Pepper price today January 5, 2025: Strong increase, continue to set new peak?
Today's domestic pepper price on January 5 is at 148,000 - 150,000 VND/kg. Sharp increase in localities compared to yesterday. Pepper price on January 6 is forecast to continue the upward trend, supporting the Vietnamese pepper industry in the context of many challenges.
Domestic pepper prices today
The highest pepper purchase price in key pepper growing areas (Dak Lak, Lam Dong, Gia Lai, Dak Nong, Ba Ria - Vung Tau, Binh Phuoc) was recorded at 150,000 VND/kg.
Specifically, in Dak Nong province, pepper price is at 150,000 VND/kg. An increase of 500 VND/kg compared to yesterday.
In Gia Lai, pepper price is 148,000 VND/kg. Increased 500 VND/kg compared to yesterday.
In Dak Lak, pepper price is 149,000 VND/kg. Increased 1,000 VND/kg compared to yesterday.
In Binh Phuoc and Dong Nai, pepper price today is at 148,000 VND/kg. An increase of 1,000 VND/kg compared to yesterday.
In Ba Ria - Vung Tau, pepper price today is at 149,000 VND/kg. Same as yesterday.
Thus, pepper prices today fluctuate in many key provinces, in the domestic market, currently the lowest price is 148,000 VND/kg.
In 2024, despite the fluctuations in the world economy, businesses will be affected by logistics costs, price fluctuations and competition from other producing countries. However, the Vietnamese pepper and spice industry will still achieve impressive growth. In particular, the pepper industry will return to the billion-dollar export group after many years of stagnation.
With the results achieved in 2024, Vietnam continues to affirm its position as the world's leading pepper exporter.
However, to maintain this position, improving quality and adding value to products is key.
Experts say that the Vietnamese pepper industry is currently facing many challenges, including adverse weather, high production costs and diseases, while the pepper growing area is decreasing due to the change in crop structure. However, with low inventories and forecasts that the 2025 harvest may be delayed due to prolonged drought, pepper prices are expected to increase in the coming time.
Based on the current situation, pepper prices tomorrow, January 6, 2025, are forecast to continue to increase in major localities, especially in areas with high purchasing demand such as Dak Nong, Ba Ria - Vung Tau, and Dak Lak. The increase may range from 500 - 1,500 VND/kg depending on the region, helping domestic pepper prices maintain their competitiveness in the international market.
World pepper prices today
In the world market, based on quotes from export enterprises and export prices in various countries, the International Pepper Association (IPC) updated the prices of all types of pepper traded in the international market on January 5 (local time) as follows:
Indonesia's Lampung black pepper price remained unchanged from yesterday at USD 6,832/ton (up 0.12%). Meanwhile, Muntok white pepper price remained unchanged from yesterday at USD 8,940/ton (up 0.12%).
Brazilian black pepper ASTA 570 price remained unchanged from yesterday at USD 6,325/ton.
Malaysia’s ASTA black pepper price remained unchanged from yesterday at $8,500/ton. Meanwhile, the country’s ASTA white pepper price also remained unchanged from yesterday at $10,700/ton.
Prices of all types of Vietnamese pepper remained unchanged compared to yesterday. Of which, the price of Vietnamese black pepper 500 gr/l reached 6,400 USD/ton; 550 gr/l reached 6,700 USD/ton.
Similarly, Vietnam's white pepper price remained unchanged from yesterday at 9,600 USD/ton.
Global pepper prices remain high due to reduced supply and increased demand. In the US, black pepper prices peaked at $8,693 per tonne in June 2024. Global pepper production in 2024 is estimated at 533,000 tonnes, down 10,000 tonnes from the previous year.
Vietnam recorded a drop in output to 170,000 tonnes, but is expected to recover to 200,000 tonnes by 2025. Meanwhile, India will face a 25-30% drop in output by 2025 due to adverse weather impacts.
Major consumer markets such as China, the US and the EU are expected to continue to increase imports next year. China imported 9,677 tonnes of pepper in the first 11 months of 2024, up 15.1% in volume and 42.1% in value over the same period last year. This reflects strong demand and puts pressure on global supplies.