Bangladesh: Spice Market 2025

Spice Market Size in Bangladesh

In 2022, the Bangladeshi spice market decreased by X% to $X for the first time since 2016, thus ending a five-year rising trend. Over the period under review, consumption, however, recorded strong growth. Spice consumption peaked at $X in 2021, and then reduced markedly in the following year.

Spice Production in Bangladesh

In value terms, spice production reached $X in 2022 estimated in export price. In general, the total production indicated a noticeable 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 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Spice production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The average yield of spices in Bangladesh declined sharply to X tons per ha in 2022, which is down by X% compared with 2021. Over the period under review, the yield, however, showed a buoyant increase. 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 shrank significantly 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 total area harvested in terms of spices production in Bangladesh rose rapidly to X ha, with an increase of X% on 2021. In general, the harvested area recorded 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. The spice harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area failed to regain momentum.

Spice Exports

Exports from Bangladesh

In 2022, shipments abroad of spices decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, recorded resilient growth. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. The exports peaked at X tons in 2021, and then plummeted in the following year.

In value terms, spice exports contracted sharply to $X in 2022. Over the period under review, exports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2021, and then reduced markedly in the following year.

Exports by Country

The United Arab Emirates (X tons) was the main destination for spice exports from Bangladesh, with a X% share of total exports. Moreover, spice exports to the United Arab Emirates exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. The third position in this ranking was held by Qatar (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Qatar (X% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for spices exports from Bangladesh, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and the United States (X% per year).

Export Prices by Country

In 2022, the average spice export price amounted to $X per ton, with an increase of X% against the previous year. Overall, export price indicated buoyant growth from 2012 to 2022: its price 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 export price increased by X% against 2012 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Qatar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Bangladesh

In 2022, supplies from abroad of spices decreased by X% to X tons, falling for the second year in a row after four years of growth. Overall, imports, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, spice imports reduced to $X in 2022. Over the period under review, imports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2020 when imports increased by X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of spice to Bangladesh, with a X% share of total imports. Moreover, spice imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by the United Arab Emirates (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United Arab Emirates (X% per year).

In value terms, India ($X), the United Arab Emirates ($X) and China ($X) were the largest spice suppliers to Bangladesh, together accounting for X% of total imports. Indonesia, Vietnam and Myanmar lagged somewhat behind, together accounting for a further X%.

Myanmar, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers 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 spice import price amounted to $X per ton, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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