India: Market for Nutmeg, Mace And Cardamoms 2024

Market Size for Nutmeg, Mace And Cardamoms in India

In 2022, the Indian nutmeg, mace and cardamom market decreased by -2.4% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, posted a strong expansion. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Nutmeg, Mace And Cardamoms in India

In value terms, nutmeg, mace and cardamom production rose modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a resilient expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 59% against the previous year. Nutmeg, mace and cardamom production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In 2022, the average nutmeg, mace and cardamom yield in India reduced to X kg per ha, dropping by -13% against 2021 figures. Overall, the yield, however, showed buoyant growth. The growth pace was the most rapid in 2016 with an increase of 49%. Over the period under review, the average nutmeg, mace and cardamom yield hit record highs at X kg per ha in 2021, and then fell in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of nutmeg, mace and cardamoms were harvested in India; remaining relatively unchanged against the previous year's figure. The harvested area increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 16%. Over the period under review, the harvested area dedicated to nutmeg, mace and cardamom production reached the maximum in 2022 and is likely to see steady growth in the near future.

Exports of Nutmeg, Mace And Cardamoms

Exports from India

In 2022, shipments abroad of nutmeg, mace and cardamoms decreased by -2.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, total exports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +131.8% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 59%. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped slightly in the following year.

In value terms, nutmeg, mace and cardamom exports dropped rapidly to $X in 2022. In general, exports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2020 with an increase of 86% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then contracted sharply in the following year.

Exports by Country

The United Arab Emirates (X tons) was the main destination for nutmeg, mace and cardamom exports from India, accounting for a 36% share of total exports. Moreover, nutmeg, mace and cardamom exports to the United Arab Emirates exceeded the volume sent to the second major destination, Saudi Arabia (X tons), fourfold. The third position in this ranking was taken by Bangladesh (X tons), with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +29.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-5.5% per year) and Bangladesh (+67.9% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for nutmeg, mace and cardamoms exports from India, comprising 37% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 12% share of total exports. It was followed by the United States, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates amounted to +29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-5.6% per year) and the United States (+11.3% per year).

Export Prices by Country

In 2022, the average nutmeg, mace and cardamom export price amounted to $X per ton, falling by -20.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2017 an increase of 17% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then contracted significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Nigeria ($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 Bangladesh (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nutmeg, Mace And Cardamoms

Imports into India

In 2022, after three years of growth, there was decline in overseas purchases of nutmeg, mace and cardamoms, when their volume decreased by -2% to X tons. Over the period under review, imports, however, continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 90% against the previous year. Imports peaked at X tons in 2021, and then reduced slightly in the following year.

In value terms, nutmeg, mace and cardamom imports fell to $X in 2022. In general, imports, however, continue to indicate strong growth. The growth pace was the most rapid in 2014 when imports increased by 77% against the previous year. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Nepal (X tons) constituted the largest nutmeg, mace and cardamom supplier to India, accounting for a 62% share of total imports. Moreover, nutmeg, mace and cardamom imports from Nepal exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. Sri Lanka (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume from Nepal amounted to +27.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+16.3% per year) and Sri Lanka (-0.1% per year).

In value terms, Nepal ($X), Indonesia ($X) and Sri Lanka ($X) appeared to be the largest nutmeg, mace and cardamom suppliers to India, with a combined 90% share of total imports. Guatemala, Bhutan and the United Arab Emirates lagged somewhat behind, together accounting for a further 8%.

Bhutan, with a CAGR of +52.1%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average nutmeg, mace and cardamom import price stood at $X per ton in 2022, which is down by -4.1% against the previous year. Over the period under review, the import price recorded a slight decline. The most prominent rate of growth was recorded in 2015 when the average import price increased by 36%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

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 Guatemala ($X per ton), while the price for Nepal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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