Vietnam currently has over 500,000 hectares of various spice plants, with around 400 enterprises and hundreds of thousands of farmers participating in production and export activities. In addition to pepper, cinnamon, and star anise, Vietnam also has other expensive spices, which are cardamom and nutmeg.
Cardamom is a spice ranked as the third most expensive in the world, following saffron and vanilla. This fruit is sold at extremely high prices in many countries, even up to 90 USD per kilogram.
According to statistics from the Vietnam Pepper Association (VPA), exports of the cardamom and nutmeg group have brought in over 6.7 million USD with 760 tons in the first quarter. This is a strong increase of 39.2% in volume and 37% in value compared to the same period last year.
The Netherlands and the United States are the two main export markets, with respective volumes of 240 tons and 125 tons.
Vietnam has the world’s third most expensive spice, cardamom.
In Vietnam, cardamom grows in high mountainous regions with cool climates. Usually, the perennial plant grows to a height of about 2–3 meters. The flowers of this plant are purple-white, usually growing in clusters at the base of the stem. The flowers and fruits of cardamom are used as medicinal ingredients. Fruit is only harvested from plants that are at least 3 years old.
Nutmeg originates from the Maluku Islands (Indonesia) and is widely cultivated in tropical countries such as Cambodia, India, and Malaysia. In China, this plant is experimentally cultivated and grown well in provinces such as Guangdong, Guangxi, and Yunnan. In Vietnam, nutmeg is common in the southern provinces. It can be harvested after 7-8 years, with two harvests each year in the months of November-December and April-June.
According to Mordor Intelligence, the market size of nutmeg is estimated at 2.74 billion USD in 2024 and expected to reach 3.59 billion USD by 2029, growing at a CAGR of 5.5% during the forecast period (2024-2029).
Currently, there are about 30 markets importing this item from Vietnam. The Netherlands, the United States, and the United Kingdom are the three largest export markets, with market shares of 31%, 15%, and 11.2%, respectively, in 2024. It is expected that the total export value of Vietnam’s spice products could reach about 2 billion USD by 2025, with an export volume of around 500,000 tons.
Although the potential of Vietnam’s spice industry is still huge, businesses and farmers still face many challenges, such as climate change, international competition, and strict quality requirements from import markets. Currently, the effective utilization of spice production potential stands at only 40-50%.
To overcome these difficulties, Vietnam is promoting production planning in key cultivation areas while supporting businesses in applying modern technology to enhance product quality.