Australia and Oceania: Spice Market 2024

Spice Market Size in Australia and Oceania

The spice market in Australia and Oceania dropped dramatically to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption recorded a pronounced decrease. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Spice Production in Australia and Oceania

In value terms, spice production rose sharply to $X in 2022 estimated in export price. The total production indicated a buoyant 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. Based on 2022 figures, production decreased by X% against 2018 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

The country with the largest volume of spice production was Fiji (X tons), comprising approx. X% of total volume. Moreover, spice production in Fiji exceeded the figures recorded by the second-largest producer, Australia (X tons), tenfold. The third position in this ranking was held by Papua New Guinea (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume in Fiji totaled X%. The remaining producing countries recorded the following average annual rates of production growth: Australia (X% per year) and Papua New Guinea (X% per year).

The average spice yield dropped to X tons per ha in 2022, waning by X% against 2021 figures. The yield indicated a buoyant increase from 2012 to 2022: its figure 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, spice yield increased by X% against 2012 indices. The pace of growth was the most pronounced in 2013 with an increase of X%. The level of yield peaked at X tons per ha in 2021, and then dropped 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, the harvested area of spices in Australia and Oceania reduced slightly to X ha, therefore, remained relatively stable against 2021. Overall, the harvested area, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to spice production attained the peak figure at X ha in 2021, and then declined slightly in the following year.

Spice Exports

Exports in Australia and Oceania

In 2022, overseas shipments of spices increased by X% to X tons, rising for the third consecutive year after four years of decline. In general, exports showed a noticeable expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, spice exports soared to $X in 2022. Overall, exports enjoyed a buoyant increase. The growth pace was the most rapid in 2017 when exports increased by X%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Exports by Country

In 2022, Fiji (X tons) represented the major exporter of spices, making up X% of total exports. It was distantly followed by Australia (X tons) and Papua New Guinea (X tons), together making up a X% share of total exports. New Zealand (X tons) took a relatively small share of total exports.

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

In value terms, the largest spice supplying countries in Australia and Oceania were Papua New Guinea ($X), Australia ($X) and Fiji ($X), together accounting for X% of total exports.

In terms of the main exporting countries, Papua New Guinea, with a CAGR of X%, recorded 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

The export price in Australia and Oceania stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the export price, however, saw a resilient increase. The most prominent rate of growth was recorded in 2016 an increase of X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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 Papua New Guinea ($X per ton), while Fiji ($X per ton) was amongst the lowest.

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

Spice Imports

Imports in Australia and Oceania

In 2022, supplies from abroad of spices decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. 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 throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, spice imports reduced to $X in 2022. Total imports indicated strong 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 growth pace was the most rapid in 2016 with an increase of X% against the previous year. The level of import peaked at $X in 2021, and then fell in the following year.

Imports by Country

Australia was the major importer of spices in Australia and Oceania, with the volume of imports recording X tons, which was near X% of total imports in 2022. It was distantly followed by New Zealand (X tons), achieving a X% share of total imports. Fiji (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to spice imports into Australia stood at X%. At the same time, Fiji (X%) and New Zealand (X%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of X% from 2012-2022. New Zealand (X p.p.) significantly strengthened its position in terms of the total imports, while Australia saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported spices in Australia and Oceania, comprising X% of total imports. The second position in the ranking was taken by New Zealand ($X), with a X% share of total imports.

In Australia, spice imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: New Zealand (X% per year) and Fiji (X% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2022, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to continue growth in years to come.

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 Australia ($X per ton), while Fiji ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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