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SPICES MARKET INSIDER Market Insider
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Page 1: Market Insider SPICES MARKET INSIDER - ITC...developed 11,000 saplings through vegetative propagation and planted them in natural habitats. These species are facing the major threat

SPICES MARKET INSIDER

Market Insider

Page 2: Market Insider SPICES MARKET INSIDER - ITC...developed 11,000 saplings through vegetative propagation and planted them in natural habitats. These species are facing the major threat

Market News Service

Spices

Building awareness and assisting developing countries with access to trade and market information has been at the heart of the International Trade Centre (ITC) work. The Market Insider is a newly branded global public goods service built on a "blog" interface to provide just-in-time content on market prices and industry developments focusing on forward-looking intelligence in anticipation of market opportunities, market dynamics, quality issues, trade events and sector-specific intelligence on commodities of interest to developing countries. No part of these reports may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without the prior permission of the MI/ITC Geneva. Market Insider information is available free of charge to trade support institutions, enterprises and research institutions in developing and developed countries. Please log on to: http://www.intracen.org/itc/market-insider

@ITCMktInsider Copyright © Market Insider/ITC 2015. All rights reserved

Page 3: Market Insider SPICES MARKET INSIDER - ITC...developed 11,000 saplings through vegetative propagation and planted them in natural habitats. These species are facing the major threat

INDEX

SPICES NEWS AND UPDATES ........................................................................................................ 3 MARKET DYNAMICS ......................................................................................................................... 7 PRICES IN THE MARKET PLACE ..................................................................................................... 8

Spices .............................................................................................................................................. 8 PRICES IN THE MARKET PLACE ................................................................................................... 12

Herbs .............................................................................................................................................12 STATISTICAL INFORMATION AND RELATED RESOURCES ...................................................... 13 EVENTS ............................................................................................................................................ 20

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Spices News and Updates

Conservation efforts for wild nutmeg in India The New Indian Express reports that The Kerala Forest Research Institute (KFRI) has identified five species of wild nutmegs for preservation, which are currently in the red list of the International Union for Conservation of Nature (IUCN), in the Western Ghats. Three of the species are endemic to India, while the two others are widely distributed. The KFRI team, as part of its ‘Conservation through Restoration of Wild Nutmegs’ programme, developed 11,000 saplings through vegetative propagation and planted them in natural habitats. These species are facing the major threat of habitat loss. According to P A Jose, principal investigator of the project, the KFRI team is monitoring growth of the saplings planted in various habitats. He said that nearly 75 per cent of the saplings planted in the first phase had survived, encouraging the team to plant more saplings this year.. According to Jose, another reason for the decline in the species is its heavy exploitation by tribesmen. “They pluck the fruit for collecting the seed arils (an aril that surrounds the nutmeg seed possesses medicinal and economic value). They throw away the seed carelessly, after collecting the aril. These seeds are recalcitrant in nature. As a result, germination will not take place and the species is fast disappearing from even its natural habitats,” he added. Meanwhile, The BBC reports on a new exhibition in Bristol in the west of England, which brings together for display over 200 nutmeg graters dating from the 1690s onwards. The exhibition claims to be the biggest ever collection of the implements gathered in one place.

McCormick forecasts emerging trends in flavours

McCormick & Company, Incorporated (NYSE: MKC) has unveiled its annual “McCormick Flavor Forecast” revealing the trends that will shape culinary exploration and innovation – in home kitchens, at restaurants and on retail shelves – across the globe for years to come. Among the emerging trends is a spotlight on underexplored Southeast Asian fare – Malaysian and Filipino – and the evolution of our insatiable appetite for spicy. Also featured are pulses which serve as a protein-packed canvas for delicious flavours – fitting as the United Nations celebrates 2016 as the International Year of Pulses. "Since its inception in 2000, Flavor Forecast has been tracking the growing interest in heat and identifying upcoming spicy flavours including chipotle, peri-peri and harissa," said McCormick Executive Chef Kevan Vetter. "Our latest report shows the next wave of this trend is complemented by tang. Look for Southeast Asian sambal sauce powered by chilies, rice vinegar and garlic to take kitchens by storm." Emerging Trends and Flavours Identified by a global team of McCormick chefs, food technologists and flavour experts, these trends offer a taste of 2016 and beyond: 1. Heat + Tang – Spicy finds a welcome contrast with tangy accents to elevate the eating experience.

