Eastern Asia: Spice Market 2024

Spice Market Size in Eastern Asia

In 2022, after four years of growth, there was decline in the East Asian spice market, when its value decreased by X% to $X. The total consumption indicated a perceptible 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, consumption increased by X% against 2017 indices. Over the period under review, the market hit record highs at $X in 2021, and then dropped modestly in the following year.

Spice Production in Eastern Asia

In value terms, spice production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

China (X tons) constituted the country with the largest volume of spice production, comprising approx. X% of total volume. Moreover, spice production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to X%. The remaining producing countries recorded the following average annual rates of production growth: Japan (X% per year) and South Korea (X% per year).

In 2022, the average spice yield in Eastern Asia dropped slightly to X tons per ha, flattening at the previous year's figure. Over the period under review, the yield, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the yield increased by X% against the previous year. Over the period under review, the spice yield hit record highs at X tons per ha in 2019; afterwards, it flattened through to 2022. 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 shrank slightly to X ha in 2022, approximately mirroring the previous year. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2014 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to spice production reached the maximum at X ha in 2021, and then contracted modestly in the following year.

Spice Exports

Exports in Eastern Asia

In 2022, shipments abroad of spices decreased by X% to X tons, falling for the second consecutive year after four years of growth. Total exports indicated buoyant 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 most prominent rate of growth was recorded in 2017 with an increase of X%. 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 reduced to $X in 2022. In general, exports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, China (X tons) represented the main exporter of spices in Eastern Asia, generating X% of total export.

China was also the fastest-growing in terms of the spices exports, with a CAGR of X% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest spice supplier in Eastern Asia.

From 2012 to 2022, the average annual growth rate of value in China totaled X%.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, reducing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then contracted in the following year.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to X% per year.

Spice Imports

Imports in Eastern Asia

In 2022, overseas purchases of spices decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, imports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021, and then fell notably in the following year.

In value terms, spice imports contracted remarkably to $X in 2022. In general, imports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2019 with an increase of X%. The level of import peaked at $X in 2021, and then contracted remarkably in the following year.

Imports by Country

China represented the largest importing country with an import of about X tons, which resulted at X% of total imports. Japan (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (X%). Taiwan (Chinese) (X tons) and Democratic People's Republic of Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the spices imports, with a CAGR of X% from 2012 to 2022. Taiwan (Chinese) and Japan experienced a relatively flat trend pattern. South Korea (X%) and Democratic People's Republic of Korea (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by X percentage points.

In value terms, the largest spice importing markets in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together comprising X% of total imports.

China, with a CAGR of X%, saw 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 Eastern Asia amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, 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.

Source: IndexBox Platform

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