Uruguay: Spice Market 2024

Spice Market Size in Uruguay

In 2022, the Uruguayan spice market increased by X% to $X, rising for the second consecutive year after four years of decline. The market value 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 in certain years. Spice consumption peaked in 2022 and is likely to see steady growth in the near future.

Spice Exports

Exports from Uruguay

Spice exports from Uruguay shrank significantly to X tons in 2022, waning by X% against the previous year's figure. Over the period under review, exports, however, enjoyed pronounced growth. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, spice exports dropped remarkably to $X in 2022. In general, exports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons), the UK (X kg) and the United States (X kg) were the main destinations of spice exports from Uruguay, together accounting for X% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) emerged as the key foreign market for spices exports from Uruguay, comprising X% of total exports. The second position in the ranking was taken by Paraguay ($X), with a X% share of total exports. It was followed by the UK, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Paraguay (X% per year) and the UK (X% per year).

Export Prices by Country

In 2022, the average spice export price amounted to $X per ton, rising by X% against the previous year. Overall, export price indicated notable growth from 2012 to 2022: its price 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, spice export price increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2017 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Paraguay ($X per ton), while the average price for exports to the UK ($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 Argentina (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Uruguay

In 2022, after two years of growth, there was decline in supplies from abroad of spices, when their volume decreased by X% to X tons. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of X%. Imports peaked at X tons in 2021, and then shrank in the following year.

In value terms, spice imports expanded remarkably to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of spice to Uruguay, accounting for a X% share of total imports. Moreover, spice imports from Brazil exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by Argentina (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Argentina (X% per year).

In value terms, the largest spice suppliers to Uruguay were Brazil ($X), Indonesia ($X) and China ($X), with a combined X% share of total imports. India, Argentina, Egypt, Chile and Peru lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, India, with a CAGR of X%, recorded 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

The average spice import price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price, however, saw a slight reduction. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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