Asia: Spice Market 2024

Spice Market Size in Asia

After ten years of growth, the Asian spice market decreased by X% to $X in 2022. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2012 indices. The level of consumption peaked at $X in 2021, and then declined slightly in the following year.

Spice Production in Asia

In value terms, spice production expanded slightly to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

The country with the largest volume of spice production was India (X tons), accounting for X% of total volume. Moreover, spice production in India exceeded the figures recorded by the second-largest producer, China (X tons), sixfold. Indonesia (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2022, the average annual growth rate of volume in India stood at X%. In the other countries, the average annual rates were as follows: China (X% per year) and Indonesia (X% per year).

The average spice yield fell slightly to X tons per ha in 2022, which is down by X% against 2021 figures. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the yield attained the peak level of X tons per ha, and then shrank slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of spices were harvested in Asia; approximately mirroring 2021. The harvested area increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area remained at a lower figure.

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Spice Exports

Exports in Asia

In 2022, overseas shipments of spices decreased by X% to X tons, falling for the second year in a row after two years of growth. Total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, spice exports reduced modestly to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2018 indices. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The level of export peaked at $X in 2021, and then reduced slightly in the following year.

Exports by Country

India (X tons) and China (X tons) represented roughly X% of total exports in 2022. It was distantly followed by Vietnam (X tons), Iran (X tons) and the United Arab Emirates (X tons), together committing a X% share of total exports. The following exporters - Indonesia (X tons) and Thailand (X tons) - each resulted at a X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest spice supplying countries in Asia were India ($X), China ($X) and Vietnam ($X), together accounting for X% of total exports. Indonesia, the United Arab Emirates, Iran and Thailand lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, the United Arab Emirates, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, declining by X% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked at $X 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 exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Iran ($X 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 (X%), while the other leaders experienced more modest paces of growth.

Spice Imports

Imports in Asia

After ten years of growth, overseas purchases of spices decreased by X% to X tons in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against the previous year. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, spice imports declined to $X in 2022. Over the period under review, imports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. The level of import peaked at $X in 2021, and then shrank modestly in the following year.

Imports by Country

The purchases of the ten major importers of spices, namely China, Bangladesh, India, the United Arab Emirates, Malaysia, Pakistan, Saudi Arabia, Thailand, Indonesia and Japan, represented more than two-thirds of total import. Sri Lanka (X tons), Turkey (X tons) and Vietnam (X tons) followed a long way behind the leaders.

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

In value terms, India ($X), China ($X) and Saudi Arabia ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

Among the main importing countries, China, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2014 when the import price increased by X%. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 Vietnam ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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