Updated Jan 22, 2023 05:10

Market for Nutmeg, Mace And Cardamom in Ireland

Market Overview
After four years of growth, the Irish nutmeg, mace and cardamom market decreased by -% to $ in . In general, consumption, however, continues to indicate a prominent increase. As a result, consumption attained the peak level of $, and then contracted in the following year.


Consumption
In , consumption of nutmeg, mace and cardamoms decreased by -% to tons for the first time since 2015, thus ending a six-year rising trend. In general, the total consumption indicated a noticeable increase from 2007 to : its volume 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, consumption increased by +% against 2015 indices. Over the period under review, consumption attained the peak volume at tons in , and then reduced modestly in the following year.

The value of the nutmeg, mace and cardamom market in Ireland contracted modestly to $ in , with a decrease 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). Over the period under review, consumption, however, continues to indicate a resilient increase. As a result, consumption attained the peak level of $, and then fell slightly in the following year.


Market Forecast
The nutmeg, mace and cardamom market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year 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
Nutmeg, mace and cardamom market in Ireland consists almost entirely of imported products. In recent years, import price have increased sharply. Despite the hike in price, Ireland relies completely on foreign supplies: the volume of domestic output remains insufficient to satiate market demand. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Ireland remains a net importer of nutmeg, mace and cardamom; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.