Slight decrease, highest at 131,000 VND/kg in Dak Nong

Domestic pepper price today

Pepper price today, June 2, 2024, in the Central Highlands and Southeast regions decreased in some localities by 2,000 - 3,000 VND/kg.

Accordingly, Dak Lak pepper price is purchased at 130,000 VND/kg, down from yesterday's price. Chu Se pepper price (Gia Lai) is currently at 130,000 VND/kg, down 2,000 VND/kg from yesterday. Dak Nong pepper price today is still recorded at 131,000 VND/kg, down 3,000 VND/kg.

In the Southeast region, pepper prices decreased slightly today. Accordingly, in Ba Ria - Vung Tau region, it decreased to 130,000 VND/kg, down 3,000 VND/kg and in Binh Phuoc region, it decreased to 131,000 VND/kg, down 1,000 VND/kg.

Thus, domestic pepper prices today decreased in some localities while remaining unchanged in some other places compared to yesterday, a decrease of 1,000 - 3,000 VND/kg, trading from 130,000 - 131,000 VND/kg. The highest pepper price was recorded at 131,000 VND/kg in Dak Nong.

At the time when pepper prices exceeded 110,000 VND/kg, many industry experts commented that the pepper market was entering a new price increase cycle. Normally, the pepper market cycle lasts 8-10 years.

Based on factors such as weather cycles, pepper growing areas in Vietnam and other major pepper producing countries in the world, and forecasts for global pepper demand in the coming time, some industry experts predict that pepper prices in this cycle may exceed VND250,000/kg - the peak price of the previous cycle in 2015.

The price could even reach 350,000 - 400,000 VND/kg, according to Mr. Hoang Phuoc Binh, Permanent Vice President and General Secretary of the Chu Se Pepper Association (Gia Lai).

World pepper price today

Update on world pepper prices from the International Pepper Community (IPC), early this morning (Vietnam time), Indonesian pepper prices continued to decrease compared to yesterday; Brazilian pepper prices increased sharply after many days of price stability, while Malaysian prices continued to stagnate. Vietnamese pepper prices increased sharply.

Specifically, the price of black pepper Lampung (Indonesia) today traded at 5,062 USD/ton, up 0.02%; the price of white pepper (Indonesia) traded at 7,382 USD/ton, down 0.41%.

Brazilian black pepper price ASTA 570 today is at 5,900 USD/ton, up 900 USD/ton (15.25%).

Malaysian ASTA black pepper price remains at USD 4,900/ton; Malaysian ASTA white pepper price remains at USD 7,300/ton.

Prices of Vietnamese pepper of all kinds have increased sharply. Of which, the price of Vietnamese black pepper 500 g/l today is traded at 5,400 USD/ton; the price of 550 g/l is traded at 5,900 USD/ton; the price of ASTA white pepper is traded at 8,000 USD/ton.

Pepper prices of all types on the Kochi floor (India) today remained unchanged compared to yesterday. Of which, Garbled traded at 61,600 Rupees/100kg, UnGarbled at 59,600 Rupees/100kg.

According to a recent report by Nedspice Group, global pepper production in 2024 is expected to reach around 465,000 tonnes, down 6,000 tonnes from 471,000 tonnes last year. Of which, black pepper accounts for 89% of output and white pepper accounts for 11%.

Meanwhile, global pepper consumption is expected to be 529,000 tonnes, 64,000 tonnes more than production. This has caused inventories to continue to decline to 428,000 tonnes, the lowest level in the past 6 years.

Nedspice Group said the pepper harvest in Vietnam is now entering its peak period and total output this year is around 157,000 tonnes, down 15% from last year.

In recent years, new pepper plantings in Vietnam have been few and far between, with many old trees. At the same time, pepper growing areas have been reduced and replaced by more profitable crops such as durian.

Nedspice Group believes that rising pepper prices will encourage farmers to increase production, boosting pepper yields in the coming years. However, new plantings will take time to produce, so output is unlikely to recover soon.

Nedspice also said the size and timing of new export demand in Vietnam will determine price trends in the coming months, with China in particular playing a key role.

In Brazil, pepper acreage continues to expand in the southeastern states of Espirito Santo and Bahia, but declines in the northern state of Para. New pepper acreage has been planted in Espirito Santo and Bahia in recent years as the crop is profitable for farmers.

However, harvest volumes have not followed this trend as adverse weather events caused by El Niño have damaged crops and resulted in poor yields. Nevertheless, Brazil could see a very good crop in 2025 if weather conditions are favorable.

Domestic pepper price list today June 2, 2024:

Local	Unit	Trader purchase price	Increase/decrease compared to yesterday
Chu Se (Gia Lai)	VND/kg	130,000	-
Dak Lak	VND/kg	130,000	-3,000
Dak Nong	VND/kg	131,000	- 1,000
Binh Phuoc	VND/kg	130,000	- 1,000
Ba Ria - Vung Tau	VND/kg	130,000	- 3,000