Latin America and the Caribbean: Market for Nutmeg, Mace And Cardamoms 2025

Market Size for Nutmeg, Mace And Cardamoms in Latin America and the Caribbean

In 2022, the Latin American nutmeg, mace and cardamom market decreased by -73.4% to $X, falling for the third year in a row after three years of growth. Overall, consumption showed a abrupt contraction. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Nutmeg, Mace And Cardamoms in Latin America and the Caribbean

In value terms, nutmeg, mace and cardamom production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 61%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Guatemala (X tons) constituted the country with the largest volume of nutmeg, mace and cardamom production, accounting for 94% of total volume. Moreover, nutmeg, mace and cardamom production in Guatemala exceeded the figures recorded by the second-largest producer, Honduras (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume in Guatemala amounted to -2.1%.

The average nutmeg, mace and cardamom yield shrank rapidly to X kg per ha in 2022, waning by -24.6% on the year before. Overall, the yield recorded a noticeable descent. The most prominent rate of growth was recorded in 2020 when the yield increased by 43% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2021 to 2022, the growth of the nutmeg, mace and cardamom 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.

The nutmeg, mace and cardamom harvested area dropped to X ha in 2022, approximately reflecting the year before. The harvested area increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the harvested area increased by 5.8%. The level of harvested area peaked at X ha in 2021, and then shrank in the following year.

Exports of Nutmeg, Mace And Cardamoms

Exports in Latin America and the Caribbean

In 2022, the amount of nutmeg, mace and cardamoms exported in Latin America and the Caribbean expanded sharply to X tons, increasing by 6.8% on the previous year's figure. Total exports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -23.5% against 2020 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 70% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, nutmeg, mace and cardamom exports shrank rapidly to $X in 2022. Overall, exports posted strong growth. The most prominent rate of growth was recorded in 2020 when exports increased by 73% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Guatemala prevails in exports structure, resulting at X tons, which was approx. 95% of total exports in 2022. Honduras (X tons) took a relatively small share of total exports.

Exports from Guatemala increased at an average annual rate of +4.1% from 2012 to 2022. At the same time, Honduras (+25.3%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +25.3% from 2012-2022. Honduras (+3.2 p.p.) significantly strengthened its position in terms of the total exports, while Guatemala saw its share reduced by -4.2% from 2012 to 2022, respectively.

In value terms, Guatemala ($X) remains the largest nutmeg, mace and cardamom supplier in Latin America and the Caribbean, comprising 97% of total exports. The second position in the ranking was taken by Honduras ($X), with a 1.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Guatemala stood at +5.4%.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, which is down by -39.3% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by 57% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while Honduras amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (+1.7%).

Imports of Nutmeg, Mace And Cardamoms

Imports in Latin America and the Caribbean

In 2022, overseas purchases of nutmeg, mace and cardamoms increased by 10% to X tons, rising for the second year in a row after two years of decline. In general, imports saw strong growth. The most prominent rate of growth was recorded in 2018 when imports increased by 89%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, nutmeg, mace and cardamom imports declined to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 38% against the previous year. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

Guatemala was the major importing country with an import of around X tons, which amounted to 49% of total imports. Brazil (X tons) took the second position in the ranking, followed by Argentina (X tons), the Dominican Republic (X tons) and Mexico (X tons). All these countries together took approx. 37% share of total imports. Jamaica (X tons) and Colombia (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to nutmeg, mace and cardamom imports into Guatemala stood at +24.9%. At the same time, Mexico (+25.4%), Jamaica (+13.9%), the Dominican Republic (+10.1%), Brazil (+6.1%), Colombia (+4.7%) and Argentina (+2.2%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +25.4% from 2012-2022. From 2012 to 2022, the share of Guatemala and Mexico increased by +34 and +3.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest nutmeg, mace and cardamom importing markets in Latin America and the Caribbean were Brazil ($X), Argentina ($X) and the Dominican Republic ($X), together comprising 57% of total imports. Guatemala, Jamaica, Mexico and Colombia lagged somewhat behind, together accounting for a further 25%.

In terms of the main importing countries, Guatemala, with a CAGR of +14.9%, saw 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 import price in Latin America and the Caribbean amounted to $X per ton, shrinking by -15.6% against the previous year. Overall, the import price saw a deep reduction. The pace of growth was the most pronounced in 2019 an increase of 43%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (-5.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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