Vietnam targets $2bln in pepper and spice exports by 2025

Vietnam has set a target of earning $2 billion from exporting peppercorns and spices by 2025, according to the Vietnam Pepper Association (VPA).

It exported 76,727 tons of peppercorns in the first quarter of the year, earning revenue of $235.9 million, up 40.5 per cent in volume but down 7.3 per cent in value year-on-year.

Over 18,680 tons of cinnamon and 3,369 tons of star anise were also shipped in the first quarter, worth $54.8 million and $21.6 million, respectively.

Vietnam is a major producer and exporter of spices, accounting for around 11 per cent of the global market in 2022.

At a recent conference on pepper and spice exports, VPA President Hoang Thi Lien said growth forecasts for peppercorn and spice exports were based on expectations that pepper prices will rise as demand recovers after Covid-19 while supply remains limited.

Vietnam’s peppercorn harvest this year is expected to be 200,000 tons, up 9.3 per cent year-on-year, while the cinnamon harvest is expected to reach 45,000 tons.