Costa Rica: Spice Market 2024

Spice Market Size in Costa Rica

In 2022, the Costa Rican spice market increased by X% to $X, rising for the second year in a row after three years of decline. Overall, consumption enjoyed prominent growth. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in years to come.

Spice Production in Costa Rica

In value terms, spice production dropped modestly to $X in 2022 estimated in export price. In general, production, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Spice production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

In 2022, the average yield of spices in Costa Rica reduced modestly to X tons per ha, shrinking by X% compared with 2021. Over the period under review, the yield, however, posted a slight increase. The pace of growth was the most pronounced in 2020 when the yield increased by X% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2021 to 2022, the growth of the average spice yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The spice harvested area in Costa Rica reduced slightly to X ha in 2022, waning by X% compared with 2021 figures. Overall, the harvested area, however, enjoyed a tangible increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. The spice harvested area peaked at X ha in 2018; however, from 2019 to 2022, the harvested area remained at a lower figure.

Spice Exports

Exports from Costa Rica

In 2022, shipments abroad of spices decreased by X% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, spice exports shrank remarkably to $X in 2022. Overall, exports showed a slight slump. The pace of growth was the most pronounced in 2017 when exports increased by X%. The exports peaked at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

The United States (X tons) was the main destination for spice exports from Costa Rica, accounting for a X% share of total exports. Moreover, spice exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X tons), tenfold. The third position in this ranking was taken by France (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and France (X% per year).

In value terms, the United States ($X) remains the key foreign market for spices exports from Costa Rica, comprising X% of total exports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total exports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and France (X% per year).

Export Prices by Country

The average spice export price stood at $X per ton in 2022, declining by X% against the previous year. Over the period under review, the export price continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then plummeted in the following year.

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 Germany ($X per ton), while the average price for exports to Saudi Arabia ($X 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 France (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice Imports

Imports into Costa Rica

In 2022, overseas purchases of spices decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports saw a pronounced slump. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, spice imports dropped to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), Honduras (X tons) and India (X tons) were the main suppliers of spice imports to Costa Rica, together accounting for X% of total imports. Spain, China, Vietnam, Romania, Guatemala and Indonesia lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of spices to Costa Rica, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports. It was followed by Spain, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Spain (X% per year).

Import Prices by Country

The average spice import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the United States ($X per ton), while the price for Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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