Ecuador: Spice Market 2024

Spice Market Size in Ecuador

The Ecuadorian spice market rose rapidly to $X in 2022, picking up by X% against the previous year. The market value 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 in certain years. Spice consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Spice Production in Ecuador

In value terms, spice production reached $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

In 2022, the average yield of spices in Ecuador fell to X tons per ha, stabilizing at 2021 figures. In general, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the yield increased by X% against the previous year. Over the period under review, the average spice yield reached the maximum level at X tons per ha in 2012; however, from 2013 to 2022, the yield failed to regain momentum. 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 Ecuador expanded significantly to X ha, picking up by X% against 2021 figures. Over the period under review, the total harvested area indicated a temperate expansion 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 harvested area decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the harvested area increased by X%. The spice harvested area peaked at X ha in 2018; however, from 2019 to 2022, the harvested area remained at a lower figure.

Spice Exports

Exports from Ecuador

In 2022, after three years of decline, there was significant growth in shipments abroad of spices, when their volume increased by X% to X tons. In general, exports enjoyed a prominent increase. The growth pace was the most rapid in 2014 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, spice exports totaled $X in 2022. Over the period under review, exports continue to indicate a tangible expansion. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X tons), the United States (X tons) and India (X tons) were the main destinations of spice exports from Ecuador, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for spices exports from Ecuador, comprising X% of total exports. The second position in the ranking was taken by India ($X), with a X% share of total exports. It was followed by Germany, with a X% share.

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

Export Prices by Country

In 2022, the average spice export price amounted to $X per ton, which is down by X% against the previous year. Overall, the export price saw a deep reduction. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Colombia ($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 States (X%), while the prices for the other major destinations experienced a decline.

Spice Imports

Imports into Ecuador

In 2022, the amount of spices imported into Ecuador dropped to X tons, waning by X% on the previous year's figure. Overall, total imports indicated a perceptible increase 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, imports decreased by X% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of X%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, spice imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

India (X tons), Sri Lanka (X tons) and Mexico (X tons) were the main suppliers of spice imports to Ecuador, with a combined X% share of total imports. Peru, Spain, Vietnam and the United States lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Sri Lanka ($X) constituted the largest supplier of spices to Ecuador, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sri Lanka amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Vietnam (X% per year).

Import Prices by Country

The average spice import price stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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