Peruvian chilies like rocoto, ají amarillo and ají panca paired with lime Sambal sauce made with chilies, rice vinegar and garlic

2. Tropical Asian – The vibrant cuisine and distinctive flavors of Malaysia and the Philippines draw attention from adventurous palates seeking bold new tastes.

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Pinoy BBQ, a popular Filipino street food, is flavoured with soy sauce, lemon, garlic, sugar, pepper and banana ketchup

Rendang Curry, a Malaysian spice paste, delivers mild heat made from chilies, lemongrass, garlic, ginger, tamarind, coriander and turmeric

3. Blends with Benefits – Flavourful herbs and spices add everyday versatility to good-for-you ingredients.

Matcha’s slightly bitter notes are balanced by ginger and citrus Chia seed becomes zesty when paired with citrus, chile and garlic Turmeric blended with cocoa, cinnamon and nutmeg offers sweet possibilities Flaxseed enhances savory dishes when combined with Mediterranean herbs

4. Alternative “Pulse” Proteins – Packed with protein and nutrients, pulses are elevated when paired with delicious ingredients.

Pigeon peas, called Toor Dal when split, are traditionally paired with cumin and coconut Cranberry beans, also called borlotti, are perfectly enhanced with sage and Albariño wine Black beluga lentils are uniquely accented with peach and mustard

5. Ancestral Flavors – Modern dishes reconnect with native ingredients to celebrate food that tastes real, pure and satisfying.

Ancient herbs like thyme, peppermint, parsley, lavender and rosemary are rediscovered Amaranth, an ancient grain of the Aztecs, brings a nutty, earthy flavour Mezcal is a smoky Mexican liquor made from the agave plant

6. Culinary-Infused Sips – Three classic culinary techniques provide new tastes and inspiration in the creation of the latest libations.

Pickling combines tart with spice for zesty results Roasting adds richness with a distinctive browned flavour Brûléed ingredients provide depth with a caramelized sugar note

“Flavor Forecast is a catalyst for innovation,” said Vetter. “Around the world this year, we’re launching 56 new consumer products inspired by Flavor Forecast trends, and we’re working with our customers across the food industry – from chain restaurants to beverage and snack producers – to help them do the same.” About Flavor Forecast Since 2000, the annual McCormick® Flavor Forecast® has identified top trends and ingredients driving the future of flavour. Created by a global team of McCormick experts — including chefs, culinary professionals, trend trackers and food technologists — the Flavor Forecast inspires culinary exploration and innovation around the world. Visit www.flavorforecast.com to learn more. About McCormick McCormick & Company, Incorporated is a global leader in flavour. With US$4.2 billion in annual sales, the company manufactures markets and distributes spices, seasoning mixes, condiments and other flavourful products to the entire food industry – retail outlets, food manufacturers and foodservice businesses. For more information, visit www.mccormickcorporation.com.

The importance of packaging innovation at McCormick

Packaging World, the monthly magazine for professionals in packaging equipment, materials and use, report on a visit to McCormick & Co.’s Technical Innovation Center in Hunt Valley, MD. Their report makes it clear that packaging is taken very seriously at this 126-year-old food manufacturer and emphasises the investment in packaging innovation to create incremental value. Read more at: http://www.packworld.com/package-design/structural/mccormick-co-perfecting-art-staying-relevant

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Vanilla flavours introduced by Solvay

Solvay introduced Vanifolia™ and Vanifolia™ Bean Natural Flavor Brands and Broadened Govanil™ Functional Flavor Range at Fi Europe 2015 (Dec1-3). Solvay say that this new product offering addresses growing demand for flavors gained from natural sources GMO-free and is fully compliant with both U.S. and European natural flavor regulations.

Solvay Aroma Performance, a pioneer in vanilla flavors since 1884, introduced two new natural flavor brands at Food Ingredients Europe 2015 (Fi Europe) show: Vanifolia™, a range of global natural flavors that are based on core technology and benefit from Solvay’s infinite experience in the formulation of vanilla flavors; and Vanifolia™ Bean, a new range of vanilla flavors derived from genuine vanilla orchid beans. Solvay exhibited its comprehensive product offering, including a broadened range of Govanil™ functional flavors.

