United Kingdom: Spice Market 2024

Spice Market Size in the UK

After two years of growth, the UK spice market decreased by X% to $X in 2022. 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 throughout the analyzed period. Spice consumption peaked at $X in 2021, and then declined modestly in the following year.

Spice Production in the UK

In value terms, spice production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with a decrease of X%. Spice production peaked in 2022 and is likely to see steady growth in the immediate term.

In 2022, the average spice yield in the UK was estimated at less than X kg per ha, therefore, remained relatively stable against 2021 figures. 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 harvested area of spices in the UK amounted to less than X ha, flattening at the year before. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern.

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Spice Exports

Exports from the UK

In 2022, overseas shipments of spices decreased by X% to X tons, falling for the second consecutive year after two years of growth. In general, exports continue to indicate a mild setback. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, spice exports plummeted to $X in 2022. Overall, total exports indicated modest 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, exports decreased by X% against 2020 indices. The pace of growth appeared the most rapid 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 remained at a lower figure.

Exports by Country

The Netherlands (X tons), Ireland (X tons) and the United States (X tons) were the main destinations of spice exports from the UK, with a combined X% share of total exports. France, Germany, the United Arab Emirates, Poland, Thailand, Italy, Spain, Belgium and Norway lagged somewhat behind, together comprising a further X%.

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

In value terms, Ireland ($X), the United States ($X) and the Netherlands ($X) constituted the largest markets for spice exported from the UK worldwide, together accounting for X% of total exports. France, Germany, Poland, the United Arab Emirates, Spain, Italy, Thailand, Belgium and Norway lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Thailand, with a CAGR of X%, saw 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

In 2022, the average spice export price amounted to $X per ton, with an increase of 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 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Thailand ($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 Norway (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into the UK

In 2022, approx. X tons of spices were imported into the UK; waning by X% on the previous year. The total import volume 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 2015 when imports increased by X% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, spice imports shrank slightly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2020 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2021, and then dropped slightly in the following year.

Imports by Country

China (X tons), India (X tons) and Spain (X tons) were the main suppliers of spice imports to the UK, together comprising X% of total imports. Vietnam, Turkey, Peru, Indonesia, the Netherlands, Brazil, Pakistan, Germany and France lagged somewhat behind, together accounting for a further X%.

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

In value terms, India ($X), China ($X) and Vietnam ($X) constituted the largest spice suppliers to the UK, together accounting for X% of total imports. Spain, Indonesia, Turkey, Pakistan, Germany, the Netherlands, France, Peru and Brazil lagged somewhat behind, together accounting for a further X%.

Peru, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average spice import price amounted to $X per ton, rising by X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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