Southern Asia: Spice Market 2023

Spice Market Size in Southern Asia

In 2022, the South Asian spice market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. The total consumption indicated a strong 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, consumption increased by X% against 2018 indices. Over the period under review, the market hit record highs at $X in 2021, and then contracted modestly in the following year.

Spice Production in Southern Asia

In value terms, spice production amounted to $X in 2022 estimated in export price. The total production indicated a buoyant 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, production decreased by X% against 2018 indices. The growth pace was the most rapid in 2016 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of spice production was India (X tons), accounting for X% of total volume. Moreover, spice production in India exceeded the figures recorded by the second-largest producer, Bangladesh (X tons), more than tenfold. Nepal (X tons) ranked third in terms of total production with a X% share.

In India, spice production increased at an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Bangladesh (X% per year) and Nepal (X% per year).

In 2022, the average spice yield in Southern Asia fell to X tons per ha, with a decrease of X% against the previous year. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 when the yield increased by X%. As a result, the yield reached the peak level of X tons per ha, and then declined 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 amounted to X ha in 2022, picking up by X% on 2021 figures. The harvested area 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 pace of growth was the most pronounced in 2017 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to spice production attained the maximum at X ha in 2020; however, from 2021 to 2022, the harvested area remained at a lower figure.

Spice Exports

Exports in Southern Asia

In 2022, shipments abroad of spices decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Total exports indicated a measured 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. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined dramatically in the following year.

In value terms, spice exports dropped to $X in 2022. Total exports indicated a strong 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 2013 indices. The most prominent rate of growth was recorded in 2020 with an increase of X%. The level of export peaked at $X in 2021, and then declined in the following year.

Exports by Country

India dominates exports structure, recording X tons, which was approx. X% of total exports in 2022. Sri Lanka (X tons), Pakistan (X tons) and Afghanistan (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to spice exports from India stood at X%. At the same time, Afghanistan (X%), Pakistan (X%) and Sri Lanka (X%) displayed positive paces of growth. Moreover, Afghanistan emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of India decreased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest spice supplier in Southern Asia, comprising X% of total exports. The second position in the ranking was held by Sri Lanka ($X), with an X% share of total exports. It was followed by Pakistan, with a X% share.

In India, spice exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Sri Lanka (X% per year) and Pakistan (X% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2015 an increase of X%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

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 Sri Lanka ($X per ton), while India ($X per ton) was amongst the lowest.

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

Spice Imports

Imports in Southern Asia

In 2022, after five years of growth, there was significant decline in supplies from abroad of spices, when their volume decreased by X% to X tons. Overall, imports, however, continue to indicate strong growth. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2021, and then declined in the following year.

In value terms, spice imports reduced to $X in 2022. In general, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Bangladesh (X tons) and India (X tons) were the key importers of spices in Southern Asia, together creating X% of total imports. Pakistan (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Sri Lanka (X%) and Nepal (X%).

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

In value terms, the largest spice importing markets in Southern Asia were India ($X), Bangladesh ($X) and Pakistan ($X), with a combined X% share of total imports.

Bangladesh, with a CAGR of X%, saw the highest growth rate of 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

In 2022, the import price in Southern Asia amounted to $X per ton, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

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

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

Source: IndexBox Platform

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