ASEAN: Spice Market 2024

Spice Market Size in ASEAN

In 2022, the ASEAN spice market increased by X% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Spice Production in ASEAN

In value terms, spice production shrank slightly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

The countries with the highest volumes of production in 2022 were Indonesia (X tons), Thailand (X tons) and Vietnam (X tons), with a combined X% share of total production.

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

The average spice yield fell slightly to X tons per ha in 2022, with a decrease of X% on 2021. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The level of yield peaked at X tons per ha in 2015; however, from 2016 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of spices production in ASEAN dropped modestly to X ha, flattening at the previous year. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the harvested area dedicated to spice production attained the peak figure at X ha in 2021, and then reduced in the following year.

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Spice Exports

Exports in ASEAN

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 a buoyant 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. Based on 2022 figures, exports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, spice exports fell to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam was the main exporter of spices in ASEAN, with the volume of exports finishing at X tons, which was near X% of total exports in 2022. Indonesia (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (X%) and Myanmar (X%). The following exporters - Malaysia (X tons) and Singapore (X tons) - each finished at a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to spice exports from Vietnam stood at X%. At the same time, Thailand (X%) and Myanmar (X%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2022. By contrast, Indonesia (X%), Malaysia (X%) and Singapore (X%) illustrated a downward trend over the same period. Vietnam (X p.p.), Thailand (X p.p.) and Myanmar (X p.p.) significantly strengthened its position in terms of the total exports, while Malaysia, Singapore and Indonesia saw its share reduced by X%, X% and X% from 2012 to 2022, respectively.

In value terms, Vietnam ($X), Indonesia ($X) and Singapore ($X) were the countries with the highest levels of exports in 2022, together comprising X% of total exports. Thailand, Malaysia and Myanmar lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Thailand, with a CAGR of X%, saw 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

In 2022, the export price in ASEAN amounted to $X per ton, remaining constant against the previous year. Over the period under review, the export price continues to indicate a pronounced setback. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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 Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced a decline in the export price figures.

Spice Imports

Imports in ASEAN

In 2022, supplies from abroad of spices increased by X% to X tons, rising for the fourth consecutive year after two years of decline. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, spice imports skyrocketed to $X in 2022. Total imports indicated a prominent 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, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Malaysia (X tons), Thailand (X tons) and Indonesia (X tons) represented roughly X% of total imports in 2022. Vietnam (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (X%). The Philippines (X tons) followed a long way behind the leaders.

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

In value terms, the largest spice importing markets in ASEAN were Indonesia ($X), Thailand ($X) and Malaysia ($X), together accounting for X% of total imports.

Thailand, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries 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 ASEAN amounted to $X per ton, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per ton), while Malaysia ($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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