Spice Market

The global spice market is expected to see continued growth from 2022 to 2030, with an anticipated increase in consumption and production volumes. India emerges as a key player in both consumption and production, while the United States and China lead the way in spice imports. Pimenta pepper, ginger, and spices except pepper or ginger are among the top products in terms of volume and value. Discover more insights into the global spice market in this comprehensive analysis.

Market Forecast

Driven by increasing demand for spices worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market volume to 23M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market value to $60.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Spices

After two years of growth, consumption of spices decreased by -2.5% to 17M tons in 2022. In general, the total consumption indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +62.7% against 2012 indices. Global consumption peaked at 18M tons in 2021, and then fell in the following year.

The global spice market value reduced to $41.8B in 2022, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +58.8% against 2012 indices. Global consumption peaked at $42.2B in 2021, and then shrank in the following year.

Consumption By Country

India (6.6M tons) constituted the country with the largest volume of spice consumption, comprising approx. 38% of total volume. Moreover, spice consumption in India exceeded the figures recorded by the second-largest consumer, Bangladesh (852K tons), eightfold. Nigeria (794K tons) ranked third in terms of total consumption with a 4.6% share.

In India, spice consumption increased at an average annual rate of +6.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: Bangladesh (+6.9% per year) and Nigeria (+6.6% per year).

In value terms, India ($11.5B) led the market, alone. The second position in the ranking was held by China ($2.4B). It was followed by Ethiopia.

In India, the spice market increased at an average annual rate of +7.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+5.5% per year) and Ethiopia (+6.8% per year).

The countries with the highest levels of spice per capita consumption in 2022 were Nepal (14 kg per person), Thailand (7.3 kg per person) and Turkey (7.1 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +10.1%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

The products with the highest volumes of consumption in 2022 were pimenta pepper (5.1M tons), ginger (4.9M tons) and spices except pepper or ginger (3.4M tons), with a combined 76% share of global consumption. Anise, badian, fennel and coriander, piper pepper, cinnamon (canella), cloves, nutmeg, mace and cardamoms and vanilla lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the biggest increases were recorded for anise, badian, fennel and coriander (with a CAGR of +11.0%), while consumption for the other products experienced more modest paces of growth.

In value terms, the largest types of spices in terms of market size were pimenta pepper ($12.3B), spices except pepper or ginger ($7.4B) and ginger ($7.1B), together accounting for 65% of the global market. Anise, badian, fennel and coriander, piper pepper, nutmeg, mace and cardamoms, vanilla, cloves and cinnamon (canella) lagged somewhat behind, together comprising a further 35%.

In terms of the main consumed products, anise, badian, fennel and coriander, with a CAGR of +12.6%, saw the highest growth rate of market size over the period under review, while market for the other products experienced more modest paces of growth.

Production

World Production of Spices

In 2022, production of spices decreased by -1.2% to 17M tons for the first time since 2019, thus ending a two-year rising trend. In general, the total production indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +62.2% against 2012 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 12% against the previous year. Over the period under review, global production attained the peak volume at 18M tons in 2021, and then declined in the following year. The general positive trend in terms output was largely conditioned by resilient growth of the harvested area and a moderate increase in yield figures.

In value terms, spice production stood at $37B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 12%. Global production peaked at $37.5B in 2018; however, from 2019 to 2022, production remained at a lower figure.

Production By Country

India (7.4M tons) remains the largest spice producing country worldwide, accounting for 43% of total volume. Moreover, spice production in India exceeded the figures recorded by the second-largest producer, China (1.2M tons), sixfold. The third position in this ranking was held by Nigeria (816K tons), with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in India amounted to +6.0%. In the other countries, the average annual rates were as follows: China (+1.8% per year) and Nigeria (+6.2% per year).

Production By Type

The products with the highest volumes of production in 2022 were pimenta pepper (5.1M tons), ginger (4.8M tons) and spices except pepper or ginger (3.6M tons), with a combined 76% share of global production. Anise, badian, fennel and coriander, piper pepper, cloves, cinnamon (canella), nutmeg, mace and cardamoms and vanilla lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main produced products, was attained by anise, badian, fennel and coriander (with a CAGR of +11.1%), while production for the other products experienced more modest paces of growth.

In value terms, the largest types of spices in terms of market size were pimenta pepper ($12.2B), spices except pepper or ginger ($6.8B) and ginger ($6.7B), with a combined 67% share of global production. Anise, badian, fennel and coriander, piper pepper, nutmeg, mace and cardamoms, cinnamon (canella), vanilla and cloves lagged somewhat behind, together comprising a further 33%.

In terms of the main produced products, anise, badian, fennel and coriander, with a CAGR of +9.7%, saw the highest growth rate of market size over the period under review, while production for the other products experienced more modest paces of growth.

Yield

The global average spice yield dropped to 2.2 tons per ha in 2022, waning by -1.9% on 2021. The yield figure increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 10% against the previous year. As a result, the yield reached the peak level of 2.2 tons per ha, and then shrank modestly in the following year.

Harvested Area

In 2022, the total area harvested in terms of spices production worldwide totaled 8.1M ha, standing approx. at the previous year. The harvested area increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 7.9%. Over the period under review, the harvested area dedicated to spice production attained the peak figure at 8.1M ha in 2020; afterwards, it flattened through to 2022.

Imports

World Imports of Spices

In 2022, after ten years of growth, there was significant decline in overseas purchases of spices, when their volume decreased by -6.6% to 4.1M tons. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 15%. Over the period under review, global imports reached the maximum at 4.4M tons in 2021, and then shrank in the following year.

