Latin America and the Caribbean: Spice Market 2024

Spice Market Size in Latin America and the Caribbean

The Latin American spice market rose remarkably 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 in certain years. Over the period under review, the market attained the peak level in 2022 and is likely to continue growth in years to come.

Spice Production in Latin America and the Caribbean

In value terms, spice production fell to $X in 2022 estimated in export price. The total production indicated resilient growth 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 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Mexico (X tons), Brazil (X tons) and Peru (X tons), together accounting for X% of total production. Guatemala, Guyana, Colombia and Jamaica lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Guyana (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

The average spice yield amounted to X tons per ha in 2022, remaining constant against the year before. 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 most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the spice yield reached the maximum level in 2022 and is expected to retain growth in the near future. 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 Latin America and the Caribbean contracted to X ha, leveling off at the year before. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2021, and then fell in the following year.

Spice Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of spices decreased by X% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, exports, however, posted resilient growth. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then shrank in the following year.

In value terms, spice exports shrank dramatically to $X in 2022. In general, exports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2020 when exports increased by X%. 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

Brazil (X tons) and Peru (X tons) represented roughly X% of total exports in 2022. Guatemala (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (X%). The following exporters - Argentina (X tons) and Honduras (X tons) - each finished at a X% share of total exports.

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

In value terms, Guatemala ($X), Brazil ($X) and Peru ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Mexico, Honduras and Argentina lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Honduras, with a CAGR of X%, recorded the highest growth rate of the value of exports, 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, falling by X% against the previous year. Over the period under review, the export price saw a pronounced reduction. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 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 Guatemala ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (X%), while the other leaders experienced mixed trends in the export price figures.

Spice Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of spices were imported in Latin America and the Caribbean; remaining relatively unchanged against 2021. Total imports indicated a prominent expansion 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 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, spice imports expanded notably 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 throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Imports by Country

Mexico was the key importer of spices in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near X% of total imports in 2022. Brazil (X tons) ranks second in terms of the total imports with a X% share, followed by Argentina (X%) and Peru (X%). Curacao (X tons), Guatemala (X tons), Colombia (X tons), Chile (X tons), the Dominican Republic (X tons), Ecuador (X tons), Cuba (X tons) and Trinidad and Tobago (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to spice imports into Mexico stood at X%. At the same time, Chile (X%), Argentina (X%), Guatemala (X%), Cuba (X%), Colombia (X%), Brazil (X%), Ecuador (X%), the Dominican Republic (X%), Peru (X%) and Curacao (X%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Trinidad and Tobago (X%) illustrated a downward trend over the same period. While the share of Mexico (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Trinidad and Tobago (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported spices in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was held by Brazil ($X), with a X% share of total imports. It was followed by Peru, with a X% share.

In Mexico, spice imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (X% per year) and Peru (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 the Dominican Republic ($X per ton), while Brazil ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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