Strong market growth, positive signal for 2025 crop, high yield forecast

Pepper price today December 7, 2024 in the domestic market increased sharply in some key localities, trading from 143,000 - 144,000 VND/kg.

Pepper price today December 7, 2024: Market increases strongly, positive signal for 2025 crop, high yield forecast. (Source: Food and Wine)

Pepper price today December 7, 2024 in the domestic market increased sharply in some key localities, trading from 143,000 - 144,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 143,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (143,000 VND/kg); Dak Lak (144,000 VND/kg); Dak Nong (143,000 VND/kg); Ba Ria - Vung Tau (143,000 VND/kg) and Binh Phuoc (143,000 VND/kg).

Thus, domestic pepper prices today turned to increase sharply in most key growing areas, increasing by 2,000 - 3,000 VND/kg. The highest pepper price increased to 144,000 VND/kg.

According to Nedspice's recent crop report, global pepper production is estimated at around 449,000 tonnes in the 2023-2024 crop year, down around 5% from the previous crop year.

Reduced cultivated area in Vietnam and adverse weather in Brazil due to the impact of El Niño are considered the main factors leading to the above decline.

Higher prices will encourage farmers to increase their farming efforts, helping to increase yields per hectare in the coming years.

However, new plantings will take time to produce, so producing countries like Vietnam are unlikely to see a significant recovery in the short term. However, early signs for the 2025 crop in Vietnam are positive, with the potential for high yields if weather conditions are favorable.

Vietnam's pepper exports in the first 11 months of 2024 reached 235 thousand tons, earning 1.22 billion USD. In the last month of the year, Vietnam is expected to export more than 20,000 tons of pepper. Thus, the total pepper export turnover in 2024 is estimated to reach nearly 1.4 billion USD - a record high to date.

Pepper prices have doubled compared to the previous period, creating a great incentive for farmers to invest heavily in pepper. However, this crop also faces many challenges, including climate change, increasingly complex pests and diseases, competition with other crops, and high production costs.

Towards 2025, the pepper industry will focus on supporting farmers and businesses to meet international standards on food quality and safety. This is part of a long-term strategy to increase product value and expand international markets, contributing to strengthening the position of Vietnamese pepper in the world .

However, farmers are advised not to sell pepper early or borrow money to store pepper, to avoid risks from price fluctuations. Instead, they need to balance their finances to stockpile goods and wait for higher prices at the end of 2025.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,657 USD/ton, down 0.41%; the price of Brazilian black pepper ASTA 570 at 6,225 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,300 USD/ton.

Muntok white pepper price is 9,086 USD/ton, down 0.41%; Malaysian ASTA white pepper price is at 10,500 USD/ton.

Vietnam black pepper price is traded at 6,200 USD/ton for 500 g/l; 550 g/l at 6,500 USD/ton; white pepper price at 9,300 USD/ton.

Source: https://baoquocte.vn/gia-tieu-hom-nay-7122024-thi-truong-tang-manh-tin-hieu-tich-cuc-cho-vu-mua-2025-du-bao-nang-suat-cao-296466.html