BLACK PEPPER NEW CROP 2022 EXPECTATION
Lily Spices Vietnam
Supplier for Spices | Black Pepper | Cassia Cinnamon | Star Anise
BLACK PEPPER PRICES ESTIMATED
It is forecasted that in 2022, world pepper prices will continue to be supported due to scarce supply due to crop failure in main producing countries, according to the latest report from the Import-Export Department (Ministry of Industry and Trade).
According to the World Pepper Association (IPC), Brazil is currently the only country with an increase in supply due to the harvest in the north of the country, while other countries are in short supply.
News about the new crop of Vietnam is not very positive, so customers may switch to buy more Brazilian pepper due to better freight rates. Meanwhile, demand for pepper in India improved as the economy reopened after a long period of being impacted by the COVID-19 pandemic.
The recent sharp increase in pepper prices has led to farmers and dealers in primary markets keeping their goods from selling in the hope that prices will increase further. As a result, the supply in the market has been affected.
Source: Vietnam Pepper Association