Vietnam - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSpice Price in Vietnam - 2021
Contents:
- Spice Price in Vietnam (FOB) - 2022
- Spice Price in Vietnam (CIF) - 2022
- Spice Exports in Vietnam
- Spice Imports in Vietnam
Spice Price in Vietnam (FOB) - 2022
The average spice export price stood at $3,369 per ton in 2022, falling by -9.1% against the previous year. Overall, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2021 when the average export price increased by 25%. Over the period under review, the average export prices reached the peak figure at $6,999 per ton in 2015; however, from 2016 to 2022, the export prices remained at a 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 Egypt ($6,058 per ton), while the average price for exports to Myanmar ($1,718 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 India (+0.1%), while the prices for the other major destinations experienced a decline.
Spice Price in Vietnam (CIF) - 2022
In 2022, the average spice import price amounted to $3,590 per ton, surging by 22% against the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spice import price increased by +62.7% against 2018 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by 36%. As a result, import price reached the peak level of $3,799 per ton. From 2014 to 2022, the average import prices remained at a lower figure.
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 Brazil ($5,680 per ton), while the price for Italy ($1,167 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+15.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Spice Exports in Vietnam
In 2022, after three years of growth, there was decline in overseas shipments of spices, when their volume decreased by -2.2% to 361K tons. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 3% against the previous year.
In value terms, spice exports contracted to $1.2B in 2022. The total export value increased at an average annual rate of +5.1% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. As a result, the exports attained the peak of $1.4B, and then dropped in the following year.
| Export of Spice in Vietnam (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Arab Emirates | 26.6 | 28.3 | 63.2 | 845 | 216.7% |
| India | 167 | 169 | 218 | 131 | -7.8% |
| United States | 202 | 215 | 291 | 58.8 | -33.7% |
| Myanmar | 8.5 | 10.3 | 0.3 | 24.0 | 41.3% |
| Netherlands | 46.8 | 42.1 | 57.0 | 12.5 | -35.6% |
| Germany | 39.2 | 40.0 | 61.9 | 7.2 | -43.2% |
| China | 141 | 133 | 117 | 4.0 | -69.5% |
| Others | 416 | 435 | 559 | 133 | -31.6% |
| Total | 1,048 | 1,072 | 1,367 | 1,215 | 5.1% |
Top Export Markets for Spice from Vietnam in 2022:
- United Arab Emirates (257.5K tons)
- India (39.5K tons)
- Myanmar (14.0K tons)
- United States (11.8K tons)
- Netherlands (2.5K tons)
- Germany (1.5K tons)
- China (1.4K tons)
Spice Imports in Vietnam
In 2022, overseas purchases of spices decreased by -12% to 69K tons, falling for the second consecutive year after two years of growth. In general, imports saw a perceptible downturn. The growth pace was the most rapid in 2020 when imports increased by 19%. As a result, imports attained the peak of 91K tons. From 2021 to 2022, the growth of imports failed to regain momentum.
In value terms, spice imports amounted to $249M in 2022. Over the period under review, total imports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +9.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -19.4% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 61% against the previous year. As a result, imports reached the peak of $309M. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
| Import of Spice in Vietnam (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 76.4 | 178 | 95.2 | 123 | 17.2% |
| United Arab Emirates | 0.5 | 2.3 | 3.0 | 80.9 | 444.9% |
| Myanmar | 0.3 | 0.1 | 0.2 | 22.7 | 323.0% |
| India | 22.2 | 23.0 | 21.5 | 7.6 | -30.0% |
| Indonesia | 43.8 | 61.6 | 58.0 | 6.0 | -48.5% |
| Nigeria | N/A | 0.8 | 0.6 | 2.7 | 83.7% |
| Italy | N/A | 1.5 | 2.4 | 1.8 | 9.5% |
| Brazil | 36.5 | 27.6 | 19.1 | 0.1 | -86.0% |
| Cambodia | 3.8 | 5.1 | 23.3 | N/A | 147.6% |
| Others | 8.1 | 9.0 | 9.4 | 4.0 | -21.0% |
| Total | 192 | 309 | 233 | 249 | 9.1% |
Top Suppliers of Spice to Vietnam in 2022:
- Brazil (undefinedK tons)
- China (32.7K tons)
- United Arab Emirates (21.9K tons)
- Myanmar (5.0K tons)
- India (3.5K tons)
- Indonesia (1.8K tons)
- Italy (1.6K tons)
- Nigeria (1.4K tons)
This report provides an in-depth analysis of the spice market in Vietnam. 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:
- FCL 687 - Pepper
- FCL 689 - Pimento
- FCL 692 - Vanilla
- FCL 693 - Cinnamon (canella)
- FCL 698 - Cloves
- FCL 702 - Nutmeg, mace, cardamoms
- FCL 711 - Anise, badian, fennel
- FCL 720 - Ginger
- FCL 723 - Spices nes
Country coverage:
- Vietnam
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Vietnam
- 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.
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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
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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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
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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
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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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, HARVESTED AREA AND YIELD
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
- Yield 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
- Area Harvested, 2012–2023
- Yield, 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
3334
This report provides an in-depth analysis of the spice market in Vietnam.
838
This report provides an in-depth analysis of the piper pepper market in Vietnam.
583
This report provides an in-depth analysis of the pimenta pepper market in Vietnam.
5023
This report provides an in-depth analysis of the global spice market.
6740
This report provides an in-depth analysis of the global piper pepper market.
899
This report provides an in-depth analysis of the global pimenta pepper market.
3334
This report provides an in-depth analysis of the spice market in Vietnam.
838
This report provides an in-depth analysis of the piper pepper market in Vietnam.
583
This report provides an in-depth analysis of the pimenta pepper market in Vietnam.
5023
This report provides an in-depth analysis of the global spice market.
495
Explore the top import markets for spice worldwide, including the United States, India, China, Germany, and the United Arab Emirates. Discover key statistics and market insights from the IndexBox market intelligence platform.
409
The global spice market is forecast to reach a value of $54.1 billion by 2030, growing at a CAGR of around 4.1% during 2022-2030.
3087
The global spice market is expected to grow at a CAGR of over 3.5% from 2022 to 2025.
1090
Among leading importers, China, India, and the U.S. saw the highest growth rates of imports over the past decade.
765
The lockdown caused a surge in household demand, and the costs of some spices were going through the roof during the pandemic.
1169
The global spice market amounted to $33.1B in 2019, leveling off at the previous year. This figure reflects the total...
1116
Driven by increasing demand for pepper worldwide, the market is expected to continue an upward consumption trend over the next seven-year period.
4996
Global pepper consumption amounted to X thousand tons in 2015, going down by -X% against the previous year level.
6406
Global pepper imports amounted to X thousand tons in 2015, picking up by +X% against the previous year level.
1166
The global pepper market showed steady growth, rising from X thousand tons in 2007 to X thousand tons in 2015.
