Vietnam: Spice Market 2024

Spice Market Size in Vietnam

In 2022, the Vietnamese spice market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Spice Production in Vietnam

In value terms, spice production contracted modestly to $X in 2022 estimated in export price. In general, the total production indicated tangible growth from 2012 to 2022: its value 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, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

In 2022, the average spice yield in Vietnam contracted slightly to X tons per ha, declining by X% against the year before. In general, the yield, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, the yield reached the peak level of X tons per ha. From 2017 to 2022, the growth of the average spice yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of spices were harvested in Vietnam; declining by X% compared with 2021. In general, the total harvested area indicated a prominent increase from 2012 to 2022: its figure 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 harvested area increased by X% against 2012 indices. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to spice production attained the peak figure at X ha in 2021, and then shrank in the following year.

Spice Exports

Exports from Vietnam

After six years of growth, shipments abroad of spices decreased by X% to X tons in 2022. Overall, exports, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2019 when exports increased by X%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then dropped slightly in the following year.

In value terms, spice exports fell to $X in 2022. Over the period under review, total exports indicated a moderate expansion from 2012 to 2022: its value 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, exports increased by X% against 2018 indices. The pace of growth was the most pronounced in 2014 with an increase of X%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for spice exports from Vietnam, accounting for a X% share of total exports. Moreover, spice exports to the United Arab Emirates exceeded the volume sent to the second major destination, India (X tons), sevenfold. Myanmar (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Myanmar (X% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for spices exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by India ($X), with an X% share of total exports. It was followed by the United States, with a X% share.

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

Export Prices by Country

In 2022, the average spice export price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to Myanmar ($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 India (X%), while the prices for the other major destinations experienced a decline.

Spice Imports

Imports into Vietnam

In 2022, approx. X tons of spices were imported into Vietnam; declining by X% on the previous year. Over the period under review, imports continue to indicate a mild descent. The pace of growth was the most pronounced in 2015 when imports increased by X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, spice imports expanded sharply to $X in 2022. In general, total imports indicated a mild expansion from 2012 to 2022: its value 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, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2015 when imports increased by X%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), the United Arab Emirates (X tons) and Myanmar (X tons) were the main suppliers of spice imports to Vietnam, together comprising X% of total imports. India, Indonesia, Italy, Nigeria and Brazil lagged somewhat behind, together accounting for a further X%.

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

In value terms, China ($X), the United Arab Emirates ($X) and Myanmar ($X) were the largest spice suppliers to Vietnam, together accounting for X% of total imports. India, Indonesia, Nigeria, Italy and Brazil lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Italy, with a CAGR of X%, 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 spice import price amounted to $X per ton, rising by X% against the previous year. Over the period under review, import price indicated tangible 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 import price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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