Australia and Oceania: Spice Market 2024

Spice Market Size in Australia and Oceania

The spice market in Australia and Oceania shrank sharply to $X in 2022, falling by X% against the previous year. Overall, consumption showed a perceptible slump. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Spice Production in Australia and Oceania

In value terms, spice production expanded rapidly to $X in 2022 estimated in export price. The total production indicated a buoyant 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, production decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Fiji (X tons) constituted the country with the largest volume of spice production, accounting for X% of total volume. Moreover, spice production in Fiji exceeded the figures recorded by the second-largest producer, Australia (X tons), tenfold. The third position in this ranking was taken by Papua New Guinea (X tons), with a X% share.

In Fiji, 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: Australia (X% per year) and Papua New Guinea (X% per year).

The average spice yield dropped to X tons per ha in 2022, waning by X% compared with 2021 figures. The yield indicated a remarkable increase from 2012 to 2022: its figure 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, spice yield increased by X% against 2012 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The level of yield peaked at X tons per ha in 2021, and then dropped 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 Australia and Oceania; therefore, remained relatively stable against the previous year. Overall, the harvested area, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to spice production attained the maximum at X ha in 2021, and then dropped slightly in the following year.

Spice Exports

Exports in Australia and Oceania

For the third consecutive year, Australia and Oceania recorded growth in shipments abroad of spices, which increased by X% to X tons in 2022. In general, exports continue to indicate notable growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, spice exports soared to $X in 2022. Overall, exports enjoyed a resilient expansion. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, Fiji (X tons) was the largest exporter of spices, achieving X% of total exports. It was distantly followed by Australia (X tons) and Papua New Guinea (X tons), together achieving a X% share of total exports. New Zealand (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Papua New Guinea (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest spice supplying countries in Australia and Oceania were Papua New Guinea ($X), Australia ($X) and Fiji ($X), with a combined X% share of total exports.

Papua New Guinea, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among 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

The export price in Australia and Oceania stood at $X per ton in 2022, shrinking by X% against the previous year. Overall, the export price, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2016 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 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 Papua New Guinea ($X per ton), while Fiji ($X per ton) was amongst the lowest.

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

Spice Imports

Imports in Australia and Oceania

In 2022, overseas purchases of spices decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume 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 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, spice imports declined to $X in 2022. Total imports indicated a buoyant increase 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 2016 with an increase of X%. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Australia represented the major importing country with an import of about X tons, which resulted at X% of total imports. It was distantly followed by New Zealand (X tons), comprising a X% share of total imports. Fiji (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to spice imports into Australia stood at X%. At the same time, Fiji (X%) and New Zealand (X%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of X% from 2012-2022. While the share of New Zealand (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Australia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported spices in Australia and Oceania, comprising X% of total imports. The second position in the ranking was taken by New Zealand ($X), with a X% share of total imports.

In Australia, spice imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: New Zealand (X% per year) and Fiji (X% per year).

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($X per ton), while Fiji ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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