Latin America and the Caribbean: Market for Nutmeg, Mace And Cardamoms 2024

Market Size for Nutmeg, Mace And Cardamoms in Latin America and the Caribbean

In 2022, the Latin American nutmeg, mace and cardamom market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption continues to indicate a noticeable decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Nutmeg, Mace And Cardamoms in Latin America and the Caribbean

In value terms, nutmeg, mace and cardamom production reduced modestly to $X in 2022 estimated in export price. Overall, production saw a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Guatemala (X tons) constituted the country with the largest volume of nutmeg, mace and cardamom production, comprising approx. X% of total volume. Moreover, nutmeg, mace and cardamom production in Guatemala exceeded the figures recorded by the second-largest producer, Honduras (X tons), more than tenfold.

In Guatemala, nutmeg, mace and cardamom production expanded at an average annual rate of X% over the period from 2012-2022.

In 2022, the average nutmeg, mace and cardamom yield in Latin America and the Caribbean expanded rapidly to X kg per ha, picking up by X% on 2021. The yield indicated mild growth 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, nutmeg, mace and cardamom yield decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2020 when the yield increased by X% against the previous year. As a result, the yield attained the peak level of X kg per ha. From 2021 to 2022, the growth of the nutmeg, mace and cardamom yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The nutmeg, mace and cardamom harvested area declined slightly to X ha in 2022, leveling off at 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 throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2021, and then declined modestly in the following year.

Exports of Nutmeg, Mace And Cardamoms

Exports in Latin America and the Caribbean

In 2022, the amount of nutmeg, mace and cardamoms exported in Latin America and the Caribbean rose rapidly to X tons, picking up by X% on the previous year. Total exports indicated a prominent 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, exports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, nutmeg, mace and cardamom exports fell rapidly to $X in 2022. Over the period under review, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Guatemala prevails in exports structure, amounting to X tons, which was approx. X% of total exports in 2022. Honduras (X tons) followed a long way behind the leaders.

Exports from Guatemala increased at an average annual rate of X% from 2012 to 2022. At the same time, Honduras (X%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Honduras (X p.p.) significantly strengthened its position in terms of the total exports, while Guatemala saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Guatemala ($X) remains the largest nutmeg, mace and cardamom supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Honduras ($X), with a X% share of total exports.

In Guatemala, nutmeg, mace and cardamom exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with a decrease of X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while Honduras totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (X%).

Imports of Nutmeg, Mace And Cardamoms

Imports in Latin America and the Caribbean

In 2022, imports of nutmeg, mace and cardamoms in Latin America and the Caribbean surged to X tons, growing by X% compared with the previous year. Overall, imports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, nutmeg, mace and cardamom imports declined modestly to $X in 2022. Total imports indicated a modest 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, imports increased by X% against 2016 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then declined slightly in the following year.

Imports by Country

Guatemala represented the key importing country with an import of about X tons, which resulted at X% of total imports. Brazil (X tons) held the second position in the ranking, followed by Argentina (X tons) and the Dominican Republic (X tons). All these countries together took approx. X% share of total imports. The following importers - Jamaica (X tons), Colombia (X tons) and Trinidad and Tobago (X tons) - together made up X% of total imports.

Guatemala was also the fastest-growing in terms of the nutmeg, mace and cardamoms imports, with a CAGR of X% from 2012 to 2022. At the same time, Jamaica (X%), the Dominican Republic (X%), Colombia (X%), Brazil (X%) and Argentina (X%) displayed positive paces of growth. Trinidad and Tobago experienced a relatively flat trend pattern. From 2012 to 2022, the share of Guatemala increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest nutmeg, mace and cardamom importing markets in Latin America and the Caribbean were Brazil ($X), Argentina ($X) and the Dominican Republic ($X), with a combined X% share of total imports. Guatemala, Jamaica, Colombia and Trinidad and Tobago lagged somewhat behind, together accounting for a further X%.

Guatemala, 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, declining by X% against the previous year. Overall, the import price recorded a abrupt descent. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 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 Colombia ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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