Star Anise Flat in Asia as Vietnam Export Demand Stays Firm

Asian star anise prices are holding steady, with only marginal week‑on‑week adjustments as export demand from India and other markets remains firm. Vietnam continues to leverage its role as a key star anise origin, while India balances small domestic production with sizeable import needs from Vietnam. Weather in Hanoi and New Delhi is seasonally warm with scattered storms, but no acute short‑term threat to supply is visible.

Vietnam’s spice sector exited 2025 with record export earnings above USD 2 billion, and star anise was one of the notable contributors, supported by strong Indian buying and diversified demand. Export volumes have grown faster than values, indicating competitive but not overheated pricing. For the coming days, prices in both Vietnam and India look broadly range‑bound in EUR terms, with only minor downside risk from slightly easier nearby availability.

📈 Prices & Recent Moves

Current spot indications (FOB/FCA, converted approximately to EUR using recent FX levels):

Origin / Product	Location / Terms	Spec	Latest Price (EUR/kg)	WoW Change (EUR/kg)
VN Star anise (conventional)	Hanoi, FOB	Non-organic	≈ 7.10	Stable
VN Star anise (organic)	Hanoi, FOB	Organic	≈ 6.55	Stable
IN Star anise (organic)	New Delhi, FOB	Organic	≈ 6.00	Stable
SY Anise seeds	NL, FCA	Conventional	≈ 3.15	Stable

Prices in Vietnam and India are essentially unchanged versus last week in local‑currency terms, after only marginal ticks lower earlier in March. Export offers continue to reflect solid demand but without the sharp spikes seen in other spices such as pepper in 2025.

🌍 Supply, Demand & Trade Flows

Vietnam remains one of the world’s leading star anise exporters, second only to China, and has steadily expanded volumes. Star anise export turnover grew strongly through 2025, with volumes up double‑digits year‑on‑year while values were broadly flat to slightly lower, signaling competitive pricing and good availability.

India is the dominant buyer of Vietnamese star anise, routinely taking 70–80% of exports in some recent months. Indian domestic star anise production is limited to pockets in Arunachal Pradesh and Assam, and the country structurally imports the spice—mainly from Vietnam—to serve both food and pharma demand. This trade link keeps a strong floor under Vietnamese FOB values while also anchoring Indian FOB levels near import‑parity.

Vietnam’s broader spice complex (pepper, cinnamon, cardamom, nutmeg) posted record export earnings in 2025, which helps logistics, financing, and market access for smaller niches like star anise as well. At the same time, buyers are increasingly selective on residues, traceability and organic certification, supporting a modest premium for certified lots but limiting aggressive price increases.

🌦 Weather Outlook (VN & IN)

In northern Vietnam (Hanoi region), the next 5–7 days look very warm and humid, with highs mostly 29–32 °C and intermittent thunderstorms or showers. This pattern is typical for late dry‑season conditions and does not currently imply major short‑term stress for star anise trees, though high humidity can influence drying conditions for any remaining stocks.

In northern India (New Delhi proxy for key markets), temperatures are rising from low‑20s to mid‑30s °C over the coming week, with some storms and very unhealthy air quality expected. These conditions mainly affect logistics, handling and storage quality rather than immediate field supply, but may encourage buyers to secure well‑dried, clean lots early to avoid quality risks later in the hot season.

📊 Fundamentals & Market Drivers

• Export momentum: Vietnamese star anise exports in 2025 rose strongly in volume, while export value growth lagged, pointing to high competition yet resilient demand.
• India pull factor: India’s structurally high spice demand and limited local star anise output keep import flows from Vietnam robust, providing a stable demand base even when secondary markets soften.
• Quality and organic segment: Vietnamese exporters are increasingly focusing on residue‑controlled and organic star anise, following the broader spice sector’s shift towards higher‑value, certified products.
• Macro & freight: No major freight disruptions are currently reported for VN–IN or VN–EU spice routes; container costs are off their early‑2025 peaks but remain above pre‑pandemic norms, modestly supporting FOB quotations.

📆 Short-Term Price Outlook (3 days)

• Vietnam FOB Hanoi (conventional & organic star anise): Sideways bias in EUR terms over the next 3 days, with a narrow band and slight downside risk if nearby selling interest increases post‑holiday demand.
• India FOB New Delhi (organic star anise): Largely stable; import‑parity to Vietnam plus inland costs caps any downside. Mild upside only if INR weakens or buying for Ramadan/Eid tails extends.
• EU landed anise seeds (SY origin, FCA NL as proxy): Quiet and stable; substitution into star anise is limited, so little direct impact on Asian prices.

🧭 Trading Pointers

• VN sellers: Consider locking in forward volumes at current flat prices, especially for organic, while basis and quality premiums remain firm but not stretched.
• IN buyers: Use the current sideways phase to cover near‑term needs; keep some flexibility for Q2/Q3 as Vietnam’s next crop and Chinese offers become clearer.
• EU/ME importers: Diversify between Vietnam and India origins but benchmark offers to Vietnam FOB, which remains the key price reference for quality star anise.