U.S.: Spice And Extract Market 2024

Spice And Extract Market Size in the U.S.

In 2023, the U.S. spice and extract market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. The market value increased at an average annual rate of X% over the period from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Spice and extract consumption peaked at $X in 2022, and then shrank in the following year.

Spice And Extract Production in the U.S.

In value terms, spice and extract production reduced to $X in 2023. The total output value increased at an average annual rate of X% over the period from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Spice and extract production peaked at $X in 2022, and then reduced slightly in the following year.

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Spice And Extract Exports

Exports from the U.S.

In 2023, shipments abroad of spice and extract decreased by X% to X tons, falling for the second year in a row after two years of growth. The total export volume increased at an average annual rate of X% from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, spice and extract exports fell modestly to $X in 2023. The total export value increased at an average annual rate of X% from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2022, and then fell in the following year.

Exports by Country

Canada (X tons) was the main destination for spice and extract exports from the United States, accounting for a X% share of total exports. Moreover, spice and extract exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), threefold. Saudi Arabia (X tons) ranked third in terms of total exports with a X% share.

From 2013 to 2023, the average annual growth rate of volume to Canada amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and Saudi Arabia (X% per year).

In value terms, Canada ($X) remains the key foreign market for spice and extract exports from the United States, comprising X% of total exports. The second position in the ranking was taken by Mexico ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

From 2013 to 2023, the average annual growth rate of value to Canada totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and the UK (X% per year).

Export Prices by Country

The average spice and extract export price stood at $X per ton in 2023, surging by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2022 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure in 2023 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Spice And Extract Imports

Imports into the U.S.

In 2023, supplies from abroad of spice and extract decreased by X% to X tons, falling for the second year in a row after three years of growth. The total import volume increased at an average annual rate of X% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, spice and extract imports dropped to $X in 2023. The total import value increased at an average annual rate of X% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2022, and then declined in the following year.

Imports by Country

China (X tons), Mexico (X tons) and India (X tons) were the main suppliers of spice and extract imports to the United States, with a combined X% share of total imports. Vietnam, Peru, Spain, Canada, Indonesia, Thailand, Brazil and Turkey lagged somewhat behind, together comprising a further X%.

From 2013 to 2023, the biggest increases were recorded for Spain (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest spice and extract suppliers to the United States were India ($X), Vietnam ($X) and Mexico ($X), with a combined X% share of total imports.

Mexico, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average spice and extract import price amounted to $X per ton, with an increase of X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Canada (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform