MERCOSUR: Spice Market 2024

Spice Market Size in MERCOSUR

The MERCOSUR spice market skyrocketed to $X in 2022, picking up by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Spice Production in MERCOSUR

In value terms, spice production totaled $X in 2022 estimated in export price. The total output 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. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Brazil (X tons), Peru (X tons) and Guyana (X tons), together accounting for X% of total production.

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

In 2022, the average yield of spices in MERCOSUR fell to X tons per ha, standing approx. at 2021. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the yield attained the peak level of X tons per ha, leveling off 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.

The spice harvested area stood at X ha in 2022, remaining constant against the previous year. The total harvested area indicated a prominent expansion 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, spice harvested area decreased by X% against 2020 indices. The growth pace was the most rapid in 2016 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area failed to regain momentum.

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Spice Exports

Exports in MERCOSUR

After ten years of growth, shipments abroad of spices decreased by X% to X tons in 2022. In general, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of X%. The volume of export peaked at X tons in 2021, and then shrank in the following year.

In value terms, spice exports fell to $X in 2022. Total exports indicated a prominent 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, exports increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

Brazil (X tons) and Peru (X tons) dominates exports structure, together comprising X% of total exports. The following exporters - Argentina (X tons), Colombia (X tons) and Ecuador (X tons) - together made up X% of total exports.

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

In value terms, Brazil ($X), Peru ($X) and Colombia ($X) constituted the countries with the highest levels of exports in 2022, together comprising X% of total exports.

Among the main exporting countries, Brazil, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2022, the export price in MERCOSUR amounted to $X per ton, leveling off at the previous year. Over the period under review, the export price recorded a noticeable reduction. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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 ($X per ton), while Argentina ($X per ton) was amongst the lowest.

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

Spice Imports

Imports in MERCOSUR

In 2022, the amount of spices imported in MERCOSUR amounted to X tons, standing approx. at the previous year's figure. 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 decreased by X% against 2020 indices. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, spice imports expanded markedly to $X in 2022. Total imports indicated a buoyant 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 2019 indices. The growth pace was the most rapid in 2020 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 gradual growth in the immediate term.

Imports by Country

Brazil represented the major importing country with an import of about X tons, which accounted for X% of total imports. Argentina (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Peru (X%), Colombia (X%), Chile (X%) and Ecuador (X%). Paraguay (X tons) followed a long way behind the leaders.

Imports into Brazil increased at an average annual rate of X% from 2012 to 2022. At the same time, Chile (X%), Argentina (X%), Paraguay (X%), Colombia (X%), Ecuador (X%) and Peru (X%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of X% from 2012-2022. Argentina (X p.p.) and Chile (X p.p.) significantly strengthened its position in terms of the total imports, while Peru saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Peru ($X) and Argentina ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

Peru, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of 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 MERCOSUR amounted to $X per ton, with an increase of X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a 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 Peru ($X per ton), while Brazil ($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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