“With this strategic expansion of our established product portfolio, we are taking another big step ahead in the value chain of fully natural flavors in line with ‘natural’ consumer trends and ‘natural’ labeling regulations,” said Jean-Pierre Cuif, Solvay Global Flavors manager. “At the same time, Vanifolia also answers customers’ new needs for more complex flavor formulations tailored for instance, to specific health and wellness product solutions or clean label requirements.”

Vanifolia™ recalls the rich experience of the natural vanilla taste in addition to unique functions offered by our new collections of flavors. At the same time it highlights the continuing innovation of Solvay’s product portfolio in this market, following the successful introduction of Govanil™ functional flavors in 2012. This specific functional vanilla flavors range has been extended and now offers an additional and unparalleled taste experience. New grades have been developed to meet needs in specific markets such as bakery and chocolate.

Complementing the Govanil™ offering, Vanifolia™ provides a new range of global natural flavors based on core expertise and technology. The Solvay products meet the highest food safety standards and are fully compliant with both U.S. and European flavor regulations, including EU directive 1334/2008 and FDA 21CFR101.22 on ‘natural’ labeling. This means that customers will be able to designate Vanifolia™ on food packaging labels as a ‘natural flavor’.

Driven by a significant natural trend, Vanifolia™ provides organoleptic, functional benefits and solutions for key food market segments including bakery, chocolate and confectionery, instant powder drink products and nutritional products. Vitamin-rich and protein-packed nutrition is no longer the sole domain of athletes, but has grown into a large consumer-led market governed by high expectations of health and wellness. Vanifolia™ natural flavors add significant value to these performance products having been designed for masking off-notes while balancing or boosting overall taste. Some similar requirements apply to instant powder drinks, where Vanifolia™ creates a more authentic and pleasant taste experience. In bakery premix formulations, the new natural flavors also help to reduce sugar while ensuring a lasting sweet taste with a unique vanilla note. In chocolates and confectionery, Vanifolia™ has a perfect fit for harmonizing the qualities of cocoa with premium indulgent tastes. Vanifolia™ is available in powder and liquid grades providing optimized processing properties.

The new Vanifolia™ Bean experience combines all the qualities of Vanifolia™ but with the added benefit of a natural flavor based on genuine vanilla bean extract. In Europe, this product range allows ‘natural vanilla flavor’ labeling, addressing growing consumer awareness for clean label safe food ingredients.

Solvay Aroma Performance has more than 130 years of experience in the food industry. “Vanifolia underscores our dedicated vanilla taste focus and expertise, which is a valuable strength that we are proud to share with our customers throughout all product ranges, from vanillin and ethyl vanillin ingredients to functional, natural and true vanilla flavors,” concludes Jean-Pierre Cuif. The product portfolio is backed by a network of Vanil’Expert Centers with flavorists, food technologists and analysts dedicated to supporting Solvay customers around the world in optimizing their vanilla flavor requirements.

Source: Press Release www.solvay.com

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El Nino impact on Guatemalan cardamom crop

In a recent market report, the UK-based flavor and fragrance supplier Treat commented on the situation in Guatemala. The report notes that the drought being caused by El Niño is the worst since 1997 according to a report by Guatemala’s Prensa Libre. Other sources have indicated that the local government is providing aid to around a quarter of a million families dating back to August 2014. The Treatt Market Report expects that the prolonged dry weather will further reduce the 2015/2016 crop in Guatemala. This, coupled with the ongoing pod damage caused by the Thrips disease is expected to result in the crop being around 15% down on last year, which was also a below average year.

The price of seeds did, however, start out lower at the beginning of the harvest period. This was due to exporters trying to force the market lower, but this seems to have been short lived as prices have started rising again. The Indian crop is also said to have been affected by the same weather phenomenon and prices are expected to be on the same upward trend as we are seeing in Guatemala.

