Azerbaijan: Market for Nutmeg, Mace And Cardamoms 2025

Market Size for Nutmeg, Mace And Cardamoms in Azerbaijan

The Azerbaijani nutmeg, mace and cardamom market skyrocketed to $X in 2022, picking up by 85% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a prominent increase. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Exports of Nutmeg, Mace And Cardamoms

Exports from Azerbaijan

In 2022, the amount of nutmeg, mace and cardamoms exported from Azerbaijan reduced sharply to X kg, shrinking by -20% compared with 2021 figures. Overall, exports recorded a sharp shrinkage. Over the period under review, the exports reached the peak figure at X kg in 2021, and then fell notably in the following year.

In value terms, nutmeg, mace and cardamom exports expanded remarkably to $X in 2022. The total export value increased at an average annual rate of +9.7% from 2021 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X kg) was the main destination for nutmeg, mace and cardamom exports from Azerbaijan, with a 56% share of total exports. Moreover, nutmeg, mace and cardamom exports to Russia exceeded the volume sent to the second major destination, Qatar (X kg), twofold.

From 2021 to 2022, the average annual growth rate of volume to Russia amounted to -55.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (0.0% per year) and Kazakhstan (0.0% per year).

In value terms, the largest markets for nutmeg, mace and cardamom exported from Azerbaijan were Russia ($X), Kazakhstan ($X) and Qatar ($X).

Qatar, with a CAGR of 0.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average nutmeg, mace and cardamom export price amounted to $X per ton, growing by 37% against the previous year. Overall, export price indicated significant growth from 2021 to 2022: its price increased at an average annual rate of +37.1% over the last one-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Qatar ($X per ton) was amongst the lowest.

From 2021 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+11.7%).

Imports of Nutmeg, Mace And Cardamoms

Imports into Azerbaijan

In 2022, overseas purchases of nutmeg, mace and cardamoms increased by 115% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports saw tangible growth. The growth pace was the most rapid in 2014 when imports increased by 333% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, nutmeg, mace and cardamom imports skyrocketed to $X in 2022. Overall, imports posted a significant increase. The growth pace was the most rapid in 2014 when imports increased by 396%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of nutmeg, mace and cardamom to Azerbaijan, with a 66% share of total imports. Moreover, nutmeg, mace and cardamom imports from India exceeded the figures recorded by the second-largest supplier, Guatemala (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Guatemala (+178.3% per year) and Iran (+68.7% per year).

In value terms, the largest nutmeg, mace and cardamom suppliers to Azerbaijan were India ($X), Guatemala ($X) and Iran ($X), with a combined 100% share of total imports.

Among the main suppliers, Guatemala, with a CAGR of +240.9%, recorded 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

In 2022, the average nutmeg, mace and cardamom import price amounted to $X per ton, declining by -19.5% against the previous year. Overall, the import price, however, recorded a significant increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 136% against the previous year. The import price peaked at $X per ton in 2021, and then contracted notably in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Guatemala ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+37.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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