Spices; Saffron Price in the United States - 2023
Contents:
- Spices; Saffron Price in the United States (CIF) - 2022
- Spices; Saffron Price in the United States (FOB) - 2022
- Spices; Saffron Imports in the United States
- Spices; Saffron Exports in the United States
Spices; Saffron Price in the United States (CIF) - 2022
In 2022, the average spices; saffron import price amounted to $185,076 per ton, growing by 29% against the previous year. Overall, the import price, however, showed a deep slump. The import price peaked at $567,291 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Afghanistan ($631,376 per ton), while the price for Spain amounted to $175,528 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Afghanistan (-8.3%).
Spices; Saffron Price in the United States (FOB) - 2022
The average spices; saffron export price stood at $30,830 per ton in 2022, remaining stable against the previous year. In general, the export price, however, posted a prominent increase. The pace of growth was the most pronounced in 2018 when the average export price increased by 166% against the previous year. As a result, the export price reached the peak level of $31,478 per ton. From 2019 to 2022, the average export prices remained at a lower figure.
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 Canada ($44,360 per ton), while the average price for exports to Costa Rica ($13,951 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 Canada (+19.3%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Saffron Imports in the United States
After three years of growth, supplies from abroad of spices; saffra decreased by -10% to 104 tons in 2022. Over the period under review, total imports indicated a remarkable increase from 2019 to 2022: its volume increased at an average annual rate of +10.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +35.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 48%. As a result, imports attained the peak of 115 tons, and then dropped in the following year.
In value terms, spices; saffron imports soared to $19M in 2022. The total import value increased at an average annual rate of +6.7% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Spices; Saffron in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Spain | 14.6 | 12.9 | 14.9 | 17.0 | 5.2% |
| Afghanistan | 0.5 | 0.7 | 0.9 | 1.4 | 40.9% |
| Others | 0.7 | 0.8 | 0.6 | 0.8 | 4.6% |
| Total | 15.8 | 14.4 | 16.4 | 19.2 | 6.7% |
Top Suppliers of Spices; Saffron to the United States in 2022:
- Spain (96.7 tons)
- Afghanistan (2.2 tons)
Spices; Saffron Exports in the United States
In 2022, the amount of spices; saffra exported from the United States soared to 36 tons, increasing by 29% against 2021. Overall, total exports indicated a significant increase from 2019 to 2022: its volume increased at an average annual rate of +20.1% 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 increased by +73.1% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 46% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.
In value terms, spices; saffron exports soared to $1.1M in 2022. Over the period under review, total exports indicated a significant expansion from 2019 to 2022: its value increased at an average annual rate of +24.2% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +91.7% against 2019 indices. The growth pace was the most rapid in 2020 when exports increased by 49% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the near future.
| Export of Spices; Saffron in the United States (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Canada | 367 | 578 | 497 | 571 | 15.9% |
| Taiwan (Chinese) | 18.5 | N/A | N/A | 130 | 91.5% |
| Spain | N/A | 35.7 | 64.7 | 113 | 77.9% |
| Paraguay | N/A | N/A | N/A | 111 | 0% |
| Australia | 74.2 | 151 | 134 | 62.8 | -5.4% |
| Hong Kong SAR | N/A | N/A | 8.3 | 60.0 | 622.9% |
| Costa Rica | N/A | N/A | 17.2 | 18.7 | 8.7% |
| Nigeria | N/A | N/A | 103 | N/A | 0% |
| Panama | N/A | 29.3 | N/A | N/A | 0% |
| Singapore | N/A | 46.7 | N/A | N/A | 0% |
| Others | 116 | 15.6 | 39.3 | 37.5 | -31.4% |
| Total | 576 | 856 | 864 | 1,104 | 24.2% |
Top Export Markets for Spices; Saffron from the United States in 2022:
- Canada (12.9 tons)
- Taiwan (Chinese) (5.1 tons)
- Spain (4.4 tons)
- Paraguay (4.4 tons)
- Hong Kong SAR (2.4 tons)
- Australia (2.2 tons)
- Costa Rica (1.3 tons)
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