U.S.: Clove Market 2024

Clove Market Size in the U.S.

The U.S. clove market skyrocketed to $X in 2022, jumping by 33% 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). The market value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Clove Exports

Exports from the U.S.

In 2022, overseas shipments of cloves increased by 65% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, continue to indicate a slight contraction. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, clove exports surged to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for clove exports from the United States, accounting for a 79% share of total exports. Moreover, clove exports to Canada exceeded the volume sent to the second major destination, France (X tons), more than tenfold. The Philippines (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada totaled -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+146.8% per year) and the Philippines (0.0% per year).

In value terms, Canada ($X) remains the key foreign market for cloves exports from the United States, comprising 77% of total exports. The second position in the ranking was held by the Philippines ($X), with a 7% share of total exports. It was followed by France, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value to Canada amounted to -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (0.0% per year) and France (+146.6% per year).

Export Prices by Country

In 2022, the average clove export price amounted to $X per ton, with a decrease of -4.3% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 12% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to France ($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 Canada (+0.4%), while the prices for the other major destinations experienced a decline.

Clove Imports

Imports into the U.S.

Clove imports into the United States skyrocketed to X tons in 2022, jumping by 26% compared with the year before. Overall, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.6% 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 +62.3% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, clove imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +44.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia (X tons), Madagascar (X tons) and India (X tons) were the main suppliers of clove imports to the United States, together accounting for 72% of total imports. Sri Lanka, Comoros, Brazil, China, Spain, Singapore, Germany and Nigeria lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Nigeria (with a CAGR of +307.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Madagascar ($X) and India ($X) appeared to be the largest clove suppliers to the United States, with a combined 66% share of total imports. Sri Lanka, Spain, China, Comoros, Brazil, Singapore, Germany and Nigeria lagged somewhat behind, together accounting for a further 29%.

In terms of the main suppliers, Nigeria, with a CAGR of +558.8%, 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 average clove import price amounted to $X per ton, picking up by 14% against the previous year. Over the period under review, the import price, however, saw a perceptible shrinkage. The pace of growth was the most pronounced in 2021 when the average import price increased by 15%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+61.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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