Domestic pepper prices: Strong fluctuations, red trading floors
As of 11:30 today (10.), domestic pepper prices have all dropped, an average of a sharp decrease of VND 2,100/kg. Currently, the purchase price ranges from 157,000 - 159,300 VND/kg. The average pepper purchase price nationwide is at 157,900 VND/kg.
Pepper purchasing prices in the three provinces of Ba Ria - Vung Tau, Binh Phuoc, Gia Lai have all decreased by VND 2,000/kg, listed at VND 157,000/kg.
In the same direction, Dak Lak province continued to decline by VND 2,000/kg, currently anchored at VND 159,000/kg.
Notably, although Dak Nong is the province that has the strongest price reduction in pepper purchases, up to VND 2,700/kg, sold to the market at VND 159,300/kg.
World pepper prices: Continue to fall
According to the International Pepper Community, on the exchanges, black and white pepper prices in the Indonesian market continued to decrease slightly. Black pepper prices fell 0.12%, listed at 7,376 USD/ton (equivalent to 189,490 VND/kg). Similarly, the price of white pepper also decreased by 0.13%, currently listed at 10,242 USD/ton (equivalent to 263,117 VND/kg).
For the Brazilian market, the price of ASTA 570 black pepper was trading at 6,850 USD/ton, unchanged from the closing price of last week's session.
In the Malaysian market, ASTA black and white pepper prices remained unchanged last week, anchored at 9,800 USD/ton and 12,300 USD/ton.
Notably, in Vietnam, black pepper prices for export remained unchanged after a period of mixed increases and decreases. The 500 g/l type is traded at 7,000 USD/ton (equivalent to 179,830 VND/kg); the 550 g/l type is currently at 7,200 USD/ton (equivalent to 184,968 VND/kg). Similarly, the price of white pepper for export is at 10,000 USD/ton (equivalent to 256,900 VND/kg).
In the Indian market, pepper prices remain unchanged in most pepper cultivars. Garbled pepper costs 67,200 rupees/kg, (equivalent to 204,584 VND/kg), Ungarbled is listed at 65.200 rupees/kg, while gram/liter has the lowest price of 64,200 rupees/kg (exchanged at 198.495 VND/kg).
Assessment and forecast
According to the Vietnam Pepper and Spices Association (VPSA), the demand for spices in the world is increasing sharply, especially in the US. The retail value of spices in the country has increased from pre-pandemic sales of $2 billion to $7 billion over the past year. This trend is driven by the need to cook at home and the popularity of Asian and Korean cuisine.
Vietnam continues to maintain its position in the pepper and spice industry by proactively researching the market and investing in processing technology. Currently, Vietnamese spice products are present in many major markets such as India, Europe and the US. In particular, Vietnamese pepper plays an important role in Chinese restaurants, where spicy taste is an indispensable factor.
