The Vietnamese pepper market in 2024 is expected to face several challenges and opportunities. The global demand for pepper remains strong, but the market is also influenced by factors such as weather conditions, production costs, and international trade policies.
Vietnam is one of the world’s largest producers and exporters of pepper, and the country’s pepper industry has been growing steadily over the years. However, the market is also subject to fluctuations due to changes in global supply and demand, as well as competition from other major producers like Brazil and Indonesia.
In 2024, it is anticipated that Vietnam will continue to focus on improving the quality of its pepper and expanding its market reach. The government and industry stakeholders are likely to implement measures to support farmers, enhance production efficiency, and promote sustainable practices.
Overall, the Vietnamese pepper market in 2024 is expected to be dynamic and competitive, with opportunities for growth and development.
The Vietnamese pepper market in 2024 has shown some interesting trends. Here are some key points:
- Export Performance: Vietnam exported 235,335 tons of pepper between January and November 2024, valued at 1.22 billion USD. Although the volume decreased by 3.5% compared to the previous year, the value increased by 46.9%.
- Top Importers: The United States emerged as the biggest importer of Vietnam’s pepper, followed by the UAE and Germany. Many markets recorded double-digit growth, such as the Netherlands, the Republic of Korea, Pakistan, Canada, Russia, and the UK.
- Price Trends: The price of black pepper saw some volatility, with a rapid increase to $8000/MT in June 2024, followed by a correction to around $6800/MT. The average export price of black pepper in November 2024 was $6513/ton, while white pepper was $8286/ton.
- Market Challenges: Exports to China saw a significant decline of 83.6% year-on-year. However, growth in other markets like the US and EU compensated for this drop.
- Sustainability Efforts: The Vietnam Pepper and Spice Association (VPSA) is focusing on sustainable production and exploring new market opportunities. Efforts include expanding sustainable cultivation areas, reducing pesticide residues, and providing in-depth farmer training.
Overall, the Vietnamese pepper market in 2024 is dynamic and competitive, with opportunities for growth and development
