The domestic pepper market today increased by 500 VND in Gia Lai and Dak Nong, closing around 96,500 – 98,000 VND/kg. Vietnam’s domestic black pepper price has currently reached its highest level in the past 7 years.
Pepper price today April 25, 2024
Mr. Le Hoang Tai, Deputy Director of the Trade Promotion Department, Ministry of Industry and Trade, assessed that in the world spice basket, pepper accounts for a large proportion, playing an important role in culinary culture. In particular, pepper products are promoted for processing in pharmaceuticals, cosmetics and health care. The pepper market size is valued at 5.43 billion USD, forecast to grow on average more than 20% in the period 2024-2032.
According to experts, the reason domestic and world pepper prices have slowed down after a sharp increase at the beginning of the year is due to the supply coming from Cambodia combined with the peak harvest season in Vietnam and the bumper harvest in India. Low level of import demand from China. As of early April 2024, Chinese buyers are still absent in Vietnam.
Severe weather and drought caused by El Niño in pepper growing areas in Espírito Santo and Bahia states, negatively impacting the harvest that will take place from April to June. Due to drought in Brazil and reduced planting area in Indonesia in recent years, Vietnam will be the main pepper supplier to the EU until September.
According to IPC sources, today’s world pepper prices are as follows:
According to Vinanet/VITIC
