Greece: Market for Nutmeg, Mace And Cardamoms 2025

Market Size for Nutmeg, Mace And Cardamoms in Greece

The Greek nutmeg, mace and cardamom market rose slightly to $X in 2022, surging by 1.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Exports of Nutmeg, Mace And Cardamoms

Exports from Greece

In 2022, after three years of growth, there was significant decline in shipments abroad of nutmeg, mace and cardamoms, when their volume decreased by -25.9% to X tons. Over the period under review, exports, however, showed prominent growth. The growth pace was the most rapid in 2017 with an increase of 228%. The exports peaked at X tons in 2021, and then dropped sharply in the following year.

In value terms, nutmeg, mace and cardamom exports dropped remarkably to $X in 2022. Overall, exports, however, recorded prominent growth. The growth pace was the most rapid in 2017 when exports increased by 136%. Over the period under review, the exports reached the maximum at $X in 2021, and then plummeted in the following year.

Exports by Country

Cyprus (X tons) was the main destination for nutmeg, mace and cardamom exports from Greece, accounting for a 85% share of total exports. Moreover, nutmeg, mace and cardamom exports to Cyprus exceeded the volume sent to the second major destination, Germany (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cyprus amounted to +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+13.6% per year) and Ireland (+82.6% per year).

In value terms, Cyprus ($X) remains the key foreign market for nutmeg, mace and cardamoms exports from Greece, comprising 73% of total exports. The second position in the ranking was held by Germany ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Cyprus amounted to +21.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+16.6% per year) and Ireland (+69.8% per year).

Export Prices by Country

The average nutmeg, mace and cardamom export price stood at $X per ton in 2022, reducing by -3.3% against the previous year. Over the period under review, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nutmeg, mace and cardamom export price increased by +42.6% against 2017 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 58% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

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 Germany ($X per ton), while the average price for exports to Cyprus ($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 Cyprus (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nutmeg, Mace And Cardamoms

Imports into Greece

In 2022, approx. X tons of nutmeg, mace and cardamoms were imported into Greece; picking up by 8.6% against the previous year. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.2% 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 +51.9% against 2018 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 44% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, nutmeg, mace and cardamom imports reduced to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 33% against the previous year. As a result, imports attained the peak of $X, and then reduced in the following year.

Imports by Country

In 2022, Italy (X tons) constituted the largest supplier of nutmeg, mace and cardamom to Greece, accounting for a 41% share of total imports. Moreover, nutmeg, mace and cardamom imports from Italy exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The third position in this ranking was taken by Guatemala (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+59.8% per year) and Guatemala (+39.3% per year).

In value terms, Italy ($X) constituted the largest supplier of nutmeg, mace and cardamoms to Greece, comprising 43% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 16% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+51.2% per year) and Germany (+6.9% per year).

Import Prices by Country

In 2022, the average nutmeg, mace and cardamom import price amounted to $X per ton, which is down by -12.6% against the previous year. In general, the import price saw a perceptible decrease. The growth pace was the most rapid in 2017 an increase of 26% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Germany ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+10.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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