Spices; Saffron Price in India - 2023
Contents:
- Spices; Saffron Price in India (CIF) - 2022
- Spices; Saffron Price in India (FOB) - 2022
- Spices; Saffron Imports in India
- Spices; Saffron Exports in India
Spices; Saffron Price in India (CIF) - 2022
In 2022, the average spices; saffron import price amounted to $295,108 per ton, declining by -40.8% against the previous year. In general, the import price recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2015 an increase of 21%. As a result, import price reached the peak level of $1,721 per kg. From 2016 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 Iran ($652,970 per ton), while the price for Nigeria ($2,332 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 (-3.5%), while the prices for the other major suppliers experienced a decline.
Spices; Saffron Price in India (FOB) - 2022
The average spices; saffron export price stood at $42,823 per ton in 2022, increasing by 7.7% against the previous year. Over the period under review, the export price, however, recorded a abrupt setback. The pace of growth appeared the most rapid in 2019 when the average export price increased by 124% against the previous year. Over the period under review, the average export prices attained the maximum at $169,378 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($140,406 per ton), while the average price for exports to Angola ($413 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 Panama (+51.3%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Saffron Imports in India
Spices; saffron imports into India skyrocketed to 63 tons in 2022, growing by 44% compared with the previous year. In general, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 61%. Imports peaked in 2022 and are likely to see gradual growth in years to come.
In value terms, spices; saffron imports dropped to $19M in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 25% against the previous year. As a result, imports reached the peak of $23M. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
Import of Spices; Saffron in India (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Afghanistan | 18.0 | 22.0 | 19.6 | 12.5 | -11.4% |
Iran | N/A | 0.1 | 0.7 | 5.2 | 621.1% |
United Arab Emirates | N/A | 0.1 | 0.1 | 0.3 | 73.2% |
Nigeria | N/A | N/A | N/A | 0.1 | 0% |
Others | 0.3 | 0.8 | 1.3 | 0.5 | 18.6% |
Total | 18.4 | 23.0 | 21.7 | 18.5 | 0.2% |
Top Suppliers of Spices; Saffron to India in 2022:
- Afghanistan (30.2 tons)
- Nigeria (22.7 tons)
- Iran (7.9 tons)
- United Arab Emirates (1.0 tons)
Spices; Saffron Exports in India
In 2022, approx. 26 tons of spices; saffra were exported from India; increasing by 5.4% compared with the previous year's figure. Overall, exports recorded prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 119% against the previous year. As a result, the exports attained the peak of 36 tons. From 2021 to 2022, the growth of the exports failed to regain momentum.
In value terms, spices; saffron exports amounted to $1.1M in 2022. Over the period under review, total exports indicated a moderate increase from 2019 to 2022: its value increased at an average annual rate of +3.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -33.0% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 66% against the previous year. As a result, the exports attained the peak of $1.7M. From 2021 to 2022, the growth of the exports remained at a lower figure.
Export of Spices; Saffron in India (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United Arab Emirates | 35.1 | 108 | 72.1 | 241 | 90.1% |
United States | 112 | 249 | 138 | 196 | 20.5% |
Vietnam | 126 | 128 | 120 | 137 | 2.8% |
Australia | 86.5 | 215 | 129 | 115 | 10.0% |
Nepal | 40.6 | 116 | 71.2 | 45.2 | 3.6% |
Bhutan | 1.1 | 9.9 | 12.8 | 44.8 | 244.1% |
Saudi Arabia | 141 | 93.3 | 9.9 | 44.4 | -32.0% |
Bangladesh | 0.8 | 0.9 | 0.3 | 29.5 | 232.8% |
New Zealand | 11.8 | 63.0 | 60.9 | 28.2 | 33.7% |
Canada | 52.2 | 104 | 56.5 | 12.5 | -37.9% |
Hong Kong SAR | 1.5 | 5.7 | 4.3 | 5.3 | 52.3% |
Panama | N/A | N/A | 3.7 | 3.7 | 0.0% |
Angola | N/A | N/A | 4.7 | 0.2 | -95.7% |
Others | 388 | 556 | 290 | 202 | -19.6% |
Total | 997 | 1,650 | 974 | 1,105 | 3.5% |
Top Export Markets for Spices; Saffron from India in 2022:
- Nepal (8.5 tons)
- United States (2.7 tons)
- United Arab Emirates (2.5 tons)
- Bangladesh (2.0 tons)
- Panama (1.3 tons)
- Australia (1.1 tons)
- New Zealand (1.1 tons)
- Vietnam (1.0 tons)
- Bhutan (0.7 tons)
- Canada (0.6 tons)
- Saudi Arabia (0.6 tons)
- Angola (0.6 tons)
- Hong Kong SAR (0.5 tons)
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