Price for Spices; Vanilla, Crushed or Ground in South Korea - 2022
Contents:
- Price for Spices; Vanilla, Crushed or Ground in South Korea (CIF) - 2022
- Price for Spices; Vanilla, Crushed or Ground in South Korea (FOB) - 2022
- Imports of Spices; Vanilla, Crushed or Ground in South Korea
- Exports of Spices; Vanilla, Crushed or Ground in South Korea
Price for Spices; Vanilla, Crushed or Ground in South Korea (CIF) - 2022
The average import price for spices; vanilla, crushed or ground stood at $213,405 per ton in 2022, with a decrease of -2.5% against the previous year. Over the period under review, the import price, however, continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2016 when the average import price increased by 86%. Over the period under review, average import prices attained the peak figure at $440,347 per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($417,478 per ton), while the price for Madagascar ($199,922 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+35.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Vanilla, Crushed or Ground in South Korea (FOB) - 2022
The average export price for spices; vanilla, crushed or ground stood at $11,583 per ton in 2022, rising by 64% against the previous year. Over the period under review, the export price recorded moderate growth. The most prominent rate of growth was recorded in 2016 when the average export price increased by 158% against the previous year. Over the period under review, the average export prices reached the peak figure at $11,611 per ton in 2019; afterwards, it flattened through to 2022.
As there is only one major export destination, the average price level is determined by prices for Singapore.
From 2014 to 2022, the rate of growth in terms of prices for Malaysia amounted to +21.1% per year.
Imports of Spices; Vanilla, Crushed or Ground in South Korea
In 2022, imports of spices; vanilla, crushed or ground into South Korea soared to 518 kg, picking up by 82% compared with the previous year's figure. Over the period under review, imports posted significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 120%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.
In value terms, spices; vanilla, crushed or ground imports skyrocketed to $111K in 2022. Overall, imports enjoyed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Spices; Vanilla, Crushed or Ground in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Madagascar | 7.2 | 10.8 | 27.3 | 87.0 | 129.5% |
| Indonesia | N/A | 0.7 | 15.6 | 13.1 | 332.6% |
| France | 30.6 | 31.8 | 18.5 | 9.6 | -32.1% |
| United States | 1.3 | 2.6 | 0.4 | 0.8 | -14.9% |
| Others | 5.4 | 0.3 | 0.3 | 0.1 | -73.5% |
| Total | 44.5 | 46.1 | 62.2 | 111 | 35.6% |
Top Suppliers of Spices; Vanilla, Crushed or Ground to South Korea in 2022:
- Madagascar (435.0 kg)
- Indonesia (53.0 kg)
- France (23.0 kg)
- United States (4.0 kg)
Exports of Spices; Vanilla, Crushed or Ground in South Korea
In 2022, shipments abroad of spices; vanilla, crushed or ground decreased by -58.8% to 739 kg, falling for the second year in a row after two years of growth. Over the period under review, exports saw a deep downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 110%. As a result, the exports attained the peak of 2 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, spices; vanilla, crushed or ground exports contracted remarkably to $8.6K in 2022. In general, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 42% against the previous year. As a result, the exports reached the peak of $16K. From 2021 to 2022, the growth of the exports remained at a lower figure.
| Export of Spices; Vanilla, Crushed or Ground in South Korea (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Singapore | 4.8 | 4.2 | 9.3 | 8.6 | 21.5% |
| Hong Kong SAR | N/A | 4.7 | 3.4 | N/A | -27.7% |
| Malaysia | 1.9 | 0.6 | N/A | N/A | -68.4% |
| Myanmar | 3.3 | 4.4 | N/A | N/A | 33.3% |
| Others | 1.1 | 1.8 | N/A | N/A | 63.6% |
| Total | 11.1 | 15.7 | 12.7 | 8.6 | -8.2% |
Top Export Markets for Spices; Vanilla, Crushed or Ground from South Korea in 2022:
- Singapore (739.0 kg)
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This report provides an in-depth analysis of the vanilla market in Republic of Korea.
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This report provides an in-depth analysis of the global vanilla market.
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This report provides an in-depth analysis of the vanilla market in Republic of Korea.
16015
This report provides an in-depth analysis of the global vanilla market.
5211
In 2016, the vanilla market dropped to X tons, caused by the reduction of global vanilla production due to harvest cuts in Madagascar and Indonesia. At the same time, demand for vanilla continues to grow against the backdrop of growing demand from
2285
Global vanilla consumption amounted to X thousand tons in 2015, stabilizing at the previous year level.
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In 2015, global consumption of vanilla amounted to X tons, standing approx. at the 2014 level. One year before there was a fall by X% caused by the reduction of vanilla production in Indonesia; from 2007 to 2013, va
5039
The value of total imports on the global vanilla market in 2015 stood at X million USD. There was an annual increase of +X% for the period from 2007 to 2015. In physical terms, imports of vanilla reached X tons i
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From 2007 to 2015, global exports of vanilla grew by +X% per year, amounting to X million USD in 2015. In physical terms, exports on the global vanilla market reached X tons in 2015, which was X tons (or X%) more than the year before.
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The global production of vanilla was estimated at X tons in 2015, an increase of X tons against the figure for 2013, and X tons (or X%) less than the peak production level recorded in 2011.
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From 2007 to 2015, global vanilla market consumption decreased by -X% annually. The highest annual rates of growth in terms of vanilla consumption between 2007 and 2015 were registered in India, with a +X% growth, due to the increased number of va
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Although widely considered a standard commodity, vanilla requires highly labor-intensive methods of cultivation that make it the second most expensive spice in the world, surpassed only by saffron.
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France dominates in the global vanilla trade. In 2014, France exported X thousand tons of vanilla totaling X million USD, X% over the previous year. Its primary trading partner was Germany, where it supplied X% of its total vanilla exports in val
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In 2016, the vanilla market dropped to X tons, caused by the reduction of global vanilla production due to harvest cuts in Madagascar and Indonesia. At the same time, demand for vanilla continues to grow against the backdrop of growing demand from
