Asia-Pacific: Spice Market 2024

Spice Market Size in Asia-Pacific

In 2022, after two years of growth, there was decline in the Asia-Pacific spice market, when its value decreased by X% to $X. The total consumption indicated buoyant growth 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 2018 indices. The level of consumption peaked at $X in 2021, and then declined slightly in the following year.

Spice Production in Asia-Pacific

In value terms, spice production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded 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 stood at a somewhat lower figure.

The country with the largest volume of spice production was India (X tons), comprising approx. 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.

In India, spice production expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (X% per year) and Indonesia (X% per year).

In 2022, the average spice yield in Asia-Pacific declined to X tons per ha, shrinking by X% against the previous year. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the yield reached the peak level of X tons per ha, and then contracted 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-Pacific; approximately equating the previous year's figure. 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 pace of growth appeared the most rapid in 2017 when the harvested area increased by 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-Pacific

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 moderate 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. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, spice exports shrank to $X in 2022. Total exports indicated tangible growth 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. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then fell in the following year.

Exports by Country

India (X tons) and China (X tons) represented the main exporters of spices in 2022, reaching near X% and X% of total exports, respectively. Vietnam (X tons) took the next position in the ranking, followed by Indonesia (X tons) and Thailand (X tons). All these countries together took approx. X% share of total exports. Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Thailand (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-Pacific were India ($X), China ($X) and Vietnam ($X), together comprising X% of total exports. Indonesia, Thailand and Myanmar lagged somewhat behind, together comprising a further X%.

In terms of 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

The export price in Asia-Pacific stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the export price 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 failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

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

Spice Imports

Imports in Asia-Pacific

After four years of growth, purchases abroad of spices decreased by X% to X tons in 2022. Overall, imports, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2019 with an increase of X%. The volume of import peaked at X tons in 2021, and then reduced in the following year.

In value terms, spice imports reduced slightly to $X in 2022. In general, imports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The level of import peaked at $X in 2021, and then reduced modestly in the following year.

Imports by Country

China (X tons), Bangladesh (X tons), India (X tons), Malaysia (X tons), Pakistan (X tons), Thailand (X tons), Indonesia (X tons) and Japan (X tons) represented roughly X% of total imports in 2022.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest spice importing markets in Asia-Pacific were India ($X), China ($X) and Indonesia ($X), with a combined X% share of total imports.

China, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of 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

The import price in Asia-Pacific stood at $X per ton in 2022, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 when the import price increased by X%. The level of import peaked in 2022 and is likely to continue growth in years to come.

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