Global Clove Market 2023

Clove Market Size

The global clove market amounted to $X in 2021, surging by 8.5% against the previous year. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the global market hit record highs at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Clove Production

In value terms, clove production expanded significantly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the production volume increased by 31%. As a result, production attained the peak level of $X. From 2019 to 2021, global production growth remained at a somewhat lower figure.

Indonesia (X tons) remains the largest clove producing country worldwide, comprising approx. 68% of total volume. Moreover, clove production in Indonesia exceeded the figures recorded by the second-largest producer, Madagascar (X tons), sixfold. Tanzania (X tons) ranked third in terms of total production with a 4.3% share.

From 2012 to 2021, the average annual growth rate of volume in Indonesia stood at +3.3%. In the other countries, the average annual rates were as follows: Madagascar (+0.2% per year) and Tanzania (+2.5% per year).

The global average clove yield fell to X kg per ha in 2021, approximately mirroring 2020 figures. The yield figure increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the yield increased by 7.6%. Over the period under review, the average clove yield reached the peak level at X kg per ha in 2015; however, from 2016 to 2021, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of cloves were harvested worldwide; almost unchanged from the previous year. The harvested area increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the harvested area increased by 5.1% against the previous year. Over the period under review, the harvested area dedicated to clove production reached the maximum at X ha in 2018; however, from 2019 to 2021, the harvested area stood at a somewhat lower figure.

Clove Exports

Exports

In 2021, the amount of cloves exported worldwide dropped remarkably to X tons, reducing by -23.4% on the year before. In general, total exports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +19.0% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 55%. As a result, the exports reached the peak of X tons, and then fell rapidly in the following year.

In value terms, clove exports reduced to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 37% against the previous year. Over the period under review, the global exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Madagascar (X tons) and Indonesia (X tons) represented the key exporters of clovesin the world, together accounting for approx. 59% of total exports. Tanzania (X tons) held the next position in the ranking, followed by Sri Lanka (X tons) and Singapore (X tons). All these countries together held approx. 26% share of total exports. The following exporters - Comoros (X tons) and Brazil (X tons) - together made up 6.3% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Brazil (with a CAGR of +25.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest clove supplying countries worldwide were Madagascar ($X), Indonesia ($X) and Tanzania ($X), together comprising 67% of global exports. These countries were followed by Sri Lanka, Singapore, Comoros and Brazil, which together accounted for a further 22%.

Brazil, with a CAGR of +20.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average clove export price stood at $X per ton in 2021, surging by 20% against the previous year. Over the period under review, the export price, however, recorded a perceptible decrease. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Tanzania ($X per ton), while Comoros ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+4.0%), while the other global leaders experienced a decline in the export price figures.

Clove Imports

Imports

In 2021, the amount of cloves imported worldwide shrank to X tons, which is down by -6.3% on 2020. In general, total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +36.9% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 46% against the previous year. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, clove imports dropped to $X in 2021. The total import value increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 32% against the previous year. Over the period under review, global imports hit record highs at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

India represented the key importing country with an import of about X tons, which finished at 37% of total imports. It was distantly followed by Singapore (X tons), the United Arab Emirates (X tons) and Indonesia (X tons), together mixing up a 21% share of total imports. The following importers - China (X tons), Bangladesh (X tons), Pakistan (X tons), the United States (X tons), Saudi Arabia (X tons), the Netherlands (X tons) and Vietnam (X tons) - together made up 18% of total imports.

Imports into India increased at an average annual rate of +9.9% from 2012 to 2021. At the same time, China (+33.3%), Indonesia (+31.5%), Bangladesh (+30.1%), Vietnam (+20.2%), Pakistan (+11.9%), Saudi Arabia (+8.3%), the United Arab Emirates (+2.5%) and the United States (+1.4%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +33.3% from 2012-2021. By contrast, Singapore (-2.6%) and the Netherlands (-3.6%) illustrated a downward trend over the same period. India (+8.6 p.p.), Indonesia (+4.2 p.p.), China (+3 p.p.) and Bangladesh (+2.7 p.p.) significantly strengthened its position in terms of the global imports, while the United States, the Netherlands, the United Arab Emirates and Singapore saw its share reduced by -1.7%, -2.5%, -2.8% and -12% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported cloves worldwide, comprising 34% of global imports. The second position in the ranking was held by Singapore ($X), with an 11% share of global imports. It was followed by Indonesia, with a 7.3% share.

In India, clove imports increased at an average annual rate of +4.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Singapore (-3.6% per year) and Indonesia (+33.8% per year).

Import Prices by Country

In 2021, the average clove import price amounted to $X per ton, rising by 6.7% against the previous year. Overall, the import price, however, recorded a noticeable downturn. The pace of growth was the most pronounced in 2013 when the average import price increased by 12% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Indonesia ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+8.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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