Ecuador: Market for Nutmeg, Mace And Cardamoms 2024

Market Size for Nutmeg, Mace And Cardamoms in Ecuador

In 2022, the Ecuadorian nutmeg, mace and cardamom market decreased by -5.4% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption saw a mild curtailment. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Production of Nutmeg, Mace And Cardamoms in Ecuador

In value terms, nutmeg, mace and cardamom production reached $X in 2022 estimated in export price. Over the period under review, production enjoyed strong growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 29% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The average yield of nutmeg, mace and cardamoms in Ecuador was estimated at less than X kg per ha in 2022, stabilizing at the year before. In general, the yield continues to indicate a relatively flat trend pattern. 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 nutmeg, mace and cardamoms production in Ecuador totaled less than X ha, approximately equating the year before. In general, the harvested area saw a relatively flat trend pattern.

Exports of Nutmeg, Mace And Cardamoms

Exports from Ecuador

In 2022, the amount of nutmeg, mace and cardamoms exported from Ecuador fell to X tons, declining by -10.5% compared with the previous year's figure. Overall, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 787%. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, nutmeg, mace and cardamom exports dropped to $X in 2022. In general, exports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 917%. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

The United Arab Emirates (X tons) and the United States (X tons) were the main destinations of nutmeg, mace and cardamom exports from Ecuador.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +65.8%).

In value terms, the largest markets for nutmeg, mace and cardamom exported from Ecuador were the United Arab Emirates ($X) and the United States ($X).

The United Arab Emirates, with a CAGR of +70.5%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

The average nutmeg, mace and cardamom export price stood at $X per ton in 2022, remaining constant against the previous year. In general, the export price, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2018 an increase of 53%. The export price peaked at $X per ton in 2021, and then shrank modestly in the following year.

Average prices varied noticeably 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 the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+25.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nutmeg, Mace And Cardamoms

Imports into Ecuador

After two years of growth, overseas purchases of nutmeg, mace and cardamoms decreased by -12.5% to X tons in 2022. In general, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 257% against the previous year. Imports peaked at X tons in 2021, and then fell in the following year.

In value terms, nutmeg, mace and cardamom imports fell significantly to $X in 2022. Over the period under review, imports, however, enjoyed temperate growth. The most prominent rate of growth was recorded in 2016 when imports increased by 166%. Imports peaked at $X in 2021, and then dropped markedly in the following year.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of nutmeg, mace and cardamom to Ecuador, with a 60% share of total imports. Moreover, nutmeg, mace and cardamom imports from Indonesia exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. India (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia stood at +24.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+122.6% per year) and India (+14.9% per year).

In value terms, Indonesia ($X) constituted the largest supplier of nutmeg, mace and cardamoms to Ecuador, comprising 66% of total imports. The second position in the ranking was held by Spain ($X), with a 20% share of total imports. It was followed by India, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia stood at +17.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+99.1% per year) and India (-6.9% per year).

Import Prices by Country

The average nutmeg, mace and cardamom import price stood at $X per ton in 2022, shrinking by -3.7% against the previous year. In general, the import price continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2019 when the average import price increased by 26% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Guatemala ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+53.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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