Venezuela: Spice Market 2024

Spice Market Size in Venezuela

After two years of growth, the Venezuelan spice market decreased by X% to $X in 2022. Overall, consumption, however, showed a deep contraction. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Spice Production in Venezuela

In value terms, spice production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt slump. The most prominent rate of growth was recorded in 2013 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

In 2022, the average spice yield in Venezuela was estimated at less than X kg per ha, flattening at 2021 figures. Over the period under review, the yield recorded 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 spices production in Venezuela totaled less than X ha, therefore, remained relatively stable against the previous year's figure. Overall, the harvested area continues to indicate a relatively flat trend pattern.

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Spice Exports

Exports from Venezuela

For the third consecutive year, Venezuela recorded growth in shipments abroad of spices, which increased by X% to X tons in 2022. Overall, exports, however, continue to indicate a pronounced decline. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, spice exports soared to $X in 2022. In general, exports, however, saw a abrupt decrease. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Rwanda (X tons) and South Africa (X tons) were the main destinations of spice exports from Venezuela, together accounting for X% of total exports.

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

In value terms, the United States ($X) emerged as the key foreign market for spices exports from Venezuela, comprising X% of total exports. The second position in the ranking was held by South Africa ($X), with a X% share of total exports. It was followed by Sudan, with a X% share.

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

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 period under review, the export price, however, saw a mild decrease. The most prominent rate of growth was recorded in 2019 an increase of X%. Over the period under review, the average export prices reached the peak figure 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 for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Sudan ($X per ton), while the average price for exports to Rwanda ($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 the UK (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Venezuela

In 2022, supplies from abroad of spices increased by X% to X tons, rising for the third consecutive year after six years of decline. In general, imports, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 with an increase of X%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, spice imports shrank to $X in 2022. Over the period under review, imports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of spice to Venezuela, with a X% share of total imports. Moreover, spice imports from India exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. China (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 India totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and China (X% per year).

In value terms, the largest spice suppliers to Venezuela were India ($X), Vietnam ($X) and Indonesia ($X), with a combined X% share of total imports. China, Germany, the United States, Lebanon, Brazil, Turkey, Spain, Mexico, the United Arab Emirates and Argentina lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Lebanon, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average spice import price stood at $X per ton in 2022, dropping by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton, and then fell in the following year.

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

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

Source: IndexBox Platform

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