The spices market in Vietnam was 330 thousand metric tons in 2023, and all 2024 data onwards are forecasted. From 2024 to 2028, the market is predicted to grow each year. The year-on-year variations are as follows:
- 2024: 340.47 thousand metric tons (3.17% increase from 2023)- 2025: 351.43 thousand metric tons (3.22% increase from 2024)- 2026: 362.17 thousand metric tons (3.06% increase from 2025)- 2027: 372.7 thousand metric tons (2.91% increase from 2026)- 2028: 383.02 thousand metric tons (2.76% increase from 2027)
When examining the compound annual growth rate (CAGR) over the five-year period from 2024 to 2028, a consistent growth pattern is observed. The CAGR indicates an average annual growth rate of around 3% per year.
Future trends to watch for in Vietnam's spices market include the increasing demand for organic and sustainably sourced spices, the incorporation of modern agricultural technologies, and potential impacts of climate change on spice cultivation. Monitoring these factors could provide additional insights into market dynamics and growth prospects.
