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SPICES MARKET INSIDER
Market News Service
Spices
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INDEX
SPICES NEWS AND UPDATES ........................................................................................................ 3 MARKET DYNAMICS ......................................................................................................................... 7 PRICES IN THE MARKET PLACE ..................................................................................................... 9
Spices .............................................................................................................................................. 9 PRICES IN THE MARKET PLACE ................................................................................................... 13
Herbs .............................................................................................................................................13 STATISTICAL INFORMATION AND RELATED RESOURCES ...................................................... 14 EVENTS ............................................................................................................................................ 16
3
Spices News and Updates A round-up of news items in September 2016
Chili – Prices remain weak, and the progress of the monsoon, the availability of water and
the impact of pest and disease will be the principal drivers in the market.
Turmeric –Demand picking up as India moves into the festival season, and, with low carry
over, the market is predicted to be firm for the time being. Further ahead, better sowing
estimates and favourable climate will likely limit the upside.
Black pepper – Good growing conditions are reported to continue, and should result in firm
supply to the markets for the next crop.
Vanilla market continues in turmoil
The first reports of the Madagascar crop are that quality will remain very poor, resulting in
extreme shortage of good quality vanilla, forcing prices still higher. No respite is forseen
in the short term.
4
Symrise sustainability
Symrise acheives notable sustainability
- Sustainability rating agency EcoVadis awards Symrise gold status for its corporate social
responsibility
- Systematic valuation of sustainability with regard to the environment, social aspects,
ethics and sourcing management
- Reference portal for strategically important customers and partners
For the second time running, EcoVadis has awarded the fragrance and flavoring
manufacturer Symrise gold status for its responsible corporate business practices. In terms
of ecological, social and ethical sustainability, the German company is among the top 2.79
percent of the manufacturers of chemical basic materials evaluated by EcoVadis. Symrise
thus supplies strategic key customers with all important data regarding sustainability in the
supply chain at a glance.
EcoVadis analyzes and rates the corporate social responsibility (CSR) of companies
according to 21 criteria in the areas of the environment, social aspects, ethics and
sustainability in the supply chain. The aim is to make it easier to integrate sustainability
criteria into business relationships. That would allow companies to determine quickly
whether their suppliers fulfill their own sustainability standards. Key companies in the
consumer goods industry in particular use the EcoVadis online portal to evaluate suppliers
in this regard. More than 10,000 suppliers are now registered there.
5
“The CSR rating by EcoVadis allows us to transparently present our sustainability
achievements to current and new customers and thus to establish ourselves as preferred
partners,” Dr. Helmut Frieden, Vice President Corporate Sustainability at Symrise,
explained. “This method shines a light on all relevant sustainability criteria in a
standardized and goal-oriented manner.”
Making CSR comparable
EcoVadis analysts first compare the services of the company in the four sub-areas of the
environment, social aspects, ethics and sustainability in the supply chain. The results are
shown for each sub-area using an index value between 0 and 100 points. These sub-results
are then weighted based on the industry and the size of the company to determine the
overall CSR rating. For major manufacturers of chemical raw materials, the key areas are
social aspects, which include working conditions, and environmental protection. The
companies in this industry that were evaluated received an average of 43 of 100 possible
points.
Top marks for Symrise
Symrise achieved a rating far above the industry average for its corporate social
responsibility with 68 points. This puts the company into the top 2.79 percent of
manufacturers of chemical raw materials evaluated by EcoVadis. In the sub-area of the
environment Symrise is even in the top two percent with 80 points, and in terms of
sustainability in the supply chain the company is in the leading 0.7 percent.
“We are very happy with our excellent results,” says Frieden. “On the one hand, it is
encouraging recognition from outside the company for our efforts to become more
6
sustainable. On the other hand, it is also important for the success of the company since
strategically significant customers require a CSR rating of at least 65 points in order to do
business together.”
About Symrise
Symrise is a global supplier of fragrances, flavorings, cosmetic active ingredients and raw
materials, as well as functional ingredients. Its clients include manufacturers of perfumes,
cosmetics, food and beverages, the pharmaceutical industry and producers of nutritional
supplements and pet food. Its sales of more than € 2.6 billion in the 2015 fiscal year make
Symrise a leading global provider in the flavors and fragrances market. Headquartered in
Holzminden, Germany, the Group is represented in over 40 countries in Europe, Africa, the
Middle East, Asia, the United States and Latin America. Symrise works with its clients to
develop new ideas and market-ready concepts for products that form an indispensable part
of everyday life. Economic success and corporate responsibility are inextricably linked as
part of this process. Symrise thus takes sustainability into account in every part of its
corporate strategy. The company was awarded the German Sustainability Award in 2012.
In 2013, Symrise was certified as a “Green Company” by DQS.
Source: Symrise
7
Market Dynamics A general weakness in spice prices is continuing, with supplies continuing strong, and able to meet
demand.
Pepper – Prices in the destination markets weakened with slack demand.
