U.S. Spice And Extract Market. Analysis And Forecast to 2030
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View PricingSpice and Extract Price in the United States - 2023
Contents:
- Spice and Extract Price in the United States (CIF) - 2023
- Spice and Extract Price in the United States (FOB) - 2023
- Spice and Extract Imports in the United States
- Spice and Extract Exports in the United States
Spice and Extract Price in the United States (CIF) - 2023
The average spice and extract import price stood at $3,503 per ton in August 2023, picking up by 1.9% against the previous month. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in January 2023 when the average import price increased by 7.5% m-o-m. The import price peaked at $3,554 per ton in August 2022; however, from September 2022 to August 2023, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Indonesia ($5,626 per ton), while the price for China ($1,904 per ton) was amongst the lowest.
From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Spain (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Spice and Extract Price in the United States (FOB) - 2023
In August 2023, the average spice and extract export price amounted to $5,263 per ton, growing by 6.9% against the previous month. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in March 2023 when the average export price increased by 17% month-to-month. As a result, the export price reached the peak level of $6,092 per ton. From April 2023 to August 2023, the the average export prices remained at a somewhat lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was Brazil ($22,303 per ton), while the average price for exports to the Philippines ($3,379 per ton) was amongst the lowest.
From August 2022 to August 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+2.7%), while the prices for the other major destinations experienced more modest paces of growth.
Spice and Extract Imports in the United States
In 2022, supplies from abroad of spice and extract decreased by -2.1% to 569K tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +4.9% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 10% against the previous year.
In value terms, spice and extract imports expanded markedly to $1.9B in 2022. The total import value increased at an average annual rate of +12.5% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 18%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.
| Import of Spice and Extract in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 185 | 191 | 282 | 371 | 26.1% |
| India | 214 | 236 | 311 | 284 | 9.9% |
| Mexico | 132 | 154 | 166 | 195 | 13.9% |
| China | 202 | 177 | 179 | 183 | -3.2% |
| Spain | 69.6 | 81.3 | 98.0 | 124 | 21.2% |
| Peru | 56.2 | 83.0 | 89.0 | 97.2 | 20.0% |
| Indonesia | 68.7 | 63.2 | 75.9 | 87.7 | 8.5% |
| Canada | 54.9 | 63.4 | 77.6 | 69.9 | 8.4% |
| Brazil | 35.0 | 56.8 | 54.7 | 40.4 | 4.9% |
| Thailand | 32.2 | 36.4 | 37.6 | 38.1 | 5.8% |
| Others | 270 | 345 | 392 | 387 | 12.7% |
| Total | 1,320 | 1,488 | 1,763 | 1,878 | 12.5% |
Top Suppliers of Spice and Extract to the United States in 2022:
- China (113.7K tons)
- Mexico (84.3K tons)
- India (77.9K tons)
- Vietnam (75.7K tons)
- Peru (44.1K tons)
- Spain (28.9K tons)
- Brazil (15.3K tons)
- Indonesia (14.9K tons)
- Canada (14.6K tons)
- Thailand (10.5K tons)
Spice and Extract Exports in the United States
After three years of growth, shipments abroad of spice and extract decreased by -2.2% to 147K tons in 2022. The total export volume increased at an average annual rate of +1.8% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 5.8%. As a result, the exports reached the peak of 150K tons, and then fell in the following year.
In value terms, spice and extract exports rose sharply to $764M in 2022. The total export value increased at an average annual rate of +6.0% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 12%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in years to come.
| Export of Spice and Extract in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Canada | 182 | 206 | 238 | 265 | 13.3% |
| Mexico | 77.1 | 66.5 | 103 | 107 | 11.5% |
| United Kingdom | 37.6 | 26.1 | 25.3 | 27.2 | -10.2% |
| Saudi Arabia | 19.3 | 26.0 | 24.4 | 22.5 | 5.2% |
| Japan | 14.5 | 15.4 | 15.9 | 17.9 | 7.3% |
| South Korea | 11.0 | 10.8 | 13.8 | 14.8 | 10.4% |
| Philippines | 17.2 | 14.5 | 13.6 | 14.7 | -5.1% |
| Dominican Republic | 7.8 | 9.7 | 11.7 | 12.8 | 18.0% |
| Indonesia | 16.1 | 11.4 | 6.9 | 2.7 | -44.9% |
| Others | 259 | 242 | 254 | 280 | 2.6% |
| Total | 642 | 629 | 706 | 764 | 6.0% |
Top Export Markets for Spice and Extract from the United States in 2022:
- Canada (62.2K tons)
- Mexico (19.8K tons)
- Saudi Arabia (6.3K tons)
- Philippines (4.6K tons)
- United Kingdom (3.8K tons)
- Japan (3.3K tons)
- South Korea (3.0K tons)
- Dominican Republic (2.5K tons)
- Indonesia (0.5K tons)
This report provides an in-depth analysis of the spice and extract market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- NAICS 311942 - Spice and extract manufacturing
Companies mentioned:
- McCormick & Company Incorporated
- Griffith Laboratories
- Kalsec
- Mizkan Americas
- Fona International
- Wixon
- Watkins Incorporated
- Sensoryeffects Flavor Company
- Elite Spice, K+s Salt
- Tone Brothers
- Gel Spice Co.
- Spice Chain Corporation
- Pizza Blends
- Red Arrow Products Company
- Compass Minerals America
- Griffith Laboratories U.S.A.
- Wixon Industries
- Kalamazoo Holdings
- Mizkan America Holdings
- Griffith Laboratories International
- Performance Chemicals & Ingredients Company
- Griffith Laboratories Worldwide
- K+s Montana Holdings
Country coverage:
- United States
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in the U.S.
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
-
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
-
3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
-
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
-
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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