Northern America: Spice Market 2024

Spice Market Size in Northern America

The North American spice market rose slightly to $X in 2022, increasing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Spice Production in Northern America

In value terms, spice production expanded modestly to $X in 2022 estimated in export price. Overall, production, however, enjoyed modest growth. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Canada (X tons) constituted the country with the largest volume of spice production, accounting for X% of total volume. Moreover, spice production in Canada exceeded the figures recorded by the second-largest producer, the United States (X tons), more than tenfold.

In Canada, spice production remained relatively stable over the period from 2012-2022.

The average spice yield amounted to X kg per ha in 2022, remaining constant against the year before. In general, the yield recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the yield increased by X%. The level of yield peaked at X tons per ha in 2017; however, from 2018 to 2022, the yield stood 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.

In 2022, approx. X ha of spices were harvested in Northern America; remaining relatively unchanged against the year before. In general, the harvested area, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to spice production reached the peak figure at X ha in 2019; however, from 2020 to 2022, the harvested area failed to regain momentum.

Spice Exports

Exports in Northern America

In 2022, overseas shipments of spices increased by X% to X tons, rising for the third consecutive year after four years of decline. The total export volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, spice exports totaled $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States represented the major exporting country with an export of about X tons, which finished at X% of total exports. It was distantly followed by Canada (X tons), achieving a X% share of total exports.

The United States was also the fastest-growing in terms of the spices exports, with a CAGR of X% from 2012 to 2022. At the same time, Canada (X%) displayed positive paces of growth. While the share of the United States (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Canada (X p.p.) displayed negative dynamics.

In value terms, the United States ($X) remains the largest spice supplier in Northern America, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to X%.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2018 an increase of X% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the United States stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (X%).

Spice Imports

Imports in Northern America

In 2022, after ten years of growth, there was decline in overseas purchases of spices, when their volume decreased by X% to X tons. Total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2012 indices. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then shrank in the following year.

In value terms, spice imports expanded markedly to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2015 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The United States represented the main importer of spices in Northern America, with the volume of imports reaching X tons, which was approx. X% of total imports in 2022. It was distantly followed by Canada (X tons), achieving an X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to spice imports into the United States stood at X%. At the same time, Canada (X%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in Northern America, with a CAGR of X% from 2012-2022. While the share of Canada (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United States (X p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported spices in Northern America, comprising X% of total imports. The second position in the ranking was taken by Canada ($X), with a X% share of total imports.

In the United States, spice imports expanded at an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (X%).

Source: IndexBox Platform

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