Southern Asia: Spice Market 2024

Spice Market Size in Southern Asia

After two years of growth, the South Asian spice market decreased by X% to $X in 2022. 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 2018 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then reduced slightly in the following year.

Spice Production in Southern Asia

In value terms, spice production reached $X in 2022 estimated in export price. The total production indicated a resilient expansion 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 2018 indices. The growth pace was the most rapid in 2016 with an increase of X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

India (X tons) constituted the country with the largest volume of spice production, comprising approx. X% of total volume. Moreover, spice production in India exceeded the figures recorded by the second-largest producer, Bangladesh (X tons), more than tenfold. Nepal (X tons) ranked third in terms of total production with a X% share.

In India, spice production expanded at an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Bangladesh (X% per year) and Nepal (X% per year).

The average spice yield fell to X tons per ha in 2022, which is down by X% compared with the previous year's figure. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 when the yield increased by X% against the previous year. As a result, the yield reached the peak level of X tons per ha, and then dropped 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 Southern Asia stood at X ha, picking up by X% on the previous year's figure. The harvested area 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 appeared the most rapid in 2017 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 Southern Asia

In 2022, after three years of growth, there was significant decline in overseas shipments of spices, when their volume decreased by X% to X tons. Total exports indicated a tangible 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. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped remarkably in the following year.

In value terms, spice exports contracted to $X in 2022. Total exports indicated a resilient expansion 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 2013 indices. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2021, and then contracted in the following year.

Exports by Country

India dominates exports structure, recording X tons, which was approx. X% of total exports in 2022. The following exporters - Sri Lanka (X tons), Pakistan (X tons) and Afghanistan (X tons) - together made up X% of total exports.

Exports from India increased at an average annual rate of X% from 2012 to 2022. At the same time, Afghanistan (X%), Pakistan (X%) and Sri Lanka (X%) displayed positive paces of growth. Moreover, Afghanistan emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of India decreased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest spice supplier in Southern Asia, comprising X% of total exports. The second position in the ranking was held by Sri Lanka ($X), with an X% share of total exports. It was followed by Pakistan, with a X% share.

From 2012 to 2022, the average annual growth rate of value in India amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Sri Lanka (X% per year) and Pakistan (X% per year).

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, jumping by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2015 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 Sri Lanka ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Afghanistan (X%), while the other leaders experienced more modest paces of growth.

Spice Imports

Imports in Southern Asia

In 2022, after five years of growth, there was significant decline in supplies from abroad of spices, when their volume decreased by X% to X tons. Overall, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, spice imports declined to $X in 2022. Over the period under review, imports, however, showed a strong increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Bangladesh (X tons) and India (X tons) represented the main importers of spices in Southern Asia, together amounting to near X% of total imports. Pakistan (X tons) took the next position in the ranking, distantly followed by Sri Lanka (X tons) and Nepal (X tons). All these countries together took approx. X% share of total imports.

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

In value terms, the largest spice importing markets in Southern Asia were India ($X), Bangladesh ($X) and Pakistan ($X), with a combined X% share of total imports.

Among the main importing countries, Bangladesh, 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

In 2022, the import price in Southern Asia amounted to $X per ton, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

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 India ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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