The domestic pepper market is recording positive signals as pepper prices continue to increase slightly in recent days. According to records, on October 20, 2024, pepper prices in key regions adjusted up compared to yesterday and traded around 143,000 - 144,500 VND/kg.
In the Central Highlands, the center of pepper production in Vietnam, Dak Lak pepper price was purchased at 144,500 VND/kg, up 1,000 VND compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 143,000 VND/kg, unchanged from yesterday. Dak Nong pepper price today was recorded at 144,500 VND/kg, up 1,000 VND/kg compared to yesterday.
In the Southeast region, pepper prices today (October 20, 2024) did not record many price adjustments compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 143,500 VND/kg, an increase of 500 VND/kg. In Binh Phuoc, pepper prices today are at 143,000 VND/kg.
This growth is a positive sign for the Vietnamese pepper industry, as pepper prices are gradually recovering after many years of decline. The main reasons for this recovery are due to many factors, including:
Firstly, the demand for pepper in the world is increasing. According to the International Pepper Association (IPC), the price of Indonesian Lampung black pepper reached 6,794 USD/ton; the price of Muntok white pepper reached 9,302 USD/ton. The price of Brazilian ASTA 570 black pepper was at 6,400 USD/ton. The price of Malaysian ASTA black pepper remained stable at 8,700 USD/ton; the price of this country's ASTA white pepper reached 11,200 USD/ton. The price of Vietnamese black pepper today is traded at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; the price of white pepper is at 9,500 USD/ton. This shows that the world pepper market is showing an upward trend, creating momentum for domestic pepper prices.
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Second, domestic pepper consumption is also expected to increase sharply in the coming time, especially when the holiday season is approaching. Pepper is an indispensable spice in traditional Vietnamese dishes, so consumption demand will increase significantly during this time.
Third, Vietnamese pepper exporting enterprises are stepping up their purchases of raw materials to meet increasing export demand. This also puts pressure on domestic pepper prices.
However, it should be noted that pepper prices can fluctuate abnormally due to many factors. Farmers need to closely monitor the market and develop appropriate production strategies to ensure profits. In addition, controlling pepper quality and promoting the application of technology in production are also necessary to increase product value and compete in the market.
With the current positive signals, the Vietnamese pepper industry has the opportunity to recover and develop sustainably. However, to ensure success, there needs to be close coordination between the government, businesses and farmers.
Some solutions need to be implemented to improve the efficiency of Vietnamese pepper production: Promote the transformation of crop structure, focusing on high-quality pepper varieties with stable productivity. Invest in developing infrastructure systems serving pepper production and processing. Improve pepper production and processing capacity for farmers. Build the Vietnamese pepper brand in the international market.
With appropriate solutions, Vietnam's pepper industry has great potential to become a key export industry, bringing economic benefits to farmers and positively contributing to the overall development of the country.
*Information for reference only.
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