Farmers Stockpile Black Pepper as Prices Rise in Vietnam

In early 2024, black pepper prices in Vietnam rose by 12.6% year over year (YoY). Farmers and factories are skeptical about coffee prices increasing by USD 400/ton in 2024, but they anticipate black pepper prices rising by USD 1000 to 1500/metric ton (mt) soon. As a result, farmers focus on selling coffee and storing black pepper, decreasing the amount of black pepper traded compared to previous years.

On social media, there is a growing expectation that black pepper prices will increase by at least 20 to 30% soon. This belief has strengthened the trend of stockpiling black pepper among farmers, who increasingly trust in the rising price trend and are reluctant to sell when the market adjusts downward.