Key Market Indicators
Chinese spice consumption is projected to decline to approximately 400,000 metric tons by 2028, down from around 420,000 metric tons in 2023. This represents an annual decrease of 0.8% in compound annual growth rate (CAGR). Since 2019, the demand for spices in China has been decreasing at an average rate of 1.2% per year. In the global ranking, Bangladesh, Indonesia, and Thailand occupy the second, third, and fourth positions respectively. On the other hand, Chinese spice production is expected to increase to about 1.2 million metric tons by 2028, rising from 1.18 million metric tons in 2023. This marks an annual growth rate of 0.5% on average. Since 2019, the supply of spices in China has grown by 0.6% annually. In 2023, China was the second-largest producer of spices, trailing only India, which produced 1.18 million metric tons. Following China, Nigeria, and Indonesia ranked third and fourth respectively in spice production.
