The domestic pepper market is recording positive signals as the price of pepper continues to increase slightly in recent days. In key areas, prices are between 143,000 and 144,500 VND/kg.
In the Central Highlands, the center of pepper production in Vietnam, the price of pepper is 144,500 VND/kg, an increase of 1,000 VND. In the Southeast, the price is stable compared to yesterday, around 143.000 dong/kg.
This is a good sign for Vietnam’s pepper industry after many years of strong decrease. The main reason for this recovery is due to many factors, including:
Firstly, the demand for pepper in the world is increasing. According to the International Pepper Association (IPC), Indonesia’s Lampung black pepper price reached 6,794 USD/ton; Muntok white pepper price reached 9,302 USD/ton. Brazil’s ASTA 570 black pepper price remains 6,400 USD/ton. Malaysia’s ASTA black pepper price is stable at 8,700 USD/ton. This country’s ASTA white pepper price reached 11,200 USD/ton. The price of Vietnamese black pepper today is 6,500 USD/ton for 500 g/l and 6,800 USD/ton for 50; white pepper price is 9,500 USD/ton. This shows that the pepper prices in the world market are increasing, which has created motivation for domestic pepper prices.
Vietnam’s pepper industry has great potential to become a key export industry.
Secondly, domestic pepper demand is expected to increase sharply in the coming time, especially when the holiday season is approaching. Pepper is an important spice in traditional Vietnamese dishes, so the demand will increase significantly during this time.
Thirdly, Vietnamese pepper exporters are pushing the purchase of raw materials to meet the increasing export demand. This also puts pressure on domestic pepper prices.
However, it is important to note that a variety of factors can cause abnormal fluctuations in the pepper price. Farmers need to closely monitor the market and come up with appropriate strategies to ensure profitability. In addition, controlling the quality of pepper and promoting the application of technology to production are essential to improving product value and competition in the market.
With the current positive signals, Vietnam’s pepper industry has the opportunity to recover and develop sustainably. However, to ensure success, close coordination between the government, businesses, and farmers is needed.
Some solutions that need to be implemented to improve the efficiency of pepper production in Vietnam are: promoting crop restructure, focusing on high-quality varieties with stable yields; Invest in the infrastructure system for pepper production and processing; Improve production and processing capacity of pepper for farmers; and build a Vietnamese pepper brand in the international market.
With appropriate solutions, Vietnam’s pepper industry has great potential to become a key export industry, bringing economic benefits to farmers and contributing positively to the development of the country.