Spice Market in Nepal
In value terms, spice production fell to $ in estimated in export price. In general, production, however, continues to indicate a buoyant increase. The pace of growth was the most pronounced in 2011 when the production volume increased by % against the previous year. Spice production peaked at $ in , and then shrank in the following year.
In , the average yield of spices in Nepal fell modestly to tons per ha, waning by -% against the previous year. Overall, the yield indicated a temperate increase from 2007 to : its figure increased at an average annual rate of +% over the last fourteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, spice yield decreased by -% against 2019 indices. The most prominent rate of growth was recorded in 2009 with an increase of %. Over the period under review, the average spice yield hit record highs at tons per ha in 2019; however, from to , the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In , the total area harvested in terms of spices production in Nepal rose modestly to ha, with an increase of % against the previous year. Overall, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2012 with an increase of % against the previous year. As a result, the harvested area attained the peak level of ha. From 2013 to , the growth of the spice harvested area failed to regain momentum.
The revenue of the spice market in Nepal reached $ in , with an increase of % 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). In general, consumption saw a remarkable increase. Spice consumption peaked at $ in ; however, from to , consumption failed to regain momentum.
From 2007 to , the average annual growth rate of the volume of ginger consumptions totaled +%. With regard to the other consumed products, the following average annual rates of growth were recorded: pimenta pepper (+% per year) and spices except pepper or ginger (+% per year).
In value terms, ginger ($) led the market, alone. The second position in the ranking was taken by pimenta pepper ($). It was followed by spices except pepper or ginger.
From 2007 to , the average annual rate of growth in terms of the value of ginger markets amounted to +%. With regard to the other consumed products, the following average annual rates of growth were recorded: pimenta pepper (+% per year) and spices except pepper or ginger (+% per year).
In value terms, the market is forecast to increase 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 .