MERCOSUR: Spice Market 2024

Spice Market Size in MERCOSUR

The MERCOSUR spice market expanded significantly to $X in 2022, increasing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Spice Production in MERCOSUR

In value terms, spice production reached $X in 2022 estimated in export price. The total output 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. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Peru (X tons), Brazil (X tons) and Guyana (X tons), together comprising X% of total production.

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

In 2022, the average spice yield in MERCOSUR declined modestly to X tons per ha, approximately mirroring the year before. In general, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the yield attained the peak level of X tons per ha, leveling off 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, the total area harvested in terms of spices production in MERCOSUR was estimated at X ha, therefore, remained relatively stable against the year before. The total harvested area indicated a buoyant increase from 2012 to 2022: its figure 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, spice harvested area decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2020; however, from 2021 to 2022, the harvested area stood at a somewhat lower figure.

Spice Exports

Exports in MERCOSUR

In 2022, overseas shipments of spices decreased by X% to X tons for the first time since 2011, thus ending a ten-year rising trend. In general, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, spice exports shrank rapidly to $X in 2022. Total exports indicated prominent growth 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, exports increased by X% against 2018 indices. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then dropped significantly in the following year.

Exports by Country

Brazil (X tons) and Peru (X tons) prevails in exports structure, together committing X% of total exports. The following exporters - Argentina (X tons), Colombia (X tons) and Ecuador (X tons) - together made up X% of total exports.

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

In value terms, Brazil ($X), Peru ($X) and Colombia ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Brazil, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the export price in MERCOSUR amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the export price saw a perceptible decrease. The most prominent rate of growth was recorded in 2014 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices failed to regain momentum.

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

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

Spice Imports

Imports in MERCOSUR

In 2022, imports of spices in MERCOSUR reduced modestly to X tons, therefore, remained relatively stable against 2021. Total imports indicated a resilient 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 decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, spice imports expanded rapidly to $X in 2022. Total imports indicated buoyant growth 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 most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in years to come.

Imports by Country

Brazil represented the largest importing country with an import of around X tons, which resulted at X% of total imports. Argentina (X tons) ranks second in terms of the total imports with a X% share, followed by Peru (X%), Colombia (X%), Chile (X%) and Ecuador (X%). Paraguay (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to spice imports into Brazil stood at X%. At the same time, Chile (X%), Argentina (X%), Paraguay (X%), Colombia (X%), Ecuador (X%) and Peru (X%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of X% from 2012-2022. Argentina (X p.p.) and Chile (X p.p.) significantly strengthened its position in terms of the total imports, while Peru saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest spice importing markets in MERCOSUR were Brazil ($X), Peru ($X) and Argentina ($X), together accounting for X% of total imports.

In terms of the main importing countries, Peru, with a CAGR of X%, saw the highest rates of growth with regard to 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

The import price in MERCOSUR stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 Peru ($X per ton), while Brazil ($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