Asia: Spice Market 2022

Spice Market Size in Asia

The Asian spice market skyrocketed to $X in 2021, growing by X% against the previous year. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +X% against 2012 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Spice Production in Asia

In value terms, spice production dropped to $X in 2021 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +X% against 2012 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2020, and then fell modestly in the following year.

India (X tons) remains the largest spice producing country in Asia, accounting for X% of total volume. Moreover, spice production in India exceeded the figures recorded by the second-largest producer, China (X tons), fivefold. The third position in this ranking was held by Indonesia (X tons), with a X% share.

From 2012 to 2021, the average annual growth rate of volume in India stood at +X%. The remaining producing countries recorded the following average annual rates of production growth: China (+X% per year) and Indonesia (+X% per year).

In 2021, the average yield of spices in Asia contracted slightly to X tons per ha, which is down by -X% against 2020. The yield figure increased at an average annual rate of +X% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the yield increased by X%. The level of yield peaked at X tons per ha in 2020, and then dropped modestly 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.

The spice harvested area expanded slightly to X ha in 2021, rising by X% compared with 2020 figures. The harvested area increased at an average annual rate of +X% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the harvested area dedicated to spice production reached the maximum in 2021 and is expected to retain growth in the immediate term.

Spice Exports

Exports in Asia

In 2021, the amount of spices exported in Asia stood at X tons, leveling off at the previous year. Total exports indicated a measured increase from 2012 to 2021: its volume increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +X% against 2013 indices. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, spice exports rose modestly to $X in 2021. The total export value increased at an average annual rate of +X% over the period from 2012 to 2021; 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%. The level of export peaked in 2021 and is likely to continue growth in years to come.

Exports by Country

India (X tons) and China (X tons) were the largest exporters of spices in 2021, resulting at approx. X% and X% of total exports, respectively. Vietnam (X tons) ranks next in terms of the total exports with an X% share, followed by Indonesia (X%). Thailand (X tons), Turkey (X tons), Iran (X tons) and Syrian Arab Republic (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Turkey (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 were India ($X), China ($X) and Vietnam ($X), with a combined X% share of total exports. These countries were followed by Indonesia, Turkey, Iran, Thailand and Syrian Arab Republic, which together accounted for a further X, with a CAGR of +X%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of X%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+X%), while the other leaders experienced more modest paces of growth.

Spice Imports

Imports in Asia

In 2021, spice imports in Asia expanded remarkably to X tons, growing by X% compared with 2020 figures. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +X% against 2013 indices. The pace of growth appeared the most rapid in 2017 when imports increased by X%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, spice imports totaled $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +X% against 2013 indices. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

The countries with the highest levels of spice imports in 2021 were China (X tons), Bangladesh (X tons) and India (X tons), together reaching X% of total import. It was distantly followed by the United Arab Emirates (X tons), Malaysia (X tons), Saudi Arabia (X tons), Thailand (X tons) and Indonesia (X tons), together generating a X% share of total imports. Japan (X tons), Pakistan (X tons), Vietnam (X tons), Sri Lanka (X tons) and Nepal (X tons) took a minor share of total imports.

From 2012 to 2021, 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 were China ($X), India ($X) and Saudi Arabia ($X), together comprising X% of total imports.

In terms of the main importing countries, China, with a CAGR of +X%, saw the highest rates of growth with regard to the value of imports, 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 stood at $X per ton in 2021, declining by -X% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +X%. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, 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 Market Intelligence Platform

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