Commodity crops are redefining land use and rural smallholder livelihoods across Asia. These crops often have boom‐bust cycles with important implications for the drivers of farmer entry into and exit from particular cash crop opportunities. This paper offers a comparative analysis of the boom‐bust processes of three popular spice crops cultivated in Yunnan Province, southwest China. Drawing from agrarian frontiers and rural livelihoods literature, we disentangle the vulnerability contexts associated with black cardamom, cinnamon and star anise production, finding that farmers cultivating these spices face a combination of interlocking forms of vulnerability. Despite the monetary potential that each crop offered during its ‘boom’, the associated environmental, economic and political vulnerabilities caused most farmers to exit their production, responding with myriad on‐farm and off‐farm diversification strategies. Using a multi‐sited ethnographic approach, we draw on 52 in‐depth interviews with ethnic minority cultivators, spice traders and local government officials to untangle the complexities associated with cash crop production in this agrarian frontier, the interwoven vulnerabilities that result in their ‘busts’ and the coping and adaptation strategies that smallholder farmers employ. Our findings underline the importance of disaggregating farmer vulnerabilities and the need for more nuanced policy responses to adequately support small‐scale farmers.
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