1-Vietnam Aims To Achieve 3 Billion USD In Spice Exports

1. Vietnam Aims To Achieve 3 Billion USD In Spice Exports Vietnam Aims To Achieve 3 Billion USD In Spice Exports Mr. Nguyen Nhu Tiep, Director of the Department of Quality, Processing, and Market Development (Ministry of Agriculture and Rural Development), expressed that Vietnam holds substantial potential in cultivating a range of spices, encompassing cinnamon, nutmeg, and other unique herbs utilized in Asian cuisine. In addition to core markets, targeting areas with substantial Asian communities represents a new approach, offering potential consumer bases for enjoying tropical specialty products and flavorings. Numerous of Vietnam's condiment products have established themselves in the global market. Vietnam maintains roughly 171,000 hectares of cinnamon plantations, accounting for approximately 17% of the global cinnamon acreage. Globally, Vietnam stands third in cinnamon production and exports, with a total yield of 46,000 tons, trailing only Indonesia and China. For nutmeg, Vietnam ranks second worldwide, after China, producing an estimated 20,000 tons annually across roughly 55,000 hectares. Currently, Vietnamese cinnamon and nutmeg enjoy widespread consumption in diverse regions, including South Asia (such as India and Bangladesh), the Middle East (UAE and Pakistan), East Asia (Japan, Taiwan - China, South Korea), the United States, and European Union member states. This results from growing demand for raw materials in the food, cosmetics, and pharmaceutical industries. Mr. Nguyen Ngoc Bach, a representative of the Department of Quality, Processing, and Market Development, contends that evolving consumer preferences toward secure and sustainable products that align with global spice market trends influence Vietnam's production. Consumer behavior now gravitates toward sustainability, ensuring source traceability, crafting value-added products, meeting market quality standards, and ultimately incorporating digital platforms and technology into supply chains and value chains.

2. Furthermore, spice products must meet the criteria for managing pesticide residues, ensuring quality and safety. Therefore, transitioning to sustainable agricultural practices and guaranteeing clear source traceability is imperative to foster a sustainable and globally competitive spice industry. Owing to shifting consumer outlooks, preferences, and a desire for a healthier, immunity-boosting, and eco-conscious lifestyle, products featuring cinnamon, nutmeg, and medicinal herbs gain traction and expand their export markets. Mr. Tran Van Cong, Vietnam's Agricultural Counselor to the European Union (EU), reveals that Europe ranks among the world's leading importers of spices and seasonings, constituting around 25% of total imports. In 2021, spice and seasoning imports reached approximately 2.83 billion euros. Developing countries contributed about 1.8 billion euros, equivalent to 60% of Europe's imports during the 2019- 2021 period, marked by an annual increase of 9%. Mr. Cong highlights that EU consumers are increasingly drawn to sustainably sourced spices, novel origins, and the health benefits of spices in global cuisine. The utilization of spices and seasonings in international cuisine is a prevailing trend in the European Union. Nonetheless, exporting to this market necessitates compliance with various requirements, including rigorous control of hazardous substances, allergenic compounds, pesticide residues, heat treatment, phytosanitary inspections, food safety certifications, and transparent supply chains. Mr. Pham Quang Huy, the Agricultural Counselor of Vietnam to the United States, notes that the post- Covid-19 surge in consumer focus on immunity and health protection has led to heightened demand for Vietnamese spices in another pivotal market. Mr. Huy emphasizes the necessity of diversifying spice products for the culinary, cosmetic, and pharmaceutical industries to boost Vietnam's market share in this sector and establish Vietnam as a preferred destination within the global spice supply chain. In the culinary realm, enhancing the recognition of diverse seasonings by pairing them with popular dishes like pho and nem can elevate their appeal in this extensive market. Mr. Huy underscores that spice plants not only offer economic value but also provide valuable, native genetic resources that contribute to poverty reduction, biodiversity preservation in the forest understory, and aid in mitigating environmental pollution in the US market. These factors are instrumental for businesses to promote Vietnamese spice products in alignment with the green consumption trend, environmental conservation, and emission reduction within the US market. Vietnam serves as a primary spice producer and exporter on a global scale, with exports accounting for roughly 11% of the global market share in 2022. Vietnam aims to become a sustainable exporter of diverse spices by 2023, with industry-wide exports surpassing USD 2 billion in the coming three years If you are a spice importer wishing to buy spices in bulk or a spices exporter willing to export bulk spices, then Tradologie.com is the right platform for you. Tradologie.com is a transaction oriented platform that facilitates bulk agro-commodities trade completely from enquiry-to-delivery in a digital manner. The best quality and inspected commodities can be procured at prices which can be directly negotiated with the sellers, thereby giving more margins for both sellers and buyers along with the end consumers, reducing the overall cost of trade. This

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