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 – reports from India say good arrivals of current crop continue with a good outlook for new
plantings.
Cloves, coriander, cumin, pimento, turmeric – Prices continuing weak
Garlic – Prices continue to be strong in all markets, with USA leading the way, but Europe
following.
Ginger – No change.
8
Vanilla – Prices still at super high levels, with the trade expecting further increases towards the end
of the year. Everyone knows that this cannot continue, and at some stage prices will choke off
demand and a price crash will follow – but the question is, when will this happen?
9 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 8.55 11.50 11.50 Sarawak 8.86 9.50 10.80 Sarawak
Mal MG1 Mal MG-1 12.80 12.90 12.30 FAQ 550g/l 8.75 9.75 10.60
FAQ 500g/l 8.36 10.50 10.69 Lampung FAQ 500g/l 8.45 8.80 10.00
Steam treated 550g/l
Brazil
White Pepper
Muntok FAQ spot 13.75 15.65 Muntok 12.10 14.30 16.50 Muntok FAQ spot 12.40 13.50 14.80
Sarawak 13.05 14.50 17.00 Steam treated Muntok spot
Vietnam 12.10 Vietnam 11.90 12.45 14.80
Aniseed Spanish 4.35
Vietnam Star
Turkish/Syrian 4.37 4.63 Syrian /Spanish 3.08 3.27 3.33
Caraway Canadian 3.64 3.20 FAQ
Dutch 2.87 European 2.75 3.33 2.88
Cardamom Bold 15.30 15.00 15.98 India AGS1 MYQ 4.72 5.20
Seed 9.40 8.0 9.37 India AGS Bold 12.00 10.16
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
Cassia
Korintji B 3.00 ML/SVO
2.50 n/a 2.03 China whole 3.70 3.70 3.70 Korintji B Br & Cl 2.20 2.37 1.92
Vera C/W AA 4.90 n/a 4.08 China broken 3.50 3.50 3.50 Vera AA 3.90 n/a
Vietnamese 5ML/SVO
Vietnam QNV 3.80 3.80 3.80
Celery Indian spot 2.10 2.34 2.03 Indian Indian 99% n/q n/q
Chili Indian S4 3.86 3.04 Indian Sanna S4 grade
Malawi 3.90 n/a 3.97 Chinese African Bird’s Eye 11.25 11.25 10.00
Cinnamon Ceylon c5 14.45 n/a 12.02 Sri Lanka C5 SP Sri Lanka c5 cut n/q n/q
Cloves
Sri Lanka hand picked
19.29 19.29 Madagascar 9.00 10.00 10.50 Comores / Madagascar
9.13 9.32 9.83
Comores/ Mada 10.30 11.79 11.79 Zanzibar 13.00
Indo stems
Coriander Bulgarian 1.27 1.00 1.98 98% East European 0.85 0.94 1.30
Canadian
Cumin
Turkish 3.05 3.42 Iranian 99%
Syrian Syrian 99% 3.10
Indian 3.62 Indian Indian 99% 3.15 3.05
Dill Indian 2.83 1.98 1.81 Indian 99% n/q n/q
Fennel Fancy Egyptian 2.60 2.54 2.54 Egyptian99%
Indian ASTA 2.09 2.09 2.32 Indian Indian 99% 1.83 1.83
Fenugreek Indian 99% 1.65 1.54 1.72 Indian 99% 0.95 0.94 1.41
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
Garlic
Ch. Powder 8.60 4.71 3.20 Flakes 9.50 4.50 n/a
Ch. Granulated 10.40 5.64 3.62 Powder 7.00 4.38 2.66
Granules 8.40 5.97 3.33
Ginger
Cochin 5.25 n/a 5.73 Cochin Cochin n/q n/q
Chinese sliced 3.40 Chinese sliced Chinese sliced 2.90 3.27 4.80
Chinese peeled 3.53 4.00 4.74 Chinese whole Chinese peeled 3.30 3.89 5.20
Nigerian 3.60 3.00 3.53 Nigerian 2.75 2.80 3.03
Mace Papua broken 25.90 15.50 25.90 Siauw whole 19.50 19.50 18.00 PNG Broken 14.00 n/a n/a
W Indian 12.50 12.50
Mustard
No 1 Yellow Canadian
1.70 1.80 1.74 Ukraine Yellow 0.76 0.78 0.79
Brown oriental 1.50 1.60 1.54 Ukraine Brown 0.86 0.83 0.83
Nutmeg
E.I. ABCDs 15.98 13.50 18.08 Indo 110's 17.00 17.00 15.50 Indonesian SS 11.14 12.38 n/a
E.I. SS 14.11 13.20 WI 110's 10.00
EI ABCDs 12.04 12.50 12.71
Onion Egypt pow Powder 1.62 1.70 2.46
India pow Flakes 1.79 1.78
Paprika
Spanish 120 ASTA
3.51 4.37 4.63 Chinese 100ASTA 1.74 1.83
Spanish visual Spanish 80 ASTA n/q n/q
Hungarian 7.17 7.05 7.17 Hungarian 100 ASTA
n/q n/q
Peru ASTA 2.87 4.30 3.39 Peru HT90 ASTA n/q n/q
12 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 4.65 4.00 4.63 Mexican 4.50 5.00 5.25 Mexico 3.30 3.00 3.90
Jamaica 12.90 10.00 12.89 Jamaica Jamaica 8.50 8.80 n/a
Poppy Turkish 1.85 2.90
2.54 Dutch 1.85 2.16 2.25
Sesame
Indian Natural 1.66 1.60 Indian natural 1.60 1.50
Indian hulled 1.90 1.80 2.32 Indian Hulled 1.74 1.67 2.01
Turmeric
Alleppey 5% curcumin
3.42 n/a 3.31 Madras fingers 2.80 2.80 2.20 Madras fingers n/q n/q
Powder 2.00 2.00 Alleppey fingers Powder 1.78 2.00 1.70
Vanilla!
