Venezuela: Spice Market 2024

Spice Market Size in Venezuela

In 2022, the Venezuelan spice market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption, however, showed a abrupt downturn. Spice consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Spice Production in Venezuela

In value terms, spice production shrank slightly to $X in 2022 estimated in export price. In general, production recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2013 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

The average yield of spices in Venezuela was estimated at less than X kg per ha in 2022, therefore, remained relatively stable against the year before. In general, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The spice harvested area in Venezuela amounted to less than X ha in 2022, approximately equating 2021 figures. Over the period under review, the harvested area recorded a relatively flat trend pattern.

Spice Exports

Exports from Venezuela

In 2022, the amount of spices exported from Venezuela soared to X tons, rising by X% against the year before. Overall, exports saw modest growth. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, spice exports soared to $X in 2022. Over the period under review, exports, however, showed a pronounced reduction. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Rwanda (X tons) and South Africa (X tons) were the main destinations of spice exports from Venezuela, with a combined X% share of total exports.

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

In value terms, the United States ($X) emerged as the key foreign market for spices exports from Venezuela, comprising X% of total exports. The second position in the ranking was held by South Africa ($X), with a X% share of total exports. It was followed by Sudan, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (X% per year) and Sudan (X% per year).

Export Prices by Country

The average spice export price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 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 Sudan ($X per ton), while the average price for exports to Rwanda ($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 the UK (X%), while the prices for the other major destinations experienced mixed trend patterns.

Spice Imports

Imports into Venezuela

In 2022, supplies from abroad of spices increased by X% to X tons, rising for the fourth year in a row after two years of decline. Over the period under review, imports, however, showed a deep slump. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, spice imports fell to $X in 2022. In general, imports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) constituted the largest spice supplier to Venezuela, accounting for a X% share of total imports. Moreover, spice imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Vietnam (X tons) ranked third in terms of total imports with a X% share.

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

In value terms, the largest spice suppliers to Venezuela were India ($X), Vietnam ($X) and Indonesia ($X), together accounting for X% of total imports. China, Germany, the United States, Lebanon, Brazil, Turkey, Spain, Mexico, the United Arab Emirates and Argentina lagged somewhat behind, together accounting for a further X%.

Lebanon, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average spice import price amounted to $X per ton, declining by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton, and then fell in the following year.

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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