Source: Treatt Market Intelligence www.treatt.com

Updates on Indian coriander and fenugreek prospects for 2016

Indian spice manufacturer and exporter Virdhara International reported briefly on the outlook for fenugreek and coriander for 2016. On coriander Virdhara say “Indian Cor iander Seeds are well known worldwide for their best quality in terms of high purity, pungency and taste Coriander Seeds New Crop 2016 sowing in India is mostly completed before 15 days in large acreage comparing to last year and since sowing is going on the accurate sowing figures will be available around 1st week of January 2016

The present weather is favorable to coriander seeds which if remains steady until harvest which will result in bumper yield as well as good quality for coriander seeds Above report is estimation from our view point and looking to the previous year record high prices farmers are motivated to sow coriander seeds.

New Crop of Coriander Seeds is expected to arrive in market around 1st week of March 2016”. On fenugreek Virdhara note “Indian Fenugreek Seeds are well known worldwide for their best quality in terms of high purity, pungency and taste

Fenugreek Seeds New Crop 2016 sowing in India is mostly completed before 15 days in large acreage comparing to last year and since sowing is going on the accurate sowing figures will be available around 1st week of January 2016

The present weather is favorable to fenugreek seeds which if remains steady until harvest which will result in bumper yield as well as good quality for fenugreek seeds Above report is estimation from our view point and looking to the previous year record high prices farmers are motivated to sow fenugreek seeds.

New Crop of Fenugreek Seeds is expected to arrive in market around 1st week of March 2016”

Source: http://www.virdhara.com/blog/

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Market Dynamics Overall a quiet end to the year, with northern hemisphere markets shutting up shop for the seasonal holidays. Across the product board prices eased with the relative strength of the dollar and no supply side factor revealed themselves. Further ahead, the strong El Nino remains a concern for the progress of the 2016 season. Pepper – The “sluggish” tone we reported in December continued to the end of the year. And prices weakened perhaps to try to generate some interest. The IPC have reported producer prices as follows: (Indicative prices as received by growers. Based on information received from regional reporters)

Source: IPC Weekly Prices Bulletin data

Chilies – Bird’s eye remain in short supply with no new crop likely before Q2 2016.

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8 Market Insider

Spices

Prices in the market place Spices

All prices are quoted in US$/Kg

MARKET → USA JAPAN EUROPE

PRODUCT GRADE PRICE GRADE PRICE GRADE PRICE

This Week 2 Month

ago 1 Year

Ago This

Week 2 Month

ago 1 Year

Ago This

Week 2 Month

ago 1 Year Ago

Black Pepper

Spot 550g/l 9.92 10.91 12.12 Sarawak 11.10 10.50 13.00 Sarawak

Mal MG1 Mal MG-1 12.00 12.30 13.00 FAQ 550g/l 9.10 9.50 9.70

FAQ 500g/l 9.70 10.80 11.02 Lampung FAQ 500g/l 8.55 8.90 9.50

Steam treated 550g/l

Brazil

White Pepper

Muntok FAQ spot 14.99 15.65 15.43 Muntok 16.50 16.50 15.50 Muntok FAQ spot 13.25 13.70 14.20

