Eastern Asia: Spice Market 2024

Spice Market Size in Eastern Asia

For the fifth year in a row, the East Asian spice market recorded growth in sales value, which increased by X% to $X in 2022. The total consumption indicated a resilient 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, consumption increased by X% against 2012 indices. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in the immediate term.

Spice Production in Eastern Asia

In value terms, spice production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

China (X tons) remains the largest spice producing country in Eastern Asia, accounting for X% of total volume. Moreover, spice production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total production with a X% share.

In China, spice production expanded at an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Japan (X% per year) and South Korea (X% per year).

The average spice yield declined modestly to X tons per ha in 2022, approximately reflecting the previous year. Over the period under review, the yield, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The level of yield peaked at X tons per ha in 2019; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the spice harvested area in Eastern Asia contracted slightly to X ha, remaining constant against 2021 figures. The harvested area 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. The most prominent rate of growth was recorded in 2014 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2021, and then shrank slightly in the following year.

Spice Exports

Exports in Eastern Asia

In 2022, shipments abroad of spices decreased by X% to X tons, falling for the second consecutive year after four years of growth. Total exports indicated prominent 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 most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, spice exports dropped to $X in 2022. Overall, exports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) represented roughly X% of total exports in 2022.

China was also the fastest-growing in terms of the spices exports, with a CAGR of X% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest spice supplier in Eastern Asia.

From 2012 to 2022, the average annual growth rate of value in China stood at X%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, reducing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2020 when the export price increased by X%. The level of export peaked at $X per ton in 2021, and then contracted in the following year.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to X% per year.

Spice Imports

Imports in Eastern Asia

After four years of growth, overseas purchases of spices decreased by X% to X tons in 2022. Overall, imports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2019 when imports increased by X%. The volume of import peaked at X tons in 2021, and then plummeted in the following year.

In value terms, spice imports dropped markedly to $X in 2022. In general, imports, however, saw a prominent 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 in 2021, and then fell remarkably in the following year.

Imports by Country

In 2022, China (X tons) represented the major importer of spices, achieving X% of total imports. Japan (X tons) took the second position in the ranking, distantly followed by South Korea (X tons). All these countries together held near X% share of total imports. Democratic People's Republic of Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the spices imports, with a CAGR of X% from 2012 to 2022. Japan experienced a relatively flat trend pattern. South Korea (X%) and Democratic People's Republic of Korea (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by X percentage points.

In value terms, the largest spice importing markets in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together accounting for X% of total imports.

Among the main importing countries, China, with a CAGR of X%, recorded the highest growth rate of 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 Eastern Asia stood at $X per ton in 2022, increasing by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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