Pepper price today November 4, 2024: Sharp decrease of more than 4,000 VND/kg last week
Pepper price today November 4, 2024 is around 140,000 - 141,000 VND/kg, compared to last week, pepper price decreased sharply from 4,000 to 4,500 VND/kg.
Domestic pepper price on November 4, 2024
Specifically, Dak Lak pepper price was purchased at 141,000 VND/kg, down sharply by 4,500 VND/kg compared to last week. Chu Se pepper price (Gia Lai) was purchased at 140,000 VND/kg, down sharply by 4,000 VND/kg compared to last week. Dak Nong pepper price today was recorded at 141,200 VND/kg.
In the Southeast region, pepper prices today decreased sharply by 4,000 VND/kg compared to last week. Specifically, in Ba Ria - Vung Tau, it is currently at 141,000 VND/kg, a sharp decrease of 4,000 VND/kg compared to last week; in Binh Phuoc, pepper prices today are at 140,000 VND/kg.
| Province/district (survey area) | Purchase price (Unit: VND/kg) | Change from last week (Unit: VND/kg) |
| Dak Lak | 141,000 | -4,500 |
| Gia Lai | 140,000 | -4,000 |
| Dak Nong | 141,000 | -4,500 |
| Ba Ria - Vung Tau | 141,000 | -4,000 |
| Binh Phuoc | 140,000 | -4,000 |
| Dong Nai | 141,000 | -4,000 |
The global pepper market is currently worth $5.43 billion and is forecast to grow by more than 20% from 2024 to 2032. The Vietnam Pepper Association (VPA) estimates that Vietnam's pepper output in the 2023-2024 crop will increase by 5% to 225,000 tons. According to the Vietnam Pepper and Spices Association, pepper is entering a new price increase cycle, lasting 10-15 years, with prices likely to reach VND350,000-400,000/kg.
In the long term, pepper prices will be supported by reduced supply, especially as the 2025 crop will be harvested later due to drought. This will make supply more difficult, creating conditions for prices to increase.
In the next 3-5 years, the global pepper supply is forecast to be in short supply. The Vietnamese pepper industry needs to focus on improving quality, diversifying markets and meeting the demand for clean, organic pepper in developed markets such as the EU and North America.
World pepper price today
Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,683 USD/ton (down 0.61%), and the price of Muntok white pepper at 9,150 USD/ton (down 0.60%).
The price of Brazilian ASTA 570 black pepper was at USD 6,400/ton. The price of Malaysian ASTA black pepper remained stable at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 11,000/ton.
Vietnamese black pepper prices today are stable at a high level, trading at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper prices at 9,500 USD/ton.
In the first 10 months of 2024, pepper was the agricultural product with the strongest growth in export turnover, reaching 1.12 billion USD, up 48% over the same period last year, according to a report from the Ministry of Agriculture and Rural Development. This marks the first time in 6 years that the pepper industry has surpassed the 1 billion USD mark in a short period of only 10 months.
The main reason for this impressive growth is the high pepper price as global supply decreases, while demand recovers strongly in major markets such as the US and the European Union (EU).
According to data from the European Statistical Office (Eurostat), in the first 8 months of 2024, the EU imported 44,870 tons of pepper from non-EU markets with a value of nearly 216 million EUR, up 33.3% in volume and 49.5% in value over the same period last year. Of which, Vietnam is the largest supplier to the EU with an import volume of more than 29,736 tons, worth 138.3 million EUR, up 41.8% in volume and 66.5% in value.
