Pepper price today, September 15, 2024, in the domestic market increased slightly in some key localities, trading from 152,000 - 156,000 VND/kg.
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| Pepper price today September 15, 2024: Positive market outlook, opportunity for Vietnam's spice industry to expand global market share, (Source: Food Hacks) |
Pepper price today, September 15, 2024 in the domestic market increased slightly in some key localities, trading from 152,000 - 156,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 154,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (154,000 VND/kg); Dak Lak (156,000 VND/kg); Dak Nong (156,000 VND/kg); Ba Ria - Vung Tau (155,000 VND/kg) and Binh Phuoc (152,000 VND/kg).
Thus, after a day of stability, domestic pepper prices today recorded a slight increase of VND 1,000/kg in Dong Nai and Gia Lai, while remaining stable in other key localities. The highest pepper price is still at VND 156,000/kg.
The demand for organic spices and spices with sustainability certification is increasing globally. According to the Vietnam Trade Office in Belgium and the European Union (EU), the global organic spice market is quite large and is growing by 7.5% per year in the period 2021-2026. It is forecasted that by 2026, the global organic spice market will be nearly 20 billion Euros.
While Asia is the world’s largest spice import market in general, North America and the EU are the two largest organic spice import markets. According to the Vietnam Trade Office in Belgium and the EU, in Europe, countries such as Switzerland, the Netherlands, Germany, France, Italy, etc. are major spice import markets. In particular, spices with sustainability certification (organic, Fairtrade, RA) have great export potential to this market.
Currently, the market share of sustainably produced spices and flavourings in Europe is very low (less than 1%) but is growing. In Europe, the growth rate of organic spice consumption is forecast to be particularly high in Sweden and the UK, with an increase of more than 5.5% per year over the next 7 years. The increasing market demand is an opportunity for the Vietnamese spice industry, which has the largest market share in the world.
In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,562 USD/ton, up 0.04%; the price of Brazilian black pepper ASTA 570 at 7,400 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,800 USD/ton.
Muntok white pepper price is 9,121 USD/ton, up 0.04%; Malaysian ASTA white pepper price is at 10,900 USD/ton.
Vietnam black pepper price is traded at 6,800 USD/ton for 500 g/l; 550 g/l at 7,100 USD/ton); white pepper price is at 10,150 USD/ton. IPC continues to adjust Indonesian pepper price up.
IPC commented that the pepper market in the second week of September showed a positive outlook, with no market recording a decrease. After being reported stable in the past 2 weeks, both domestic and international Indian pepper prices tended to increase this week.
In the context of high pepper prices and favorable consumption markets, Vietnam's pepper export turnover is likely to exceed 1 billion USD this year, marking the return of this spice after 6 years of absence from the group of billion-dollar items.
With positive signals from the market and the efforts of businesses, the Vietnamese pepper industry is making steady progress. However, to maintain this growth momentum, businesses need to proactively adapt to market fluctuations, improve product quality and expand the consumer market.
Source: https://baoquocte.vn/gia-tieu-hom-nay-1592024-trien-vong-thi-truong-tich-cuc-co-hoi-cho-nganh-gia-vi-viet-nam-mo-rong-thi-phan-toan-cau-286305.html
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