Market Update: Cardamom, Cashew Nut, Garlic
Green Cardamom prices have SKYROCKETED in the last 1-1.5 months. Prices have more than doubled since May. The latest crop was a disaster, and there is a big shortage in availability. Cardamom crop comes twice a year, and the next expected crop arrivals aren't until October. We expect prices to keep going up until then. Since Cardamom flavour is so unique, it's also difficult to substitute. But a rudimentary copy can be made with blending Cinnamon, Nutmeg, Allspice together. This has led to heavy demand for these 3 spices as well.
Cashew Nut prices seem to have calmed down further. Crop was bigger, and although prices are higher than they were a few years ago, they are slowly returning back to previous levels. With more new crop just around the corner, some exporters are heavily discounting old stocks.
Garlic has suddenly hiked up in price by almost double in the last 3 weeks. Demand appears to be fueled by speculation, but we can't tell for sure. Common Garlic processed products made from ordinary raw materials and old season crop such as powder and ordinary grade granules are still cheap. But fresh crop, top quality product is eerily expensive.