US Emerges as Vietnam's Largest Pepper Export Market in Jan-24 to Jun-24

According to the Vietnam Pepper and Spice Association (VPSA), the United States (US) became Vietnam's largest pepper export market in the first six months of 2024, with a volume of 37.4 thousand tons, an increase of 44.6% year-over-year (YoY), accounting for 26.3% of the market share. Moreover, the leading export markets for white pepper include Germany with 2.45 thousand tons, the US with 2.04 thousand tons, the Netherlands with 1.77 thousand tons, Thailand with 1.73 thousand tons, and China with 1.56 thousand tons.

The main reason for the sharp increase in pepper prices is the significant decrease in global pepper production due to the El Niño phenomenon and the reduction in planted areas. Additionally, the inventory from last year in Vietnam, a major pepper-exporting country, is almost negligible. Meanwhile, demand in key markets such as Europe, the US, and China has increased sharply.