Thailand: Market for Nutmeg, Mace And Cardamoms 2025

Market Size for Nutmeg, Mace And Cardamoms in Thailand

The Thai nutmeg, mace and cardamom market surged to $X in 2022, increasing by 16% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -10.3% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Nutmeg, Mace And Cardamoms

Exports from Thailand

In 2022, the amount of nutmeg, mace and cardamoms exported from Thailand fell rapidly to X tons, shrinking by -77.8% against 2021 figures. Over the period under review, exports, however, continue to indicate noticeable growth. The pace of growth appeared the most rapid in 2021 with an increase of 2,031% against the previous year. As a result, the exports reached the peak of X tons, and then declined remarkably in the following year.

In value terms, nutmeg, mace and cardamom exports contracted remarkably to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 1,258%. As a result, the exports reached the peak of $X, and then fell notably in the following year.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for nutmeg, mace and cardamom exports from Thailand, with a 78% share of total exports. Moreover, nutmeg, mace and cardamom exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Japan (X tons), eightfold. Malaysia (X tons) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Taiwan (Chinese) amounted to +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+83.4% per year) and Malaysia (+99.5% per year).

In value terms, Taiwan (Chinese) ($X) emerged as the key foreign market for nutmeg, mace and cardamoms exports from Thailand, comprising 58% of total exports. The second position in the ranking was taken by Japan ($X), with a 21% share of total exports. It was followed by Malaysia, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Taiwan (Chinese) amounted to +26.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+94.3% per year) and Malaysia (+141.9% per year).

Export Prices by Country

In 2022, the average nutmeg, mace and cardamom export price amounted to $X per ton, with an increase of 76% against the previous year. Over the period under review, the export price, however, recorded a pronounced slump. The growth pace was the most rapid in 2017 when the average export price increased by 196%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nutmeg, Mace And Cardamoms

Imports into Thailand

After two years of growth, supplies from abroad of nutmeg, mace and cardamoms decreased by -16.2% to X tons in 2022. Overall, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +59.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 52%. As a result, imports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, nutmeg, mace and cardamom imports reduced dramatically to $X in 2022. In general, imports, however, recorded a noticeable increase. The pace of growth appeared the most rapid in 2020 when imports increased by 47%. Imports peaked at $X in 2021, and then contracted dramatically in the following year.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest nutmeg, mace and cardamom supplier to Thailand, with a 79% share of total imports. Moreover, nutmeg, mace and cardamom imports from Indonesia exceeded the figures recorded by the second-largest supplier, Lao People's Democratic Republic (X tons), tenfold. The third position in this ranking was held by India (X tons), with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Lao People's Democratic Republic (+1.6% per year) and India (+22.4% per year).

In value terms, Indonesia ($X) constituted the largest supplier of nutmeg, mace and cardamoms to Thailand, comprising 80% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 9.8% share of total imports. It was followed by India, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia amounted to +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+2.0% per year) and India (+9.7% per year).

Import Prices by Country

In 2022, the average nutmeg, mace and cardamom import price amounted to $X per ton, waning by -10.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 68%. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+14.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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