Latin America and the Caribbean: Spice Market 2024

Spice Market Size in Latin America and the Caribbean

The Latin American spice market rose rapidly to $X in 2022, growing by X% against the previous year. The total consumption indicated a buoyant increase 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, consumption increased by X% against 2019 indices. Over the period under review, the market attained the peak level in 2022 and is likely to see steady growth in years to come.

Spice Production in Latin America and the Caribbean

In value terms, spice production amounted to $X in 2022 estimated in export price. The total production indicated a remarkable increase 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, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2020; afterwards, it flattened through to 2022.

The countries with the highest volumes of production in 2022 were Mexico (X tons), Peru (X tons) and Brazil (X tons), with a combined X% share of total production. Guatemala, Guyana, Colombia and Jamaica lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Guyana (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

The average spice yield stood at X tons per ha in 2022, flattening at 2021. The yield figure 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 throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the spice yield attained the peak level in 2022 and is likely to see gradual growth in years to come. 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 Latin America and the Caribbean fell slightly to X ha, remaining constant against the year before. The harvested area increased at an average annual rate of X% 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 2015 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to spice production reached the maximum at X ha in 2021, and then fell modestly in the following year.

Spice Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of spices decreased by X% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. The volume of export peaked at X tons in 2021, and then contracted in the following year.

In value terms, spice exports reduced remarkably to $X in 2022. Overall, exports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2020 when exports increased by X% 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

In 2022, Brazil (X tons) and Peru (X tons) were the major exporters of spices in Latin America and the Caribbean, together amounting to approx. X% of total exports. Guatemala (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (X%). The following exporters - Argentina (X tons) and Honduras (X tons) - each finished at a X% share of total exports.

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

In value terms, the largest spice supplying countries in Latin America and the Caribbean were Guatemala ($X), Brazil ($X) and Peru ($X), with a combined X% share of total exports. Mexico, Honduras and Argentina lagged somewhat behind, together comprising a further X%.

Honduras, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the period under review, the export price continues to indicate a pronounced curtailment. The growth pace was the most rapid in 2014 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (X%), while the other leaders experienced mixed trends in the export price figures.

Spice Imports

Imports in Latin America and the Caribbean

In 2022, spice imports in Latin America and the Caribbean reached X tons, leveling off at the previous year. Total imports indicated a prominent 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 increased by X% against 2013 indices. The pace of growth appeared the most rapid in 2020 when imports increased by X%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, spice imports amounted to $X in 2022. Total imports indicated a strong increase 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 2019 indices. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, Mexico (X tons) was the key importer of spices, constituting X% of total imports. Brazil (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Argentina (X%) and Peru (X%). The following importers - Curacao (X tons), Guatemala (X tons), Colombia (X tons), Chile (X tons), the Dominican Republic (X tons), Ecuador (X tons), Trinidad and Tobago (X tons) and Cuba (X tons) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to spice imports into Mexico stood at X%. At the same time, Chile (X%), Argentina (X%), Guatemala (X%), Colombia (X%), Brazil (X%), the Dominican Republic (X%), Ecuador (X%), Cuba (X%), Peru (X%) and Curacao (X%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Trinidad and Tobago (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported spices in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Brazil ($X), with a X% share of total imports. It was followed by Peru, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Mexico stood at X%. In the other countries, the average annual rates were as follows: Brazil (X% per year) and Peru (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while Brazil ($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 other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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