Market for Nutmeg, Mace And Cardamom in Honduras
Market Overview
The Honduran nutmeg, mace and cardamom market reduced to $
in , declining 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 showed a perceptible decline. Nutmeg, mace and cardamom consumption peaked at $ in 2010; however, from 2011 to , consumption failed to regain momentum.
In value terms, nutmeg, mace and cardamom production stood at $ in estimated in export price. Overall, production, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2009 with an increase of % against the previous year. Nutmeg, mace and cardamom production peaked at $ in ; afterwards, it flattened through to .
In, the average yield of nutmeg, mace and cardamoms in Honduras dropped to tons per ha, declining by -% compared with the previous year's figure. Overall, the yield, however, continues to indicate strong growth. The most prominent rate of growth was recorded in 2018 when the yield increased by %. The nutmeg, mace and cardamom yield peaked at tons per ha in , and then fell in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In, approx. ha of nutmeg, mace and cardamoms were harvested in Honduras; remaining stable against the previous year's figure. Over the period under review, the total harvested area indicated a noticeable expansion from 2007 to : its figure increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, nutmeg, mace and cardamom harvested area decreased by -% against indices. The growth pace was the most rapid in 2012 when the harvested area increased by % against the previous year. The nutmeg, mace and cardamom harvested area peaked at ha in 2016; however, from 2017 to , the harvested area remained at a lower figure.
in , declining 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 showed a perceptible decline. Nutmeg, mace and cardamom consumption peaked at $ in 2010; however, from 2011 to , consumption failed to regain momentum.In value terms, nutmeg, mace and cardamom production stood at $
in estimated in export price. Overall, production, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2009 with an increase of % against the previous year. Nutmeg, mace and cardamom production peaked at $ in ; afterwards, it flattened through to .In
, the average yield of nutmeg, mace and cardamoms in Honduras dropped to tons per ha, declining by -% compared with the previous year's figure. Overall, the yield, however, continues to indicate strong growth. The most prominent rate of growth was recorded in 2018 when the yield increased by %. The nutmeg, mace and cardamom yield peaked at tons per ha in , and then fell in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.In
, approx. ha of nutmeg, mace and cardamoms were harvested in Honduras; remaining stable against the previous year's figure. Over the period under review, the total harvested area indicated a noticeable expansion from 2007 to : its figure increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, nutmeg, mace and cardamom harvested area decreased by -% against indices. The growth pace was the most rapid in 2012 when the harvested area increased by % against the previous year. The nutmeg, mace and cardamom harvested area peaked at ha in 2016; however, from 2017 to , the harvested area remained at a lower figure.Consumption
In , consumption of nutmeg, mace and cardamoms decreased by -% to tons, falling for the ninth year in a row after two years of growth. In general, consumption recorded a deep setback. As a result, consumption attained the peak volume of tons. From 2010 to , the growth of the consumption failed to regain momentum.
The value of the nutmeg, mace and cardamom market in Honduras declined slightly to $ in , shrinking 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). Overall, consumption recorded a noticeable contraction. Over the period under review, the market reached the peak level at $ in 2010; however, from 2011 to , consumption remained at a lower figure.
, consumption of nutmeg, mace and cardamoms decreased by -% to tons, falling for the ninth year in a row after two years of growth. In general, consumption recorded a deep setback. As a result, consumption attained the peak volume of tons. From 2010 to , the growth of the consumption failed to regain momentum.The value of the nutmeg, mace and cardamom market in Honduras declined slightly to $
in , shrinking 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). Overall, consumption recorded a noticeable contraction. Over the period under review, the market reached the peak level at $ in 2010; however, from 2011 to , consumption remained at a lower figure.Market Forecast
Depressed by shrinking demand for nutmeg, mace and cardamom 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 .
% 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 .Market Structure
Over the period under review, the share of imports in terms of total nutmeg, mace and cardamom consumption in Honduras was relatively small in physical terms, fluctuating under an % figure. In value terms the share of imports also stood at a low figure, which means that the Honduras nutmeg, mace and cardamom market is largely supplied by domestic manufacturers.
% figure. In value terms the share of imports also stood at a low figure, which means that the Honduras nutmeg, mace and cardamom market is largely supplied by domestic manufacturers.Trade Balance
Honduras remains a net exporter of nutmeg, mace and cardamom; 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.
. 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.
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