Singapore: Market for Nutmeg, Mace And Cardamoms 2024

Market Size for Nutmeg, Mace And Cardamoms in Singapore

In 2022, after three years of growth, there was significant decline in the Singaporean nutmeg, mace and cardamom market, when its value decreased by X% to $X. Overall, consumption continues to indicate a noticeable setback. Over the period under review, the market hit record highs at $X in 2021, and then shrank remarkably in the following year.

Production of Nutmeg, Mace And Cardamoms in Singapore

In value terms, nutmeg, mace and cardamom production shrank rapidly to $X in 2022 estimated in export price. Over the period under review, production saw a deep setback. The most prominent rate of growth was recorded in 2019 with an increase of X,900%. Nutmeg, mace and cardamom production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

The average yield of nutmeg, mace and cardamoms in Singapore amounted to less than X kg per ha in 2022, flattening at the year before. Overall, the yield showed a relatively flat trend pattern. 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 nutmeg, mace and cardamoms production in Singapore totaled less than X ha, flattening at the previous year. In general, the harvested area continues to indicate a relatively flat trend pattern.

Exports of Nutmeg, Mace And Cardamoms

Exports from Singapore

In 2022, approx. X tons of nutmeg, mace and cardamoms were exported from Singapore; falling by X% compared with the year before. In general, exports continue to indicate a pronounced slump. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, nutmeg, mace and cardamom exports reduced dramatically to $X in 2022. Over the period under review, exports recorded a deep slump. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Bangladesh (X tons) was the main destination for nutmeg, mace and cardamom exports from Singapore, with a X% share of total exports. Moreover, nutmeg, mace and cardamom exports to Bangladesh exceeded the volume sent to the second major destination, South Africa (X tons), more than tenfold. India (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Bangladesh amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (X% per year) and India (X% per year).

In value terms, Bangladesh ($X) remains the key foreign market for nutmeg, mace and cardamoms exports from Singapore, comprising X% of total exports. The second position in the ranking was held by South Africa ($X), with a X% share of total exports. It was followed by Colombia, with a X% share.

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

Export Prices by Country

The average nutmeg, mace and cardamom export price stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, the export price saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2019 when the average export price increased by X% against the previous year. The export price 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 destination: amid the top suppliers, the country with the highest price was Argentina ($X per ton), while the average price for exports to the United States ($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 Thailand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nutmeg, Mace And Cardamoms

Imports into Singapore

In 2022, approx. X tons of nutmeg, mace and cardamoms were imported into Singapore; waning by X% on 2021 figures. In general, imports saw a perceptible setback. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, nutmeg, mace and cardamom imports declined notably to $X in 2022. Over the period under review, imports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Guatemala (X tons) constituted the largest nutmeg, mace and cardamom supplier to Singapore, with a X% share of total imports. Moreover, nutmeg, mace and cardamom imports from Guatemala exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), eightfold. India (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Guatemala was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and India (X% per year).

In value terms, Guatemala ($X) constituted the largest supplier of nutmeg, mace and cardamoms to Singapore, comprising X% of total imports. The second position in the ranking was held by Indonesia ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Guatemala was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and India (X% per year).

Import Prices by Country

In 2022, the average nutmeg, mace and cardamom import price amounted to $X per ton, falling by X% against the previous year. Overall, the import price saw a slight downturn. The growth pace was the most rapid in 2019 when the average import price increased by X%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 India ($X per ton), while the price for Indonesia ($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 prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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