In value terms, spice imports dropped modestly to $13.6B in 2022. Overall, total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +84.8% against 2012 indices. The most prominent rate of growth was recorded in 2014 with an increase of 18% against the previous year. Over the period under review, global imports attained the peak figure at $13.8B in 2021, and then dropped modestly in the following year.

Imports By Country

In 2022, the United States (497K tons), followed by China (262K tons), Bangladesh (242K tons) and India (235K tons) were the key importers of spices, together constituting 30% of total imports. The following importers - the Netherlands (171K tons), the United Arab Emirates (161K tons), Malaysia (160K tons), Germany (148K tons), Pakistan (139K tons), Saudi Arabia (126K tons), Thailand (116K tons), Indonesia (109K tons) and Japan (108K tons) - together made up 30% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +24.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2B) constitutes the largest market for imported spices worldwide, comprising 15% of global imports. The second position in the ranking was held by India ($740M), with a 5.4% share of global imports. It was followed by China, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +5.5%. In the other countries, the average annual rates were as follows: India (+9.8% per year) and China (+26.7% per year).

Imports By Type

In 2022, pimenta pepper (971K tons), ginger (918K tons), spices except pepper or ginger (691K tons), anise, badian, fennel and coriander (577K tons) and piper pepper (469K tons) was the main type of spices in the world, mixing up 89% of total import. It was distantly followed by cinnamon (canella) (215K tons), mixing up a 5.3% share of total imports. Nutmeg, mace and cardamoms (130K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key imported products, was attained by nutmeg, mace and cardamoms (with a CAGR of +8.4%), while imports for the other products experienced more modest paces of growth.

In value terms, the largest types of imported spices were pimenta pepper ($2.7B), piper pepper ($2.2B) and spices except pepper or ginger ($2.2B), with a combined 53% share of global imports. Nutmeg, mace and cardamoms, anise, badian, fennel and coriander, ginger, cinnamon (canella), vanilla and cloves lagged somewhat behind, together comprising a further 47%.

In terms of the main imported products, vanilla, with a CAGR of +20.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average spice import price amounted to $3,322 per ton, rising by 5.7% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 9%. Global import price peaked at $3,499 per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was vanilla ($122,587 per ton), while the price for ginger ($1,235 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by vanilla (+19.5%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average spice import price amounted to $3,322 per ton, rising by 5.7% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 9%. Global import price peaked at $3,499 per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Saudi Arabia ($4,657 per ton), while Pakistan ($1,214 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+9.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Spices

In 2022, after three years of growth, there was decline in shipments abroad of spices, when their volume decreased by -1.4% to 4.3M tons. Over the period under review, total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +67.2% against 2012 indices. The most prominent rate of growth was recorded in 2017 with an increase of 20% against the previous year. Over the period under review, the global exports hit record highs at 4.4M tons in 2021, and then declined in the following year.

In value terms, spice exports dropped to $13.2B in 2022. In general, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +15.6% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of 17%. Over the period under review, the global exports hit record highs at $13.9B in 2021, and then reduced in the following year.

Exports By Country

In 2022, India (1,063K tons) and China (745K tons) represented the key exporters of spicesaround the world, together accounting for near 42% of total exports. Vietnam (300K tons) held a 6.9% share (based on physical terms) of total exports, which put it in second place, followed by Iran (6.1%). The United Arab Emirates (163K tons), the Netherlands (136K tons), Indonesia (125K tons), Brazil (124K tons), Thailand (118K tons), Spain (114K tons), Peru (102K tons) and Russia (92K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Russia (with a CAGR of +46.0%), while the other global leaders experienced more modest paces of growth.

In value terms, India ($2.5B), China ($1.5B) and Vietnam ($1.3B) appeared to be the countries with the highest levels of exports in 2022, with a combined 41% share of global exports. Indonesia, the Netherlands, the United Arab Emirates, Spain, Brazil, Iran, Peru, Thailand and Russia lagged somewhat behind, together comprising a further 23%.

In terms of the main exporting countries, the United Arab Emirates, with a CAGR of +36.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, pimenta pepper (949K tons), spices except pepper or ginger (894K tons), ginger (882K tons), anise, badian, fennel and coriander (628K tons) and piper pepper (470K tons) represented the largest type of spices in the world, committing 89% of total export. It was distantly followed by cinnamon (canella) (209K tons), constituting a 4.9% share of total exports. Nutmeg, mace and cardamoms (150K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for cloves (with a CAGR of +7.7%), while shipments for the other products experienced more modest paces of growth.

In value terms, pimenta pepper ($2.7B), piper pepper ($2.1B) and spices except pepper or ginger ($2B) constituted the products with the highest levels of exports in 2022, together comprising 52% of global exports. Anise, badian, fennel and coriander, nutmeg, mace and cardamoms, cinnamon (canella), vanilla, ginger and cloves lagged somewhat behind, together comprising a further 48%.

In terms of the main exported products, vanilla, with a CAGR of +18.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average spice export price stood at $3,039 per ton in 2022, which is down by -3.8% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 7.6% against the previous year. The global export price peaked at $3,591 per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was vanilla ($144,961 per ton), while the average price for exports of ginger ($1,045 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by vanilla (+19.4%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average spice export price stood at $3,039 per ton in 2022, declining by -3.8% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 7.6% against the previous year. The global export price peaked at $3,591 per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($5,403 per ton), while Iran ($809 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform