Export of pepper and spices is forecasted to reach 2 billion USD by 2025
26 April 2023, VN: Further analyzing this prediction, President of the Vietnam Pepper Association (VPA) Ms. Hoang Thi Lien stated that the current export revenue of pepper and spices has reached 1.4 billion USD. Although this figure may be slightly ambitious under current conditions, the growth rate of this industry is quite good when the market returned to pre-COVID conditions. Pepper exports has previously reached 1.1 billion USD. When demand is high and supply is limited, there will be pressure on prices, and the expected figure of 2 billion USD is feasible. In addition, the production process of products is increasingly standardized, and organic production is increasing, so the price will be better.
Mr. Le Viet Anh, Head of Office of Vietnam Pepper Association, believes that the pepper season in Vietnam in 2023 is relatively optimistic, with an estimated harvest output of 200,000 tons, up 9.3% compared to last year. Meanwhile, according to the International Pepper Community (IPC), the harvests from other producing countries such as Brazil, Indonesia, and India are all expected to decrease compared to 2022.
The total global pepper production in 2023 is estimated to reach 526 thousand tons compared to 537.6 thousand tons in 2022. Vietnamese cinnamon production in 2023 is forecasted to increase compared to 2022 and reach around 45,000 tons.
The pepper and spice industry contributed to a total of over 1.4 billion USD in export revenue in 2022. In the pepper and spice industry, pepper accounted for 69.4%; cinnamon 20.6%; Star Anise 5.1%; nutmeg and mace 2.3%; ginger and turmeric 1.6%; and chili peppers 0.8%…
According to the report of the Vietnam Pepper Association, in Q1/2023, Vietnam exported 76,727 tons of pepper, with export revenue reaching 235.9 million USD, up 40.5% in quantity but down 7.3% in value compared to the same period last year. In addition, cinnamon exports reached 18,685 tons with 54.8 million USD, up 45.8% in quantity and 13.8% in value. Star Anise exports reached 3,369 tons worthing 21.6 million USD, up 261.9% in quantity…
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