Vietnamese Spices Lead the Way in Global Exports
Vietnamese Spices Lead the Way in Global Exports
Vietnam is one of the world’s leading spice exporters, generating approximately USD 1.5 billion annually. Vietnamese spices are now exported to over 125 countries, dominating several key global markets.The main export spices from Vietnam include pepper, cinnamon, chili, cloves, and star anise. These spices have seen significant growth in both export quantity and value. Trade promotion activities play a crucial role in introducing Vietnamese spices to global consumers and expanding their reach.
Pepper Exports Maintain Strong Global Presence
In the first seven months of 2024, Vietnam’s pepper export companies retained an 8% share of the global market. The export price of pepper increased to USD 5,04 per kg, significantly higher than the same period in 2023. To penetrate demanding markets, Vietnamese spice companies are prioritizing deep processing techniques, such as producing pepper sauces and ground pepper, which add significant value to their products.A leader from a spice export factory shared, “Each year, we invest in building processing plants and sourcing materials to foster growth. Especially, we focus on meeting food safety standards to satisfy the requirements of demanding markets.”
Vietnam’s pepper exports in June alone totaled over 28,000 tons, generating more than USD 141 million. These efforts underscore the country’s commitment to maintaining its leadership in the global spice trade.
Cinnamon and Other Spices See Significant Growth
Vietnam also leads the world in cinnamon production, with major export markets including India, the United States, and Bangladesh. The export of ginger, garlic, and turmeric has increased substantially compared to the same period last year, bringing in millions of dollars in revenue.“With a 50% share of the global market, Vietnam holds significant pricing power,” said an industry expert. Strong collaboration among the government, industry associations, and businesses is crucial to ensuring sustainable benefits for spice farmers and exporters.
Strategies for Maintaining Global Leadership
To maintain its dominant position, Vietnam’s spice export businesses are focusing on deep processing methods, developing high-quality organic farming areas, and promoting sustainable trade practices. This includes targeting complete natural processing to meet market demands and enhancing export strategies through participation in international exhibitions and trade fairs.Conclusion: Sustaining Vietnam’s Spice Dominance
Vietnam’s leadership in the global spice market is a result of continuous innovation, strategic trade promotion, and a commitment to quality. As demand for spices like pepper, cinnamon, and star anise continues to grow worldwide, Vietnam is poised to expand its presence even further. By fostering sustainability and deep processing, Vietnam not only strengthens its export portfolio but also ensures long-term benefits for its farmers and the industry as a whole.Click here to reach our trading platfrom CMBroker
