.

[00:03:57]Overall, the market in March 2026 was shaped by a combination of harvest progress, weather conditions, and market sentiment, with prices adjusting in a cautious yet stable manner. As the market moves further into the peak season, key questions remain. Will tightening supply continue to support upper prices? Can cinnamon demand sustain its recovery trend? And how will the surge in star anise supply impact prices in the coming months? Stay with us in the next update for deeper insights.