Spices; Saffron Price in the UK - 2023
Contents:
- Spices; Saffron Price in the UK (CIF) - 2022
- Spices; Saffron Price in the UK (FOB) - 2022
- Spices; Saffron Imports in the UK
- Spices; Saffron Exports in the UK
Spices; Saffron Price in the UK (CIF) - 2022
The average spices; saffron import price stood at $28,022 per ton in 2022, with a decrease of -14.2% against the previous year. Overall, the import price, however, posted buoyant growth. The growth pace was the most rapid in 2020 when the average import price increased by 196%. Over the period under review, average import prices hit record highs at $32,648 per ton in 2021, and then fell in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($148,182 per ton), while the price for China ($1,614 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+36.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Spices; Saffron Price in the UK (FOB) - 2022
The average spices; saffron export price stood at $12,013 per ton in 2022, with an increase of 7.3% against the previous year. Over the period under review, the export price posted prominent growth. The most prominent rate of growth was recorded in 2019 an increase of 40%. Over the period under review, the average export prices reached the maximum at $12,322 per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ireland ($17,362 per ton), while the average price for exports to Oman ($5,105 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Saffron Imports in the UK
In 2022, after two years of decline, there was significant growth in purchases abroad of spices; saffra, when their volume increased by 92% to 161 tons. In general, imports, however, saw a dramatic shrinkage.
In value terms, spices; saffron imports surged to $4.5M in 2022. Over the period under review, total imports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +7.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.9% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Spices; Saffron in the UK (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Spain | 2,128 | 1,788 | 1,222 | 2,501 | 5.5% |
| Iran | 478 | 312 | 875 | 1,064 | 30.6% |
| France | 309 | 176 | 239 | 301 | -0.9% |
| Afghanistan | 16.4 | 93.1 | 65.3 | 216 | 136.2% |
| India | 12.6 | 6.2 | 91.5 | 97.3 | 97.7% |
| Ireland | 18.6 | 12.8 | 60.3 | 31.2 | 18.8% |
| China | 444 | 67.6 | N/A | 5.9 | -76.3% |
| Others | 252 | 159 | 184 | 303 | 6.3% |
| Total | 3,658 | 2,614 | 2,737 | 4,520 | 7.3% |
Top Suppliers of Spices; Saffron to the UK in 2022:
- Spain (91.0 tons)
- India (33.7 tons)
- Afghanistan (11.3 tons)
- Iran (11.0 tons)
- Ireland (3.7 tons)
- China (3.6 tons)
- France (2.0 tons)
Spices; Saffron Exports in the UK
In 2022, spices; saffron exports from the UK shrank markedly to 40 tons, dropping by -62.9% compared with 2021 figures. Over the period under review, exports showed a dramatic contraction. The pace of growth appeared the most rapid in 2021 with an increase of 53%. As a result, the exports reached the peak of 108 tons, and then fell rapidly in the following year.
In value terms, spices; saffron exports declined rapidly to $484K in 2022. Overall, exports continue to indicate a abrupt slump. The growth pace was the most rapid in 2021 with an increase of 39% against the previous year. As a result, the exports attained the peak of $1.2M, and then fell notably in the following year.
| Export of Spices; Saffron in the UK (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| France | 40.4 | 26.6 | 103 | 138 | 50.6% |
| Ireland | 148 | 191 | 226 | 118 | -7.3% |
| Netherlands | 15.5 | 18.7 | 214 | 115 | 95.0% |
| United States | 448 | 275 | 129 | 12.5 | -69.7% |
| Germany | 25.3 | 21.5 | 7.0 | 11.5 | -23.1% |
| Oman | 1.1 | 0.6 | 0.1 | 8.2 | 95.3% |
| Greece | 0.2 | 0.3 | N/A | 6.8 | 224.0% |
| Norway | N/A | N/A | 254 | 4.1 | -98.4% |
| Malaysia | 52.1 | 63.5 | 125 | N/A | 54.9% |
| Brunei Darussalam | N/A | 28.7 | 40.5 | N/A | 41.1% |
| Others | 130 | 248 | 117 | 69.1 | -19.0% |
| Total | 860 | 874 | 1,215 | 484 | -17.4% |
Top Export Markets for Spices; Saffron from the UK in 2022:
- France (11.4 tons)
- Netherlands (8.1 tons)
- Ireland (6.8 tons)
- Oman (1.6 tons)
- United States (1.0 tons)
- Greece (0.6 tons)
- Norway (0.6 tons)
- Germany (0.4 tons)
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