Sarawak 17.00 17.00 17.00 Steam treated Muntok spot

Vietnam Vietnam 13.25 13.70

Aniseed Whole China star

Vietnam Star

Turkish/Syrian 4.63 4.63 4.80 Syrian /Spanish 3.22 2.97 3.40

Caraway Canadian 3.75 3.42 2.50 FAQ

Dutch European 3.11 3.14 2.03

Cardamom Bold 15.32 15.98 16.80 India AGS1 MYQ 7.00 4.15 5.20

Seed 9.70 9.37 India AGS Bold 11.70 12.05

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9 Market Insider

Spices

MARKET → USA JAPAN EUROPE

PRODUCT GRADE PRICE GRADE PRICE GRADE PRICE

This Week 2 Month

ago 1 Year

Ago This

Week 2 Month

ago 1 Year

Ago This

Week 2 Month

ago 1 Year Ago

Cassia

Korintji B 3.00 ML/SVO

2.01 2.03 2.90 China whole 3.70 3.70 3.70 Korintji B Br & Cl 1.72 1.87 2.85

Vera C/W AA 4.01 4.03 5.00 China broken 3.50 3.50 3.50 Vera AA 3.82 3.85

Vietnamese 5ML/SVO

Vietnam QNV 3.80 3.80 3.80

Celery Indian spot 2.43 2.03 1.95 Indian Indian 99%

1.95

Chili Indian S4 3.53 3.20 2.60 Indian Sanna S4 grade

Malawi 3.97 3.97 5.50 Chinese African Bird’s Eye n/q 10.00 5.50

Cinnamon Ceylon H2 11.79 12.02 Sri Lanka C5 SP Sri Lanka c5 cut

Cloves

Sri Lanka hand picked

18.19 19.29 21.00 Madagascar 9.75 10.50 12.20 Comores / Madagascar

9.54 6.85 10.97

Comores/ Mada 11.79 11.79 14.50 Zanzibar n/a 13.00 13.00

Indo stems

Coriander Bulgarian 1.65 1.98 1.85 98% East European 0.87 1.05 1.88

Canadian

Cumin

Turkish 3.26 3.31 2.80 Turkish 98% 2.80

Syrian Syrian 99% 3.11 2.97

Indian Indian Indian 99%

Dill Indian 1.76 1.81 1.77 Indian 99%

Fennel Fancy Egyptian 2.60 2.60 2.55 Egyptian99%

Indian ASTA 2.43 2.43 2.30 Indian Indian 99%

Fenugreek Indian 99% 1.72 1.72 1.33 Indian 99% 1.42 1.38 0.62

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10 Market Insider

Spices

MARKET → USA JAPAN EUROPE

PRODUCT GRADE PRICE GRADE PRICE GRADE PRICE

This Week 2 Month

ago 1 Year

Ago This

Week 2 Month

ago 1 Year

Ago This

Week 2 Month

ago 1 Year Ago

Garlic

Ch. Powder 3.64 3.20 2.60 Flakes n/a n/a 2.00

Ch. Granulated 3.86 3.64 2.80 Powder 2.99 2.42 1.30

Granules 3.76 3.30 2.70

Ginger

Cochin 5.73 5.73 Cochin Cochin

Chinese sliced Chinese sliced Chinese sliced 4.70 4.84 4.60

Chinese peeled 4.12 4.63 5.00 Chinese whole Chinese peeled 4.50 5.12 5.00

Nigerian 3.42 3.53 3.00 Nigerian 2.53 3.20 2.45

Mace Papua broken 25.90 25.90 32.00 Siauw whole 19.00 18.00 22.50 PNG Broken n/a n/a 14.75

Indonesian

Mustard

No 1 Yellow Canadian

1.74 1.74 1.57 Canada Yellow 0.74 0.79 1.26

Brown oriental 1.54 1.54 1.55 Canada Brown 1.08 1.08 1.21

Nutmeg

E.I. ABCDs 15.98 18.08 20.39 Indo 110's 16.00 14.00 19.50 Indonesian SS 11.75 11.75 13.50

E.I. SS 14.11 WI 110's

EI ABCDs 12.75 12.25 13.75

Onion Egypt pow Powder 2.29 2.40 2.38

India pow Flakes 3.03

Paprika

Spanish 120 ASTA

3.55 4.63

Spanish visual Spanish 80 ASTA

Hungarian 7.17 7.17 6.80 Hungarian 100 ASTA

Peru ASTA 3.39 3.39 3.40 Peru HT90 ASTA

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11 Market Insider

Spices

MARKET → USA JAPAN EUROPE

PRODUCT GRADE PRICE GRADE PRICE GRADE PRICE

This Week 2 Month

ago 1 Year

Ago This

Week 2 Month

ago 1 Year

Ago This

Week 2 Month

ago 1 Year Ago

Pimento Mex/Guatemala 4.63 4.63 4.00 Mexican 5.00 5.25 5.25 Mexico 3.38 3.41 4.00

Jamaica 12.89 12.89 Jamaica Jamaica 10.74 10.84

Poppy Dutch Turkish

2.38

2.54

2.80 Dutch 2.34 2.37 3.03

Sesame

Indian Natural Indian natural 1.36

Indian hulled 1.89 2.32 2.58 Indian Hulled 1.89 2.25

Turmeric

Alleppey 5% curcumin

3.31 3.31 3.53 Madras fingers 2.80 2.20 1.90 Madras fingers

Powder 2.32 Alleppey fingers Powder 1.91 1.63

Vanilla!

