Southern Asia: Spice Market 2024

Spice Market Size in Southern Asia

After two years of growth, the South Asian spice market decreased by X% to $X in 2022. The total consumption indicated a resilient 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, consumption increased by X% against 2018 indices. The level of consumption peaked at $X in 2021, and then shrank slightly in the following year.

Spice Production in Southern Asia

In value terms, spice production reached $X in 2022 estimated in export price. The total production indicated buoyant 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 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

India (X tons) constituted the country with the largest volume of spice production, comprising approx. X% of total volume. Moreover, spice production in India exceeded the figures recorded by the second-largest producer, Bangladesh (X tons), more than tenfold. The third position in this ranking was held by Nepal (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in India amounted to X%. In the other countries, the average annual rates were as follows: Bangladesh (X% per year) and Nepal (X% per year).

The average spice yield declined to X tons per ha in 2022, waning by X% on 2021 figures. The yield figure 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 most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the yield attained the peak level of X tons per ha, and then fell 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 expanded slightly to X ha in 2022, with an increase of X% on the previous year's figure. 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 in certain years. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the harvested area dedicated to spice production reached the maximum 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 Southern Asia

In 2022, overseas shipments 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 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. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced dramatically in the following year.

In value terms, spice exports dropped 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 2013 indices. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. The level of export peaked at $X in 2021, and then fell in the following year.

Exports by Country

India dominates exports structure, amounting to X tons, which was approx. X% of total exports in 2022. Sri Lanka (X tons), Pakistan (X tons) and Afghanistan (X tons) followed a long way behind the leaders.

Exports from India increased at an average annual rate of X% from 2012 to 2022. 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. India (X p.p.) significantly weakened its position in terms of the total exports, 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. In the other countries, the average annual rates were as follows: 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, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: 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, overseas purchases of spices decreased by X% to X tons, falling for the second year in a row after four years of growth. Total imports indicated a strong 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 pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, spice imports dropped to $X in 2022. Over the period under review, imports, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then fell in the following year.

Imports by Country

Bangladesh (X tons) and India (X tons) were the largest importers of spices in 2022, reaching approx. X% and X% of total imports, respectively. Pakistan (X tons) ranks next in terms of the total imports with a X% share, followed by Sri Lanka (X%) and Nepal (X%).

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

In value terms, India ($X), Bangladesh ($X) and Pakistan ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

Bangladesh, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The import price in Southern Asia stood at $X per ton in 2022, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2014 an increase of X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2017; afterwards, it flattened through to 2022.

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 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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