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Asia-Pacific - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingAsia-Pacific: Spice Market 2024
Spice Market Size in Asia-Pacific
For the fourth consecutive year, the Asia-Pacific spice market recorded growth in sales value, which increased by X% to $X in 2023. The total consumption indicated prominent growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2018 indices. Over the period under review, the market reached the peak level in 2023 and is expected to retain growth in the near future.
Spice Production in Asia-Pacific
In value terms, spice production stood at $X in 2023 estimated in export price. The total production indicated strong growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2012 indices. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. The level of production peaked in 2023 and is expected to retain growth in years to come.
India (X tons) constituted the country with the largest volume of spice production, comprising approx. X% of total volume. Moreover, spice production in India exceeded the figures recorded by the second-largest producer, China (X tons), sixfold. The third position in this ranking was taken by Bangladesh (X tons), with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume in India amounted to X%. The remaining producing countries recorded the following average annual rates of production growth: China (X% per year) and Bangladesh (X% per year).
The average spice yield amounted to X tons per ha in 2023, remaining stable against the year before. The yield figure increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the yield increased by X%. As a result, the yield reached the peak level of X tons per ha; afterwards, it flattened through to 2023. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In 2023, the harvested area of spices in Asia-Pacific fell slightly to X ha, approximately mirroring 2022 figures. The harvested area increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2020; however, from 2021 to 2023, the harvested area remained at a lower figure.
Spice Exports
Exports in Asia-Pacific
In 2023, spice exports in Asia-Pacific skyrocketed to X tons, with an increase of X% against 2022 figures. Total exports indicated a pronounced increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, the exports reached the peak figure in 2023 and are expected to retain growth in the immediate term.
In value terms, spice exports expanded remarkably to $X in 2023. Total exports indicated a strong expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure in 2023 and are expected to retain growth in years to come.
Exports by Country
India (X tons) and China (X tons) represented the key exporters of spices in 2023, accounting for near X% and X% of total exports, respectively. It was distantly followed by Vietnam (X tons), creating an X% share of total exports. Indonesia (X tons), Thailand (X tons) and Myanmar (X tons) followed a long way behind the leaders.
From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of X%), while the other leaders experienced more modest paces of growth.
In value terms, India ($X), China ($X) and Vietnam ($X) appeared to be the countries with the highest levels of exports in 2023, together comprising X% of total exports. Indonesia, Thailand and Myanmar lagged somewhat behind, together comprising a further X%.
Among the main exporting countries, Thailand, with a CAGR of X%, saw the highest rates of growth with regard to 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 export price in Asia-Pacific stood at $X per ton in 2023, dropping by X% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2023, the export prices failed to regain momentum.
There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Thailand ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by India (X%), while the other leaders experienced more modest paces of growth.
Spice Imports
Imports in Asia-Pacific
Spice imports amounted to X tons in 2023, growing by X% compared with the previous year's figure. Total imports indicated a strong expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.
In value terms, spice imports rose slightly to $X in 2023. Total imports indicated a prominent expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2014 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.
Imports by Country
The purchases of the four major importers of spices, namely China, India, Bangladesh and Malaysia, represented more than half of total import. Pakistan (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (X%), Indonesia (X%) and Japan (X%).
From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.
In value terms, China ($X), India ($X) and Japan ($X) were the countries with the highest levels of imports in 2023, together accounting for X% of total imports.
Among the main importing countries, China, with a CAGR of X%, recorded the highest growth rate of 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
The import price in Asia-Pacific stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2022, and then shrank modestly in the following year.
There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Japan ($X per ton), while Pakistan ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the other leaders experienced more modest paces of growth.
Source: IndexBox Platform
This report provides an in-depth analysis of the spice market in Asia-Pacific. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- FCL 687 - Pepper
- FCL 689 - Pimento
- FCL 692 - Vanilla
- FCL 693 - Cinnamon (canella)
- FCL 698 - Cloves
- FCL 702 - Nutmeg, mace, cardamoms
- FCL 711 - Anise, badian, fennel
- FCL 720 - Ginger
- FCL 723 - Spices nes
Country coverage:
- Afghanistan
- American Samoa
- Australia
- Bangladesh
- Bhutan
- Brunei Darussalam
- Cambodia
- China
- Cook Islands
- Democratic People's Republic of Korea
- Fiji
- French Polynesia
- Guam
- Hong Kong SAR
- India
- Indonesia
- Japan
- Kiribati
- Lao People's Democratic Republic
- Macao SAR
- Malaysia
- Maldives
- Marshall Islands
- Micronesia
- Myanmar
- Nauru
- Nepal
- New Caledonia
- New Zealand
- Niue
- Northern Mariana Islands
- Pakistan
- Palau
- Papua New Guinea
- Philippines
- Samoa
- Singapore
- Solomon Islands
- South Korea
- Sri Lanka
- Taiwan (Chinese)
- Thailand
- Timor-Leste
- Tokelau
- Tonga
- Tuvalu
- Vanuatu
- Vietnam
- Wallis and Futuna Islands
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Production in Asia-Pacific, split by region and country
- Trade (exports and imports) in Asia-Pacific
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
- HARVESTED AREA AND YIELD BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- Afghanistan
- Australia
- Bangladesh
- Bhutan
- Brunei Darussalam
- Cambodia
- China
- Hong Kong SAR
- Macao SAR
- Cook Islands
- Fiji
- French Polynesia
- India
- Indonesia
- Japan
- Kiribati
- Malaysia
- Maldives
- Marshall Islands
- Micronesia
- Myanmar
- Nepal
- New Caledonia
- New Zealand
- Northern Mariana Islands
- Pakistan
- Palau
- Papua New Guinea
- Philippines
- Samoa
- Singapore
- Solomon Islands
- South Korea
- Sri Lanka
- Taiwan (Chinese)
- Thailand
- Timor-Leste
- Tokelau
- Tonga
- Tuvalu
- Vanuatu
- Vietnam
- Wallis and Futuna Islands
- Lao People's Democratic Republic
- American Samoa
- Democratic People's Republic of Korea
- Nauru
- Niue
- Guam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Harvested Area, By Country, 2012-2023
- Yield, By Country, 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Harvested Area, By Country, 2023
- Harvested Area, By Country, 2012-2023
- Yield, By Country, 2012-2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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