Asia-Pacific: Spice Market 2024

Spice Market Size in Asia-Pacific

In 2022, the Asia-Pacific spice market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. The total consumption indicated a prominent 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 contracted slightly in the following year.

Spice Production in Asia-Pacific

In value terms, spice production reached $X in 2022 estimated in export price. The total output value 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 most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

The country with the largest volume of spice production was India (X tons), accounting for X% of total volume. Moreover, spice production in India exceeded the figures recorded by the second-largest producer, China (X tons), sixfold. Indonesia (X tons) ranked third in terms of total production with a X% share.

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

In 2022, the average spice yield in Asia-Pacific declined to X tons per ha, with a decrease of X% compared with 2021. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when the yield increased by X% against the previous year. As a result, the yield attained the peak level of X tons per ha, and then reduced 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.

In 2022, approx. X ha of spices were harvested in Asia-Pacific; flattening at the previous year. The harvested area increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid 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 remained at a lower figure.

Spice Exports

Exports in Asia-Pacific

In 2022, shipments abroad of spices decreased by X% to X tons, falling for the second year in a row after four years of growth. Total exports indicated measured 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 growth pace was the most rapid in 2017 with an increase of X% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, spice exports shrank to $X in 2022. Total exports indicated a perceptible 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. The most prominent rate of growth was recorded in 2014 when exports increased by X%. The level of export peaked at $X in 2021, and then reduced in the following year.

Exports by Country

In 2022, India (X tons) and China (X tons) represented the largest exporters of spices in Asia-Pacific, together comprising X% of total exports. Vietnam (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (X%). Thailand (X tons) and Myanmar (X tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Vietnam ($X) constituted the countries with the highest levels of exports in 2022, together accounting for X% of total exports. Indonesia, Thailand 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, among 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

The export price in Asia-Pacific stood at $X per ton in 2022, rising by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

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

Spice Imports

Imports in Asia-Pacific

In 2022, after eight years of growth, there was significant decline in purchases abroad of spices, when their volume decreased by X% to X tons. Total imports indicated a prominent increase 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 pace of growth appeared the most rapid in 2020 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2021, and then dropped in the following year.

In value terms, spice imports reduced to $X in 2022. Over the period under review, imports, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, China (X tons), Bangladesh (X tons), India (X tons), Malaysia (X tons), Pakistan (X tons), Thailand (X tons), Indonesia (X tons) and Japan (X tons) represented the major importer of spices in Asia-Pacific, generating X% of total import.

From 2012 to 2022, the biggest increases were recorded for China (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 Asia-Pacific were India ($X), China ($X) and Indonesia ($X), together accounting for X% of total imports.

In terms of the main importing countries, China, 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 more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, rising by 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 an increase of X%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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