The global nutmeg market stands at a crossroad as prices remain firm following a period of heightened festival demand. Current prices for whole nutmeg in key domestic Indian markets are stable, with a narrow range of USD 8.28–8.34 per kg. Market participants anticipate a minor correction in the coming days as festival buying subsides and traders gauge the pace of new arrivals. Meanwhile, international demand—especially from South Asian and Middle Eastern countries—remains robust, with major suppliers including India, Indonesia, and Sri Lanka reporting steady export flows.
Recent data indicates India exported 107,461 tons of nutmeg and mace (valued at USD 64.29 million) last fiscal year, while it imported 95,211 tons (worth USD 62.28 million), underlining the commodity’s growing consumption both for culinary and pharmaceutical applications worldwide. Despite potential for near-term price softness, the market outlook is underpinned by positive fundamentals and resilient demand from food and pharma sectors. Traders suggest keeping a close watch on local arrivals and export trends for tactical opportunities over the next few weeks.
Exclusive Offers on CMBroker
Nutmeg whole
without shell
FOB 12.74 €/kg
(from IN)
Nutmeg whole
without shell
FOB 6.73 €/kg
(from IN)
Nutmeg
powder
FOB 12.64 €/kg
(from IN)
📈 Prices
| Product | Location | Type/Organic | Currency | Current Price | Previous Price | Update Date | Change | Market Sentiment |
|---|---|---|---|---|---|---|---|---|
| Nutmeg whole | New Delhi (IN) | Organic/Without Shell | EUR | 12.50 | 12.50 | 2025-08-29 | 0% | Stable |
| Nutmeg whole | New Delhi (IN) | Conv./Without Shell | EUR | 6.55 | 6.55 | 2025-08-29 | 0% | Stable |
| Nutmeg powder | New Delhi (IN) | Organic | EUR | 12.40 | 12.40 | 2025-08-29 | 0% | Stable |
- Domestic price range (USD): Nutmeg whole at 8.28–8.34/kg, shells at 3.32–3.37/kg, mace at 27.10–27.40/kg.
- EUR prices in New Delhi unchanged week-on-week.
🌍 Supply & Demand
- India remains the top exporter (107,461 tons exported) and importer (95,211 tons imported) for nutmeg and mace in FY23–24.
- Strong international demand from South Asian and Middle Eastern markets.
- Exporters reporting no significant order slow-down; festive demand in domestic markets is easing.
- Indonesia and Sri Lanka supplement global supply.
📊 Market Drivers & Fundamentals
- Key Drivers: Post-festival demand softening domestically, firm global appetite for spice blends and pharmaceutical ingredients.
- Crop arrivals: Traders expect potential for higher domestic arrivals, which could apply slight downward pressure.
- Speculation: No substantial speculative moves on regional exchanges; sentiment stable.
🌤️ Weather Outlook
- Recent monsoon rains in Kerala and Tamil Nadu have normalized soil moisture, aiding harvest conditions for late nutmeg crops.
- Forecast for next 7 days: Mostly favorable, with intermittent showers and above-average humidity—supportive for late harvest quality but may delay drying/processing marginally.
🏭 Global Production & Stock Comparison
| Country | 2023/24 Production (est.) | 2023/24 Exports | Stocks (est.) |
|---|---|---|---|
| India | ~105,000 t | 107,461 t | Moderate |
| Indonesia | ~50,000 t | 38,200 t | High |
| Sri Lanka | ~25,000 t | 19,800 t | Moderate |
- Global supply is concentrated, with output closely linked to monsoon quality in India and Indonesia.
- Stock levels are adequate, but any weather volatility could quickly alter the scenario.
📝 Trading Outlook & Recommendations
- Monitor local Indian arrivals for potential downward price correction in coming weeks.
- Watch export orders to South Asia and Middle East for sustained demand signals.
- Long-term bullish bias sustained by global consumption in food and pharma.
- Importers: Consider incremental buying; exporters: maintain offers but remain flexible on price if arrivals surge.
- Short-term traders may target brief corrections but should expect underlying support.
⏳ 3-Day Regional Price Forecast
| Product/Market | Price (EUR/kg) | Trend |
|---|---|---|
| Nutmeg whole (organic/IN/FOB New Delhi) | 12.45–12.50 | Stable to slight dip |
| Nutmeg whole (conv./IN/FOB New Delhi) | 6.50–6.55 | Stable to slight dip |
| Nutmeg powder (organic/IN/FOB New Delhi) | 12.35–12.40 | Stable |
Confidence: Downside limited; expect price correction of 1–2% if arrivals rise, reversal possible if export orders pick up unexpectedly.