| Pepper price forecast for July 12, 2024: Will it increase slightly again? Pepper price forecast for July 13, 2024: Will there be a shocking decrease? |
Pepper price forecast on July 14, 2024 continues to drop shockingly. The global pepper market is valued at 5.43 billion USD, forecast to grow by an average of more than 20% in the period 2024 - 2032. The problem for Vietnam now is how to stabilize pepper output at 170,000 - 190,000 tons to maintain the position of Vietnamese pepper in the world market.
Ms. Hoang Thi Lien - President of the Vietnam Pepper and Spice Association (VPSA) said that the core issue in maintaining pepper acreage and output is to ensure good prices for farmers so that they continue to stick with this crop.
Last year, when VPSA organized a delegation to survey pepper growing areas, many farmers said that if pepper prices were only at 50,000 - 60,000 VND/kg, they would no longer want to grow pepper.
In addition to maintaining good prices for farmers, increasing the production of high-quality products and value-added products is also an important solution being applied by many businesses to increase the value of pepper and income for farmers.
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| Pepper price forecast on July 14, 2024: Continuing the downward trend to return to 150,000 VND/kg |
In the domestic market, pepper prices today, July 13, 2024, in the Southeast region decreased slightly by 1,000 VND in some localities, trading around 152,400 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces was 153,000 VND/kg.
Dak Lak pepper price is purchased at 153,000 VND/kg, down 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) is currently at 152,000 VND/kg, down 1,000 VND compared to yesterday. Dak Nong pepper price today is recorded at 153,000 VND/kg, down 1,000 VND/kg compared to yesterday.
In the Southeast region, pepper prices today also decreased compared to yesterday. Specifically, in Ba Ria - Vung Tau, pepper prices decreased by 1,000 VND/kg to 152,000 VND/kg; in Binh Phuoc, pepper prices decreased to 152,000 VND/kg.
In the world market, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,211 USD/ton, (up 0.27%); the price of Brazilian black pepper ASTA 570 at 7,150 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 7,500 USD/ton.
Muntok white pepper price is 9,182 USD/ton, up 0.28%; Malaysian ASTA white pepper price is at 8,800 USD/ton.
The price of black pepper in Vietnam is still at a high level, trading at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper. IPC continues to slightly increase pepper prices in Indonesia, Brazil, and Vietnam, remaining unchanged.
Domestic pepper price on July 13 , 2024
province, city | Unit | Trader purchase price | Increase/decrease compared to yesterday |
Chu Se (Gia Lai) | VND/kg | 152,000 | -1,000 |
Dak Lak | VND/kg | 153,000 | -1,000 |
Dak Nong | VND/kg | 153,000 | -1,000 |
Binh Phuoc | VND/kg | 152,000 | -1,000 |
Ba Ria - Vung Tau | VND/kg | 152,000 | -1,000 |
In the latest monthly report of the Vietnam Pepper and Spices Association, it was reported that from 2014 to 2023, India's pepper cultivation area showed an increasing trend. By 2023, it had increased by 80,050 hectares compared to 2014. The pepper area in 2023 is estimated to decrease by 2% compared to 2022, reaching 278,050 hectares. Meanwhile, the pepper cultivation area in 2024 is predicted to be stable.
India’s pepper production has shown an upward trend since 2014, recording a 135% increase in the last 10 years and reaching 87,000 tonnes in 2023. India’s pepper production in 2023 is estimated to decline by 8% over 2022. In 2024, it is expected to increase by 1% over 2023 to reach 88,000 tonnes. This increase is due to measures to improve productivity.
As the third largest pepper producing country in the world, India maintained an average export of about 21,000 tons annually during the period 2014 - 2023. As of April 2024, Indian pepper exports reached 6,556 tons, an increase of 43% over the same period in 2023.
The FOB price of Indian pepper has recorded an upward trend over the past 3 years. As of May 2024, the average export price of Indian black pepper reached USD 6,872/ton, an increase of 11% over the same period in 2023.
Information for reference only
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