Vietnam: Market for Nutmeg, Mace And Cardamoms 2024

Market Size for Nutmeg, Mace And Cardamoms in Vietnam

The Vietnamese nutmeg, mace and cardamom market soared to $X in 2022, rising by 330% against the previous year. Over the period under review, consumption, however, saw a abrupt slump. Nutmeg, mace and cardamom consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Nutmeg, Mace And Cardamoms in Vietnam

In value terms, nutmeg, mace and cardamom production shrank modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2019 when the production volume increased by 11% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

In 2022, the average yield of nutmeg, mace and cardamoms in Vietnam amounted to less than X kg per ha, stabilizing at 2021. In general, the yield continues to indicate 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.

In 2022, approx. less than X ha of nutmeg, mace and cardamoms were harvested in Vietnam; therefore, remained relatively stable against 2021 figures. Over the period under review, the harvested area showed a relatively flat trend pattern.

Exports of Nutmeg, Mace And Cardamoms

Exports from Vietnam

Nutmeg, mace and cardamom exports from Vietnam fell markedly to X tons in 2022, reducing by -23.6% compared with 2021 figures. In general, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 85%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined notably in the following year.

In value terms, nutmeg, mace and cardamom exports reduced markedly to $X in 2022. Overall, exports, however, continue to indicate a strong increase. The growth pace was the most rapid in 2021 with an increase of 45%. As a result, the exports reached the peak of $X, and then fell notably in the following year.

Exports by Country

China (X tons) was the main destination for nutmeg, mace and cardamom exports from Vietnam, accounting for a 47% share of total exports. Moreover, nutmeg, mace and cardamom exports to China exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +106.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+11.9% per year) and the United States (+30.2% per year).

In value terms, the Netherlands ($X), China ($X) and the United States ($X) were the largest markets for nutmeg, mace and cardamom exported from Vietnam worldwide, with a combined 51% share of total exports.

Among the main countries of destination, China, with a CAGR of +58.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average nutmeg, mace and cardamom export price stood at $X per ton in 2022, with an increase of 10% against the previous year. In general, the export price, however, showed a abrupt setback. The growth pace was the most rapid in 2019 when the average export price increased by 22% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to China ($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 Indonesia (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nutmeg, Mace And Cardamoms

Imports into Vietnam

Nutmeg, mace and cardamom imports into Vietnam contracted to X tons in 2022, which is down by -13.9% on 2021 figures. In general, imports showed a pronounced contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 79% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, nutmeg, mace and cardamom imports dropped to $X in 2022. Overall, imports saw a noticeable contraction. The most prominent rate of growth was recorded in 2017 with an increase of 66% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Myanmar (X tons) was the main nutmeg, mace and cardamom supplier to Vietnam, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Myanmar was relatively modest.

In value terms, Myanmar ($X) constituted the largest supplier of nutmeg, mace and cardamoms to Vietnam.

From 2012 to 2022, the average annual rate of growth in terms of value from Myanmar was relatively modest.

Import Prices by Country

The average nutmeg, mace and cardamom import price stood at $X per ton in 2022, standing approx. at the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 59%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Myanmar.

From 2012 to 2022, the rate of growth in terms of prices for Indonesia amounted to -0.7% per year.

Source: IndexBox Platform

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