Updated Jan 15, 2023 09:39

Piper Pepper Market in Honduras

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
The Honduran piper pepper market dropped dramatically to $ in , waning by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a abrupt decrease. Over the period under review, the market reached the peak level at $ in 2015; however, from 2016 to , consumption failed to regain momentum.

In value terms, piper pepper production totaled $ in estimated in export price. Over the period under review, the total production indicated a tangible increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production decreased by -% against indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by % against the previous year. As a result, production attained the peak level of $. From 2016 to , production growth remained at a somewhat lower figure.

The average yield of piper pepper in Honduras contracted dramatically to kg per ha in , waning by -% compared with the previous year. In general, the yield showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of % against the previous year. Over the period under review, the average piper pepper yield attained the peak level at kg per ha in 2018; however, from 2019 to , the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In , the harvested area of piper pepper in Honduras expanded modestly to ha, with an increase of % on figures. Over the period under review, the harvested area recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of %. The piper pepper harvested area peaked at ha in 2015; however, from 2016 to , the harvested area failed to regain momentum.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
In , the amount of piper pepper consumed in Honduras reduced rapidly to tons, which is down by -% on the year before. Overall, consumption faced a abrupt slump. Piper pepper consumption peaked at tons in 2015; however, from 2016 to , consumption remained at a lower figure.

The revenue of the piper pepper market in Honduras shrank rapidly to $ in , falling by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a abrupt contraction. Over the period under review, the market hit record highs at $ in 2015; however, from 2016 to , consumption failed to regain momentum.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Depressed by shrinking demand for piper pepper in Honduras, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Trade Balance
Please note: Annual data for 2022 are preliminary and subject to revision
Honduras remains a net exporter of piper pepper; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.