Cardamom is one of the most expensive spices in the world, following saffron and vanilla. The price of cardamom is extremely high, even reaching up to 90 USD per kg, equivalent to over 2.3 million VND. Notably, this spice is abundant in Vietnam and brings high export value.
In Vietnam, cardamom grows in high mountainous regions with cool climates, such as Cao Bang and Lao Cai. Usually, this is a perennial plant and about 2–3 meters high. Its flowers are purple-white and grow in clusters at the base of the stem. The flowers and fruits of cardamom are used as medicinal ingredients. The fruit is harvested from trees that are at least three years old or older.
Nutmeg has the same family as cardamom, which originates from the Maluku Islands (Indonesia) and is widely cultivated in tropical countries such as Cambodia, India, and Malaysia. In China, the plant is experimentally cultivated and grows well in provinces such as Guangdong, Guangxi, and Yunnan. In Vietnam, nutmeg trees are common in the southern provinces. The tree can be harvested after 7-8 years, with two harvests each year in November-December and April-June.
According to the Vietnam Pepper Association (VPA), in 2024, Vietnam exported 3,402 tons of cardamom and nutmeg with a turnover of 27.6 million USD. Compared to 2023, the export volume decreased by 4.2%, but the turnover increased by 1.0%.
Exports of cardamom and nutmeg have brought in more than 27 million USD in 2024.
Currently, there are about 30 markets importing this item from Vietnam, with the Netherlands, the USA, and the UK being the three largest export markets, holding market shares of 31%, 15%, and 11.2%, respectively.
Earlier in 2023, Vietnam exported 3,551 tons of cardamom and nutmeg, with a total export value of 27.4 million USD. The Netherlands, China, and the United States were the three main importing countries, reaching 923 tons, 756 tons, and 484 tons, respectively.
In Vietnam, cardamom is not only used as a spice but also as a traditional medicine for health issues such as loss of appetite, sore throat, or colds. Nutmeg is used as a spice and is also included in traditional Eastern medicine remedies.
Vietnam is a strong country in spices. Currently, Vietnam has 500,000 hectares of various spices, with around 400 enterprises and hundreds of thousands of farmers participating in the production and export of these products. The total export value of Vietnam’s spice products is expected to reach about 2 billion USD by 2025, with an export volume of around 500,000 tons.
The potential European countries are Germany, the UK, the Netherlands, and Spain. Based on import statistics, the spices and herbs with the best market share and effectiveness in the European market are ginger, turmeric, pepper, cinnamon, oregano, and nutmeg.
In Europe, the growth rate of organic spice consumption is expected to be particularly high in Sweden and the UK (over 5.5% per year in the next 7 years). The increasing demand for sustainably produced spices, new origins, and the use of spices in international cuisine are top trends that open up opportunities for exporters from developing countries.