Key Market Indicators
Malagasy spice consumption is projected to decline slightly, reaching approximately 5,800 metric tons by 2028, down from 6,000 metric tons in 2023. This represents an average yearly decrease of 0.6%. Since 2019, the demand for spices in Madagascar has remained steady. In 2023, Madagascar was ranked 63rd in global spice consumption, with Peru surpassing it at 6,000 metric tons. Bangladesh, Indonesia, and Thailand occupied the second, third, and fourth spots, respectively. On the production front, Malagasy spice output is expected to increase modestly, reaching around 41,700 metric tons by 2028, up from 40,000 metric tons in 2023. This marks an average annual growth rate of 0.7%. Since 2019, Madagascar's spice production has seen a steady rise of 1% per year. The country was ranked 27th in spice production in 2023, with Guatemala just ahead at 40,000 metric tons. China, Nigeria, and Indonesia were the second, third, and fourth largest producers, respectively.