Bourbon 90-150 70-100 53.00 Extract/ Gourmet 90-150 70-100 45.0/ 55.0 1 Vanilla – the prices given here are indicative of the value of bulk sales at origin. Selling prices within Europe are substantially higher as they reflect much smaller quantities that may be specially packaged.

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Prices in the market place Herbs

All prices are quoted in US $/Kg

USA EUROPE

PRODUCT GRADE PRICE GRADE PRICE

This Week

2 Month Ago

1Year Ago

This Week

2 Month Ago

1Year Ago

Basil

Egyptian FAQ 2.51 2.65 3.09 Egypt 3.38 3.41 3.25

Egyptian Extra Fancy Egypt fines

Bay leaves

Turkish Fancy FAQ HPS

6.43

6.77 10.84

Turkish semi select 4.29 3.73 3.86 Turkish

semi-select 9.76 11.09

Chervil German 8.12 8.20 8.79

Dill weed

Egyptian 4.08 4.08 4.07 Cut 8.56 8.64 2.60

Californian

Marjoram Egypt Fancy 3.53 3.53 3.86 Egypt 4.09 4.13 4.66

Mint

Spearmint 4.12 4.12 6.50 Egyptian 3.71 3.74 4.13

Oregano Turkish30#

FAQ 2.64 3.31 3.31 Turkish 3.76 3.91 4.54

Parsley

Israeli 7.01 7.00 7.00 European

2mm 5.40 5.45 6.02

USA 8.16 8.16 8.16

Rosemary Morocco 2.09 2.09 2.09 Morocco

Spanish Spanish 2.07 2.26 2.30

Saffron Spanish 2,535 2,315 2,315 Iranian 2,965 2,500 2,300

Sage Albanian 4.08 4.08 4.30 Turkish 5.18 5.12 5.49

Savoury Albanian 3.30 3.30 3.30 German 4.14 4.18 4.07

Tarragon Spanish 24.14 24.14 27.56 French 19.35 19.53 20.95

Thyme Spanish 4.08 4.08 4.08 Spanish 2.94 3.14 3.36

Moroccan 3.85 Moroccan

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Statistical information and related resources All statistics sourced UN COMTRADE (http://comtrade.un.org/ )

Top exporters of spices

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NB: Data from vietnam missing

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NB: Data from Iran and syria missing

NB: Includes fresh and dried ginger

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Events

Event Start Date End Date Country City URL

Food Ingredients Europe 01/12/2015 03/12/2015 France Paris http://www.figlobal.com/fieurope

International Spice Conference1 21/01/2016 24/01/2016 India Goa http://www.internationalspiceconference.com/

BioFach 10/02/2016 12/02/2016 Germany Nuremberg http://www.biofach.de/

Gulfood 2016 21/02/2016 25/02/2015 UAE Dubai http://www.gulfood.com/

World Spice Congress 27/02/2016 29/02/2015 India Ahmedabad http://www.worldspicecongress.com/

Ingredients Russia 01/03/2016 04/03/2016 Russia Moscow http://www.ingred.ru/

ASTA Annual Meeting 10/04/2016 13/04/2013 USA Scottsdale http://www.astaspice.org/

Natural & Organic Products Europe 17/04/2016 18/04/2016 England London http://www.naturalproducts.co.uk/

International Symposium on Advances in Lamiaceae Science

22/04/2016 25/04/2016 Turkey Antalya http://www.lamiaceae2016.org/

Alimentaria Barcelona 25/04/2016 28/04/2016 Spain Barcelona http://www.feriasalimentarias.com/main/oblea.asp?id_feria=78

SIAL China 05/05/2016 07/05/2016 China Shanghai http://www.sialchina.com/

Food Ingredients Vietnam 18/05/2016 20/05/2016 Vietnam Saigon http://www.figlobal.com/vietnam/home

Int'l Food Ingredients & Additives Exhibition and Conference

18/05/2016 20/05/2016 Japan Tokyo http://www.ifiajapan.com/2016/jp/index.html

Afro Food Exhibition 26/05/2016 29/05/2016 Egypt Cairo http://afrofood.net/industry/

Free From Food Expo 09/06/2013 10/06/2016 Netherlands Amsterdam http://www.freefromfoodexpo.com/

Food Ingredients India 22/08/2016 24/08/2016 India New Delhi http://www.figlobal.com/india/home/

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21 Market News Service

Spices


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