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Converting Natural Gas; Global Spice Trade; and the Future of Battery-electric Vehicles

S&P Global · last updated

 

The global spice trade has transformed remarkably over the past decade, showcasing an impressive growth trajectory that is likely to continue. The spice industry’s trade volume increased 259% between 2012 and 2024 and is poised for further growth from 2025 to 2035. We explored the key dynamics of the spice trade, highlighting major players, trends and projections.

 

The spice trade is primarily characterized by its key exporters and importers, with India and China collectively accounting for 50% of global spice exports in 2024. While India excels in exporting a range of spices, including genus Capsicum (peppers) and turmeric, China dominates in ginger. The US is the largest importer, with a focus on ginger and the pepper genera of Capsicum, Pimenta and Piper, reflecting its significant role in the global spice market. 

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