The global pepper market is dynamic, reflecting historical traditions and contemporary consumption and production trends. Pepper, derived from the dried berries of the Piper nigrum plant, is highly traded worldwide for its distinct flavor and culinary versatility, particularly in Vietnam’s pepper market.
I.NEWS IN VIETNAM’S PEPPER MARKET
Vietnam’s pepper market is experiencing a remarkable resurgence, with black pepper exports set to reach a record-breaking $1 billion in 2024. Recent data from the Ministry of Agriculture and Rural Development reveals that in April 2024, Vietnam exported 27,000 tons of black pepper, generating $117 million in revenue. This signifies a notable increase of 4.2% in volume and 5.1% in value compared to the previous month, and a significant 2.2% increase in volume and a staggering 40.4% increase in value compared to the same period last year.
In Vietnam’s pepper market, prices continue to climb, reaching 97,500 to 98,500 Vietnamese dong per kilogram in various provinces. The Vietnam Pepper Association (VPSA) predicts further price increases, with domestic purchasing prices expected to reach 100,000 Vietnamese dong per kilogram by mid-May 2024. Despite this upward trend, prices remain below the record high of 200,000 Vietnamese dong per kilogram observed in 2017.
II. GLOBAL MARKET
In the global market, the International Pepper Community (IPC) reports robust prices for various pepper varieties. Lampung black pepper from Indonesia, Brazil ASTA 570 black pepper, and Kuching black pepper from Malaysia trade at $4,703, $4,700, and $4,900 per ton, respectively. Muntok white pepper and Malaysia ASTA white pepper command even higher prices, at $6,232 and $7,300 per ton, respectively. Vietnamese black pepper also maintains competitive prices, trading at $4,200 per ton for 500 g/l grade and $4,300 per ton for 550 g/l grade. While white pepper is priced at $6,000 per ton.
Experts attribute the surge in pepper prices to several factors, including reduced cultivation area and decreased yields due to adverse weather conditions. After years of low prices, pepper farmers are finally experiencing improved livelihoods
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Source: vneconomy