Bourbon 400-500? 200-360 70-100 Extract/ Gourmet 400-500? 200-360 70-100 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.
13
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 2.55 2.70 2.65 Egypt 3.50 3.27 3.33
Egyptian Extra Fancy Egypt fines
Bay leaves
Turkish Fancy/HPS 7.50 FAQ HPS
5.76 11.50
6.83 10.66
5.42 11.13
Turkish semi select 4.27 4.00 3.73 Turkish
semi-select
Chervil 8.50 German 9.30 8.38 8.42
Dill weed
Egyptian 4.06 4.96 4.08 German 9.40 8.71 8.20
Californian
Marjoram Egypt Fancy 2.75 3.55 3.53 Egypt 3.96 3.66 4.24
Mint
Spearmint 5.07 4.30 4.12 Egyptian 4.08 3.66 3.95
Oregano Turkish30#
FAQ 4.85 2.65
4.30 3.31 Turkish 4.86 3.94 4.01
Parsley
Israeli 6.70 5.50 7.00 European
2mm 5.90 5.49 5.60
USA 8.16 n/a 8.16
Rosemary Morocco 2.09 2.30 2.09 Morocco
Spanish Spanish 2.52 2.16 2.32
Saffron Spanish 2,315 Iranian 3,250 3,250 2,500
Sage Albanian 4.08 4.10 4.08 Turkish 6.36 5.88 5.25
Savoury Albanian 4.17 3.28 3.30 German 4.32 4.00 4.29
Tarragon Spanish 24.15 31.86 4.08 French 21.45 19.70 20.06
Thyme
Spanish 3.64 4.00 4.08 Spanish 3.22
Moroccan
Moroccan 3.42 3.16
14
Statistical information and related resources
A review of recent export and import statistics up to 2013 for cloves is given below.
The major import markets for cloves are shown below. Caution is needed in the analysis of
import totals due to differences in market characteristics. Singapore and UAE are primarily
entrepot centers, importing and re-exporting product to supply regional (in the case of UAE) and
global markets. Import volumes to Singapore vary widely in the range 5,000 to over 15,000
tonnes depending on the level of supply made to Indonesia. Indonesia imports product to
supplement its very substantial domestic production (estimated in the range 70-90,000 tonnes) but
import totals vary dramatically depending on the size of the domestic crop, and Indonesia also
makes significant exports, generally in the range 5,000 tonnes, but occasionally in the range 10-
15,000 tonnes. Indonesia imports some of its clove demand direct from production origins, but in
15
many years the bulk of supply is sourced from Singapore. UAE typically imports in the range 3-
4,000 tonnes.
India is the largest destination (consumption) import market, importing cloves direct from the
production origins, typically in the range 10-15,000 tonnes, to supplement its domestic
production. The only other significant volume markets are Vietnam, Pakistan, USA and the EU,
with imports typically in the range 1-3,000 tonnes. There are a diverse range of small markets,
but these are almost wholly supplied from the main entrepot centers of Singapore or UAE.
It is important to note that for cloves, the principal Western markets of the US and EU are not the
principal volume markets for the international trade in cloves. They only account for around
3,500 tonnes out of a total trade of around 35,000 tonnes –10% of the total trade.
16
Events
Event Start Date End Date Country City URL
Speciality & Fine Food Fair 04/09/2016 06/092016 UK London http://www.specialityandfinefoodfairs.co.uk/
Food Ingredients Asia 21/09/2016 23/09/2016 Indonesia Jakarta http://www.figlobal.com/asia-indonesia/
SIAL 16/10/2016 20/10/2016 France Paris https://www.sialparis.com/
International Spice Conference 12/02/2017 14/02/2017 India Kovalam http://www.internationalspiceconference.com/
IFE 19/03/2017 22/03/2017 UK London http://www.ife.co.uk/
ASTA Annual Meeting 23/04/2017 26/04/2017 USA Austin TX http://www.astaspice.org/
17 Market News Service
Spices