Latin America and the Caribbean: Market for Spices Except Pepper or Ginger 2024

Market Size for Spices Except Pepper or Ginger in Latin America and the Caribbean

The Latin American market for spices except pepper or ginger rose rapidly to $X in 2022, picking up by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Spices Except Pepper or Ginger in Latin America and the Caribbean

In value terms, spices except pepper or ginger production totaled $X in 2022 estimated in export price. The total output 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 pace of growth was the most pronounced 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.

The countries with the highest volumes of production in 2022 were Colombia (X tons), Mexico (X tons) and Peru (X tons), together comprising X% of total production. Bolivia, Costa Rica, Saint Vincent and the Grenadines and Argentina lagged somewhat behind, together accounting for a further X%.

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

The average spices except pepper or ginger yield dropped modestly to X tons per ha in 2022, almost unchanged from 2021. The yield indicated a prominent 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, spices except pepper or ginger yield increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the yield increased by X%. Over the period under review, the spices except pepper or ginger yield hit record highs at X tons per ha in 2021, 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.

In 2022, the harvested area of spices except pepper or ginger in Latin America and the Caribbean declined to X ha, standing approx. at the previous year. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2021, and then shrank in the following year.

Exports of Spices Except Pepper or Ginger

Exports in Latin America and the Caribbean

In 2022, shipments abroad of spices except pepper or ginger decreased by X% to X tons for the first time since 2015, thus ending a six-year rising trend. Overall, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, spices except pepper or ginger exports shrank markedly to $X in 2022. Over the period under review, exports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then contracted markedly in the following year.

Exports by Country

In 2022, Mexico (X tons) was the main exporter of spices except pepper or ginger, mixing up X% of total exports. It was distantly followed by Peru (X tons), Colombia (X tons) and Brazil (X tons), together achieving a X% share of total exports. The following exporters - Jamaica (X tons), Trinidad and Tobago (X tons) and Guatemala (X tons) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to spices except pepper or ginger exports from Mexico stood at X%. At the same time, Colombia (X%), Brazil (X%), Peru (X%), Jamaica (X%), Trinidad and Tobago (X%) and Guatemala (X%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Peru, Colombia and Brazil increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest spices except pepper or ginger supplying countries in Latin America and the Caribbean were Mexico ($X), Colombia ($X) and Brazil ($X), together comprising X% of total exports.

Brazil, 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

The export price in Latin America and the Caribbean stood at $X per ton in 2022, shrinking by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Mexico ($X per ton) was amongst the lowest.

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

Imports of Spices Except Pepper or Ginger

Imports in Latin America and the Caribbean

In 2022, the amount of spices except pepper or ginger imported in Latin America and the Caribbean rose to X tons, increasing by X% on 2021 figures. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when imports increased by X%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, spices except pepper or ginger imports rose sharply to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of X%. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Curacao (X tons) and Brazil (X tons) were the major importers of spices except pepper or ginger in Latin America and the Caribbean, together recording approx. X% of total imports. Cuba (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Mexico (X%). Colombia (X tons), Argentina (X tons), Bahamas (X tons), Jamaica (X tons), Chile (X tons), Trinidad and Tobago (X tons), Guatemala (X tons), Honduras (X tons) and Peru (X tons) held a little share of total imports.

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

In value terms, Curacao ($X) constitutes the largest market for imported spices except pepper or ginger in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Brazil ($X), with a X% share of total imports. It was followed by Cuba, with a X% share.

In Curacao, spices except pepper or ginger 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: Brazil (X% per year) and Cuba (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, growing by X% against the previous year. In general, the import price, however, continues to indicate a mild slump. The growth pace was the most rapid in 2013 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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