Pepper prices today simultaneously increased by 1,000 - 1,500 VND/kg in key localities, fluctuating between 141,500 - 143,500 VND/kg. Around the world, pepper prices in Indonesia and Brazil also rebounded. Vietnam's 2025 crop is forecast to continue to see output decrease by 10% to 15%.
Domestic pepper prices
The survey shows that pepper prices today fluctuate between 141,500 - 143,500 VND/kg in key provinces and cities, an increase of 1,000 - 1,500 VND/kg compared to yesterday.
Specifically, traders in Dak Lak and Dak Nong provinces are purchasing pepper at the highest price of 143,500 VND/kg, an increase of 1,500 VND/kg and 1,300 VND/kg respectively.
In Gia Lai, pepper prices were adjusted to increase by 1,000 VND/kg to 142,500 VND/kg.
In the Southeast region, pepper prices in Binh Phuoc increased by 1,000 VND/kg, to 142,000 VND/kg.
In Ba Ria - Vung Tau and Dong Nai provinces, the same pepper price was purchased at 141,500 VND/kg, an increase of 1,500 VND/kg.
Currently, the whole country has more than 115,000 hectares of pepper and spice plants, mostly concentrated in the South Central Coast - Central Highlands region with more than 75,300 hectares; The remainder are in the Southern and Northern regions.
Vietnam is a large exporting country, accounting for about 11% of the global pepper and spice market share (by 2023). In the first 10 months of 2024, Vietnam's export output of this product has reached 219,000 tons. Pepper, cinnamon, and star anise products are exported effectively in very potential markets such as the United States, EU, China, India, Middle East...
In the coming time, it is expected that the country's pepper and spice area may decrease to 110,000 hectares. The main reason is due to weather, pests and the sharp increase in prices of many other agricultural products.
World pepper prices
According to an update from the International Pepper Association (IPC), at the end of the most recent trading session, the price of Lampung Indonesian black pepper was listed at 6,624 USD/ton, an increase of 0.42% compared to the recent trading session.
Updated world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, the market was basically stable compared to the previous update, only the Brazilian and Indonesian markets increased slightly.
Specifically, IPC listed the price of Lampung black pepper from Indonesia at 6,624 USD/ton; increased by 0.42%; Muntok white pepper price was at 9,131 USD/ton, up 0.33%.
Brazilian ASTA 570 black pepper price was at 6,150 USD/ton, an increase of 1.63%. Malaysia's ASTA black pepper price is at 8,400 USD/ton; The price of ASTA white pepper in this country reached 10,500 USD/ton.
In particular, the price of Vietnamese black pepper is stable at 6,200 USD/ton with 500 g/l type, 550 g/l type remaining at 6,500 USD/ton; White pepper price was at 9,400 USD/ton, unchanged.
In a recent report, Ptexim cited data from the Vietnam Pepper and Spice Association saying that in the first 15 days of November 2024, Vietnam exported 8,082 tons of pepper, with a total turnover of 55,000 tons. 4 million USD. Among them, the largest export market for Vietnamese pepper is still the US, reaching 2,362 tons, accounting for 29.2% of the market share.
According to Ptexim's expectations, in November, Vietnam will export about 16,000 to 18,000 tons, bringing the total export volume in the first 11 months of 2024 to 235,000 to 237,000 tons. This is an extremely impressive export volume, especially in the context that most experts predict that output and inventory of the 2024 crop will decrease significantly compared to the past 5 years.
The 2025 crop is forecast to continue to see output decline by 10% to 15%, and the late harvest in February/March will also put pressure on market supply in the first quarter of 2025, when Vietnam Nam enters the long Tet holiday at the end of January.
Previously, Ptexim said demand from major markets was still weak and the ongoing coffee harvest season attracted investors' attention and capital, which could cause cash flow to withdraw from pepper.
However, pepper inventories have decreased sharply, with current stocks mainly held by a small number of agents and import-export companies. Therefore, upcoming market trends may see significant fluctuations, especially when inventories are low and there are signs that the upcoming crop will decrease.
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