Hungary: Spice Market 2024

Spice Market Size in Hungary

The Hungarian spice market expanded modestly to $X in 2022, with an increase of X% against the previous year. In general, the total consumption 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, consumption decreased by X% against 2020 indices. Spice consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Spice Production in Hungary

In value terms, spice production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a strong expansion. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. Spice production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

In 2022, the average spice yield in Hungary amounted to X tons per ha, remaining stable against 2021. The yield figure 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 2014 with an increase of X% against the previous year. Over the period under review, the average spice yield hit record highs at X tons per ha in 2016; however, from 2017 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 Hungary was estimated at X ha, remaining constant against the previous year. Overall, the harvested area, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the harvested area increased by X% against the previous year. As a result, the harvested area reached the peak level of X ha. From 2015 to 2022, the growth of the spice harvested area failed to regain momentum.

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Spice Exports

Exports from Hungary

After three years of growth, overseas shipments of spices decreased by X% to X tons in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, spice exports reduced dramatically to $X in 2022. In general, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The exports peaked at $X in 2021, and then fell sharply in the following year.

Exports by Country

Germany (X tons) was the main destination for spice exports from Hungary, accounting for a X% share of total exports. Moreover, spice exports to Germany exceeded the volume sent to the second major destination, Slovakia (X tons), twofold. The third position in this ranking was held by Romania (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (X% per year) and Romania (X% per year).

In value terms, Germany ($X) remains the key foreign market for spices exports from Hungary, comprising X% of total exports. The second position in the ranking was held by Austria ($X), with a X% share of total exports. It was followed by Slovakia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Germany amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (X% per year) and Slovakia (X% per year).

Export Prices by Country

In 2022, the average spice export price amounted to $X per ton, falling by X% against the previous year. Overall, export price indicated a noticeable increase from 2012 to 2022: its price 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 export price increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then fell slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Austria ($X per ton), while the average price for exports to Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Hungary

For the sixth year in a row, Hungary recorded growth in overseas purchases of spices, which increased by X% to X tons in 2022. In general, total imports indicated a remarkable increase 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, imports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, spice imports expanded rapidly to $X in 2022. The total import 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 2013 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

The Netherlands (X tons), Spain (X tons) and China (X tons) were the main suppliers of spice imports to Hungary, with a combined X% share of total imports. Germany, Slovenia, Austria, Turkey, Serbia, Slovakia, Vietnam, the Czech Republic and Poland lagged somewhat behind, together accounting for a further X%.

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

In value terms, the Netherlands ($X), Spain ($X) and Germany ($X) appeared to be the largest spice suppliers to Hungary, with a combined X% share of total imports. Austria, China, Serbia, Slovakia, Slovenia, Vietnam, Poland, Turkey and the Czech Republic lagged somewhat behind, together accounting for a further X%.

Slovenia, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average spice import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price, however, showed a mild reduction. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Austria ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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