Nutmeg, Mace And Cardamom Market

The global market for nutmeg, mace, and cardamoms is projected to see an increase in consumption and production over the next eight years. Consumption in 2022 reached 160K tons, with an anticipated CAGR of +2.8% by 2030. India, China, and the United Arab Emirates are the top consumers. Production in 2022 was 181K tons, reflecting a positive trend. Guatemala and Indonesia are the leading exporters, with a total share of 61% of global exports. Prices have fluctuated over the years, with the average export price standing at $8,301 per ton in 2022. Overall, the global market is expected to see continued growth in the coming years.

Market Forecast

Driven by increasing demand for nutmeg, mace and cardamoms worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 200K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market value to $2.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Nutmeg, Mace And Cardamoms

For the third year in a row, the global market recorded growth in consumption of nutmeg, mace and cardamoms, which increased by 0.4% to 160K tons in 2022. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +104.1% against 2012 indices. Global consumption peaked in 2022 and is expected to retain growth in years to come.

The global nutmeg, mace and cardamom market value dropped modestly to $1.7B in 2022, shrinking by -2.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a strong expansion. As a result, consumption reached the peak level of $1.8B. From 2021 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (40K tons), China (26K tons) and the United Arab Emirates (15K tons), together accounting for 50% of global consumption.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +67.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($469M) led the market, alone. The second position in the ranking was taken by Saudi Arabia ($211M). It was followed by China.

In India, the nutmeg, mace and cardamom market expanded at an average annual rate of +14.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (+4.4% per year) and China (+52.4% per year).

In 2022, the highest levels of nutmeg, mace and cardamom per capita consumption was registered in the United Arab Emirates (1,530 kg per 1000 persons), followed by Saudi Arabia (280 kg per 1000 persons), Jordan (273 kg per 1000 persons) and Sri Lanka (135 kg per 1000 persons), while the world average per capita consumption of nutmeg, mace and cardamom was estimated at 0.3 kg per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the nutmeg, mace and cardamom per capita consumption in the United Arab Emirates stood at +7.0%. In the other countries, the average annual rates were as follows: Saudi Arabia (-2.5% per year) and Jordan (+11.3% per year).

Production

World Production of Nutmeg, Mace And Cardamoms

Global nutmeg, mace and cardamom production expanded notably to 181K tons in 2022, picking up by 10% on the year before. Overall, the total production indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +76.9% against 2012 indices. The most prominent rate of growth was recorded in 2020 with an increase of 21%. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in years to come. The general positive trend in terms output was largely conditioned by a buoyant expansion of the harvested area and modest growth in yield figures.

In value terms, nutmeg, mace and cardamom production totaled $1.7B in 2022 estimated in export price. In general, production saw a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 26% against the previous year. Over the period under review, global production hit record highs in 2022 and is likely to see steady growth in the near future.

Production By Country

The countries with the highest volumes of production in 2022 were Guatemala (53K tons), India (44K tons) and Indonesia (41K tons), with a combined 76% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by India (with a CAGR of +9.2%), while production for the other global leaders experienced more modest paces of growth.

Yield

In 2022, the global average yield of nutmeg, mace and cardamoms amounted to 385 kg per ha, picking up by 10% compared with the year before. The yield figure increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the yield increased by 19%. Over the period under review, the average nutmeg, mace and cardamom yield attained the maximum level in 2022 and is likely to continue growth in the near future.

Harvested Area

In 2022, the global nutmeg, mace and cardamom harvested area totaled 470K ha, therefore, remained relatively stable against the previous year. The harvested area increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 9.6% against the previous year. The global harvested area peaked at 471K ha in 2020; however, from 2021 to 2022, the harvested area remained at a lower figure.

Imports

World Imports of Nutmeg, Mace And Cardamoms

For the fourth year in a row, the global market recorded growth in purchases abroad of nutmeg, mace and cardamoms, which increased by 4.8% to 130K tons in 2022. Overall, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 36% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, nutmeg, mace and cardamom imports dropped to $1.4B in 2022. Over the period under review, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 when imports increased by 52%. As a result, imports attained the peak of $1.6B. From 2021 to 2022, the growth of global imports remained at a somewhat lower figure.

Imports By Country

In 2022, China (25K tons), distantly followed by the United Arab Emirates (16K tons), India (11K tons), Saudi Arabia (11K tons) and Bangladesh (7.9K tons) represented the major importers of nutmeg, mace and cardamoms, together constituting 54% of total imports. The United States (4.5K tons), Pakistan (3.8K tons), the Netherlands (3.6K tons), Jordan (3K tons), Germany (2.9K tons), Egypt (2.7K tons) and Vietnam (2.3K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +100.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($271M), the United Arab Emirates ($145M) and China ($120M) appeared to be the countries with the highest levels of imports in 2022, together comprising 39% of global imports.

In terms of the main importing countries, China, with a CAGR of +70.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average nutmeg, mace and cardamom import price amounted to $10,715 per ton, with a decrease of -12.4% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 26% against the previous year. Global import price peaked at $14,187 per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($25,165 per ton), while China ($4,735 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+8.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Nutmeg, Mace And Cardamoms

Global nutmeg, mace and cardamom exports soared to 150K tons in 2022, rising by 17% against the previous year. In general, total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.3% 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 +80.2% against 2016 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 39%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, nutmeg, mace and cardamom exports dropped markedly to $1.2B in 2022. Over the period under review, exports recorded a strong expansion. The pace of growth was the most pronounced in 2020 with an increase of 59%. As a result, the exports attained the peak of $1.8B. From 2021 to 2022, the growth of the global exports failed to regain momentum.

Exports By Country

In 2022, Guatemala (53K tons) and Indonesia (39K tons) represented the largest exporters of nutmeg, mace and cardamomsaround the world, together achieving 61% of total exports. The United Arab Emirates (16K tons) held the next position in the ranking, followed by India (15K tons) and Nepal (6.9K tons). All these countries together took near 25% share of total exports. The following exporters - the Netherlands (3.3K tons) and Vietnam (2.7K tons) - each finished at a 4% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +40.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Guatemala ($419M), Indonesia ($256M) and India ($183M) appeared to be the countries with the highest levels of exports in 2022, together accounting for 69% of global exports. The United Arab Emirates, the Netherlands, Nepal and Vietnam lagged somewhat behind, together accounting for a further 20%.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +47.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average nutmeg, mace and cardamom export price stood at $8,301 per ton in 2022, shrinking by -28.5% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 32% against the previous year. Over the period under review, the average export prices hit record highs at $13,714 per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($14,058 per ton), while Indonesia ($6,544 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform