Southern Asia: Clove Market 2024

Clove Market Size in Southern Asia

The South Asian clove market declined remarkably to $X in 2022, with a decrease of -18.2% against the previous year. Over the period under review, consumption, however, recorded a perceptible increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Clove Production in Southern Asia

In value terms, clove production stood at $X in 2022 estimated in export price. Overall, production, however, posted a notable expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 89% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

The country with the largest volume of clove production was Sri Lanka (X tons), comprising approx. 100% of total volume.

In Sri Lanka, clove production expanded at an average annual rate of +3.9% over the period from 2012-2022.

The average clove yield shrank rapidly to X tons per ha in 2022, which is down by -38.5% on the previous year's figure. In general, the yield, however, showed a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 66% against the previous year. The level of yield peaked at X tons per ha in 2021, and then reduced remarkably 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 harvested area of cloves in Southern Asia contracted to X ha, with a decrease of -2.6% on the year before. In general, the harvested area recorded a pronounced decrease. The pace of growth appeared the most rapid in 2016 when the harvested area increased by 5.7%. Over the period under review, the harvested area dedicated to clove production reached the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Clove Exports

Exports in Southern Asia

In 2022, the amount of cloves exported in Southern Asia fell rapidly to X tons, with a decrease of -45.3% on the previous year's figure. Overall, exports, however, posted measured growth. The pace of growth was the most pronounced in 2015 when exports increased by 221% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then shrank remarkably in the following year.

In value terms, clove exports fell dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a noticeable expansion. The pace of growth appeared the most rapid in 2015 with an increase of 163%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Sri Lanka (X tons) and India (X tons), together reaching 100% of total export.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +10.3%).

In value terms, Sri Lanka ($X) and India ($X) appeared to be the countries with the highest levels of exports in 2022.

Among the main exporting countries, India, with a CAGR of +11.8%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, rising by 43% against the previous year. In general, the export price recorded a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while India stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.4%).

Clove Imports

Imports in Southern Asia

Clove imports contracted significantly to X tons in 2022, declining by -27.8% on the year before. Overall, imports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2014 when imports increased by 62% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, clove imports dropped dramatically to $X in 2022. Total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 -31.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 67%. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

India prevails in imports structure, finishing at X tons, which was near 84% of total imports in 2022. Bangladesh (X tons) held the second position in the ranking, followed by Pakistan (X tons). All these countries together took near 14% share of total imports.

Imports into India increased at an average annual rate of +5.1% from 2012 to 2022. At the same time, Bangladesh (+23.6%) and Pakistan (+5.9%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +23.6% from 2012-2022. Bangladesh (+6 p.p.) significantly strengthened its position in terms of the total imports, while India saw its share reduced by -6.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported cloves in Southern Asia, comprising 87% of total imports. The second position in the ranking was held by Bangladesh ($X), with a 6.5% share of total imports.

In India, clove imports increased at an average annual rate of +2.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bangladesh (+21.9% per year) and Pakistan (+15.7% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, surging by 17% against the previous year. In general, the import price, however, showed a noticeable decrease. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+9.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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