U.S.: Spice And Extract Market 2024

Spice And Extract Market Size in the U.S.

In 2022, the U.S. spice and extract market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. The market value increased at an average annual rate of X% over the period from 2013 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the market value increased by X%. Over the period under review, the market attained the maximum level at $X in 2021, and then declined in the following year.

Spice And Extract Production in the U.S.

In value terms, spice and extract production reduced to $X in 2022. The total output value increased at an average annual rate of X% from 2013 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Spice and extract production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Spice And Extract Exports

Exports from the U.S.

In 2022, overseas shipments of spice and extract decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of X% over the period from 2013 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The exports peaked at X tons in 2021, and then reduced modestly in the following year.

In value terms, spice and extract exports expanded significantly to $X in 2022. The total export value increased at an average annual rate of X% from 2013 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

Canada (X tons) was the main destination for spice and extract exports from the United States, with a X% share of total exports. Moreover, spice and extract exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), threefold. Saudi Arabia (X tons) ranked third in terms of total exports with a X% share.

From 2013 to 2022, the average annual rate of growth in terms of volume to Canada amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and Saudi Arabia (X% per year).

In value terms, Canada ($X) remains the key foreign market for spice and extract exports from the United States, comprising X% of total exports. The second position in the ranking was held by Mexico ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

From 2013 to 2022, the average annual rate of growth in terms of value to Canada amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and the UK (X% per year).

Export Prices by Country

In 2022, the average spice and extract export price amounted to $X per ton, surging by X% against the previous year. Over the period from 2013 to 2022, it increased at an average annual rate of X%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice And Extract Imports

Imports into the U.S.

In 2022, after three years of growth, there was decline in supplies from abroad of spice and extract, when their volume decreased by X% to X tons. The total import volume increased at an average annual rate of X% over the period from 2013 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2021, and then shrank slightly in the following year.

In value terms, spice and extract imports reached $X in 2022. The total import value increased at an average annual rate of X% from 2013 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 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

China (X tons), Mexico (X tons) and India (X tons) were the main suppliers of spice and extract imports to the United States, together comprising X% of total imports. Vietnam, Peru, Spain, Brazil, Indonesia, Canada, Thailand and Turkey lagged somewhat behind, together accounting for a further X%.

From 2013 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest spice and extract suppliers to the United States were Vietnam ($X), India ($X) and Mexico ($X), together accounting for X% of total imports. China, Spain, Peru, Indonesia, Canada, Brazil, Thailand and Turkey lagged somewhat behind, together comprising a further X%.

Spain, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average spice and extract import price stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs 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 Indonesia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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