Finland: Spice Market 2024

Spice Market Size in Finland

In 2022, after six years of growth, there was decline in the Finnish spice market, when its value decreased by X% to $X. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2021, and then declined modestly in the following year.

Spice Exports

Exports from Finland

In 2022, the amount of spices exported from Finland soared to X tons, with an increase of X% compared with the year before. In general, exports, however, saw a perceptible setback. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, spice exports surged to $X in 2022. Over the period under review, exports showed pronounced growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X tons), the United Arab Emirates (X tons) and the United States (X tons) were the main destinations of spice exports from Finland, together comprising X% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), the United States ($X) and the Czech Republic ($X) appeared to be the largest markets for spice exported from Finland worldwide, with a combined X% share of total exports. Estonia, the United Arab Emirates, Germany, Sweden, the Netherlands, Lithuania, Latvia, Pakistan and Vietnam lagged somewhat behind, together comprising a further X%.

The United Arab Emirates, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average spice export price amounted to $X per ton, waning by X% against the previous year. Overall, the export price, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then contracted dramatically in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while the average price for exports to the United Arab Emirates ($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 Pakistan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Finland

Spice imports into Finland rose remarkably to X tons in 2022, picking up by X% on 2021 figures. Over the period under review, total imports indicated a measured expansion 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 increased by X% against 2015 indices. The pace of growth was the most pronounced in 2016 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, spice imports declined modestly to $X in 2022. Overall, total imports indicated a tangible expansion 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, imports increased by X% against 2015 indices. The pace of growth was the most pronounced in 2019 when imports increased by X%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of spice to Finland, with a X% share of total imports. Moreover, spice imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. Spain (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Spain (X% per year).

In value terms, the largest spice suppliers to Finland were the Netherlands ($X), Sweden ($X) and Germany ($X), together comprising X% of total imports.

In terms of the main suppliers, the Netherlands, 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

In 2022, the average spice import price amounted to $X per ton, with a decrease of X% against the previous year. In general, the import price showed a slight decrease. The pace of growth appeared the most rapid in 2014 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a 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 China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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