Puerto Rico: Spice Market 2024

Spice Market Size in Puerto Rico

The Puerto Rican spice market reduced to $X in 2021, shrinking by -7% against the previous year. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +11.4% against 2019 indices. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Spice Production in Puerto Rico

In value terms, spice production dropped to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +9.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +15.0% against 2019 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 49% against the previous year. Puerto Rico production peaked at $X in 2020, and then declined in the following year.

The average yield of spices in Puerto Rico totaled X tons per ha in 2021, growing by 7% against 2020. Over the period under review, the yield saw a resilient increase. The pace of growth was the most pronounced in 2017 with an increase of 98%. As a result, the yield attained the peak level of X tons per ha. From 2018 to 2021, the growth of the spice 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 spice harvested area in Puerto Rico shrank slightly to X ha in 2021, which is down by -4.8% on 2020. Overall, the harvested area saw a noticeable decline. The most prominent rate of growth was recorded in 2018 when the harvested area increased by 22%. Over the period under review, the harvested area dedicated to spice production reached the peak figure at X ha in 2012; however, from 2013 to 2021, the harvested area failed to regain momentum.

Spice Exports

Exports from Puerto Rico

In 2021, approx. less than X kg of spices were exported from Puerto Rico; remaining relatively unchanged against the previous year's figure. Overall, exports saw a relatively flat trend pattern.

In value terms, spice exports totaled less than $X in 2021. Over the period under review, exports saw a relatively flat trend pattern.

Exports by Country

In 2021, India (X tons), distantly followed by China (X tons) and Vietnam (X tons) represented the major exporters of spices, together comprising 58% of total exports. Indonesia (X tons), Brazil (X tons), the Netherlands (X tons), Peru (X tons), Spain (X tons), Thailand (X tons), Iran (X tons) and Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +15.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest spice supplying countries from Puerto Rico were India ($X), China ($X) and Vietnam ($X), together comprising 43% of total exports. Indonesia, the Netherlands, Spain, Brazil, Peru, Turkey, Iran and Thailand lagged somewhat behind, together accounting for a further 21%.

Among the main exporting countries, Thailand, with a CAGR of +11.6%, recorded the highest growth rate of the value of exports, 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 Puerto Rico stood at less than $X per ton in 2021, approximately mirroring the previous year. Over the period under review, the export price recorded a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.8%), while the other leaders experienced more modest paces of growth.

Spice Imports

Imports into Puerto Rico

In 2021, imports of spices into Puerto Rico was estimated at less than X kg, approximately equating the previous year. Overall, imports saw a relatively flat trend pattern.

In value terms, spice imports amounted to less than $X in 2021. In general, imports showed a relatively flat trend pattern.

Imports by Country

In 2021, the United States (X tons), China (X tons) and Bangladesh (X tons) was the largest importer of spices in the world, creating 28% of total import. It was distantly followed by the United Arab Emirates (X tons), generating a 4.5% share of total imports. The following importers - India (X tons), Pakistan (X tons), the Netherlands (X tons), Malaysia (X tons), Germany (X tons), Saudi Arabia (X tons), Thailand (X tons), Indonesia (X tons) and Spain (X tons) - together made up 30% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +33.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and India ($X) were the countries with the highest levels of imports in 2021, together accounting for 26% of total imports.

Among the main importing countries, China, with a CAGR of +34.8%, 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 2021, the import price in Puerto Rico amounted to less than $X per ton, remaining relatively unchanged against the previous year. Overall, the import price saw a relatively flat trend pattern.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+11.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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