Asia: Spice Market 2024

Spice Market Size in Asia

For the third consecutive year, the Asian spice market recorded growth in sales value, which increased by X% to $X in 2023. The total consumption 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, consumption increased by X% against 2012 indices. Over the period under review, the market hit record highs in 2023 and is likely to see gradual growth in the immediate term.

Spice Production in Asia

In value terms, spice production amounted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X%. The level of production peaked in 2023 and is likely to see steady 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. Bangladesh (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2023, the average annual growth rate of volume in India stood at X%. The remaining producing countries recorded the following average annual rates of production growth: China (X% per year) and Bangladesh (X% per year).

In 2023, the average spice yield in Asia stood at X tons per ha, remaining relatively unchanged against the previous year's figure. 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 somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the yield increased by X% against the previous year. As a result, the yield attained 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 total area harvested in terms of spices production in Asia fell to X ha, stabilizing at the previous year's figure. The harvested area increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of X%. The level of harvested area peaked at X ha in 2020; however, from 2021 to 2023, the harvested area stood at a somewhat lower figure.

Spice Exports

Exports in Asia

In 2023, the amount of spices exported in Asia amounted to X tons, growing by X% on the previous year's figure. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern 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% against the previous year. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, spice exports totaled $X in 2023. The total export value 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 pace of growth was the most pronounced in 2021 when exports increased by X%. The level of export peaked in 2023 and is likely to see steady growth in years to come.

Exports by Country

India represented the largest exporter of spices in Asia, with the volume of exports reaching X tons, which was approx. X% of total exports in 2023. China (X tons) ranks second in terms of the total exports with a X% share, followed by Vietnam (X%) and Indonesia (X%). The following exporters - Turkey (X tons), Thailand (X tons) and Iran (X tons) - together made up X% of total exports.

From 2012 to 2023, average annual rates of growth with regard to spice exports from India stood at X%. At the same time, Vietnam (X%), Turkey (X%), Iran (X%) and Thailand (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. China and Indonesia experienced a relatively flat trend pattern. From 2012 to 2023, the share of Vietnam increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest spice supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2023, the average annual growth rate of value in India amounted to X%. In the other countries, the average annual rates were as follows: Vietnam (X% per year) and China (X% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2023, dropping by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2016; however, from 2017 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: 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

Spice imports reached X tons in 2023, picking up by X% against the year before. Total imports indicated notable growth from 2012 to 2023: its volume 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, imports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2019 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 remained at a lower figure.

In value terms, spice imports expanded notably to $X in 2023. Total imports 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, 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 stood at a somewhat lower figure.

Imports by Country

In 2023, India (X tons), followed by China (X tons), Malaysia (X tons), Pakistan (X tons), Bangladesh (X tons), Indonesia (X tons), Japan (X tons) and the United Arab Emirates (X tons) represented the largest importers of spices, together committing X% of total imports. Sri Lanka (X tons), Thailand (X tons), Turkey (X tons), Vietnam (X tons) and Singapore (X tons) held a relatively small share of total imports.

From 2012 to 2023, the biggest increases were recorded for China (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constitutes the largest market for imported spices in Asia, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by Japan, with an X% share.

From 2012 to 2023, the average annual growth rate of value in India stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: China (X% per year) and Japan (X% per year).

Import Prices by Country

In 2023, the import price in Asia amounted to $X per ton, increasing by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2014 an increase of X%. The level of import peaked in 2023 and is likely to see steady growth in the near future.

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 Singapore ($X per ton), while Pakistan ($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