W12 White Pepper Update: Global White Pepper Market Shows Stability in W12 Amid Fluctuations, Brazil's Production Set for Rebound in 2024

Published 2024년 4월 2일

In W12 in the white pepper landscape, on March 19, the global white pepper market remained stable, with Indonesian Muntok white pepper prices rising by 1.41% to USD 6,259/mt, while Malaysian white pepper ASTA and Vietnam's white pepper export prices held steady. However, slight fluctuations were observed in Indonesia's Muntok white pepper prices throughout the week, reaching USD 6,219/mt on March 24. Additionally, Brazil's pepper production is expected to rebound by 20% YoY in 2024, following a decline in 2023 due to extreme weather conditions, with average export prices increasing by 27% YoY for Brazilian white pepper.

Global White Pepper Market Shows Stability with Minor Fluctuations in W12

On March 19, the global white pepper market saw price stability in various countries. Indonesian Muntok white pepper experienced a sharp increase of 1.41% to USD 6,259 per metric ton (mt), while Malaysian white pepper ASTA remained at USD 7,300/mt. Vietnam's export prices for white pepper stood at USD 5,900/mt.

On March 20, global pepper prices remained unchanged, but Indonesia saw a slight decrease in the Muntok white pepper by 0.26% to USD 6,242/mt. On March 22, the price of Muntok white pepper in Indonesia increased by 0.42% to USD 6,263/mt. However, on March 24, the price decreased by 0.71% to USD 6,219/mt.

Brazil's Pepper Market Experienced Production Challenges and Decreasing Export Trends

In recent years, pepper prices in Brazil and Indonesia have often exceeded those in Vietnam, with Indonesia even facing periods of no pepper available for export. From 2014 to 2022, Brazil's pepper cultivation area increased, reaching 40 thousand hectares (ha) in 2023, a stable figure compared to 2022. However, Brazilian pepper production decreased by 18% year-on-year (YoY) in 2023 due to extreme weather conditions. In 2024, Brazilian pepper output is expected to rebound by 20% YoY to 113 thousand mt. Brazil, the world's second-largest pepper producer after Vietnam, maintains an average annual export volume of about 66 thousand mt. As of Jan-24, Brazilian pepper exports totaled 6,037 mt, down 5% YoY. Meanwhile, the average export price of Brazilian white pepper reached USD 3,455mt, marking a 27% YoY increase.