ASEAN: Spice Market 2024

Spice Market Size in ASEAN

The ASEAN spice market shrank modestly to $X in 2022, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Spice Production in ASEAN

In value terms, spice production dropped to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Indonesia (X tons), Thailand (X tons) and Vietnam (X tons), together comprising X% of total production.

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

In 2022, the average spice yield in ASEAN reduced slightly to X tons per ha, with a decrease of X% compared with the previous year's figure. 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 only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 when the yield increased by X%. Over the period under review, the spice yield reached the maximum level at X tons per ha in 2015; however, from 2016 to 2022, the yield failed to regain momentum. 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 ASEAN reduced to X ha, almost unchanged from the previous year. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the harvested area increased by X%. The level of harvested area peaked at X ha in 2021, and then shrank in the following year.

Spice Exports

Exports in ASEAN

Spice exports totaled X tons in 2022, remaining stable against the year before. Total exports indicated resilient growth 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, exports decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, spice exports contracted to $X in 2022. The total export 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. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam represented the key exporting country with an export of about X tons, which resulted at X% of total exports. Indonesia (X tons) took the second position in the ranking, followed by Thailand (X tons) and Myanmar (X tons). All these countries together took approx. X% share of total exports. Malaysia (X tons) and Singapore (X tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to spice exports from Vietnam stood at X%. At the same time, Thailand (X%) and Myanmar (X%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2022. By contrast, Indonesia (X%), Singapore (X%) and Malaysia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam, Thailand and Myanmar increased by X, X and X percentage points, respectively.

In value terms, Vietnam ($X), Indonesia ($X) and Singapore ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Thailand, Malaysia and Myanmar lagged somewhat behind, together accounting for a further X%.

Thailand, with a CAGR of X%, 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 leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, falling by X% against the previous year. Overall, the export price saw a pronounced slump. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced mixed trends in the export price figures.

Spice Imports

Imports in ASEAN

In 2022, after two years of growth, there was decline in purchases abroad of spices, when their volume decreased by X% to X tons. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The volume of import peaked at X tons in 2021, and then reduced in the following year.

In value terms, spice imports expanded sharply to $X in 2022. Total imports indicated noticeable 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, imports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of X%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

Malaysia (X tons), Thailand (X tons) and Indonesia (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Vietnam (X tons) and Singapore (X tons), together comprising a X% share of total imports. The Philippines (X tons) followed a long way behind the leaders.

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

In value terms, the largest spice importing markets in ASEAN were Indonesia ($X), Thailand ($X) and Malaysia ($X), with a combined X% share of total imports.

Thailand, with a CAGR of X%, recorded the highest rates of growth with regard to 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 ASEAN amounted to $X per ton, 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 2020 when the import price increased by X%. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform