Pepper price forecast on August 5, 2024 continues to increase. The average domestic pepper price in July reached 150,000 VND/kg, up 82.9% compared to January and up 120.6% compared to the same period in 2023. On average, black pepper price in the first 7 months of 2024 increased by 66.5% compared to 2023.

Shortage of supply due to reduced harvests in Vietnam and Brazil is the main reason for the increase in pepper prices in the past 3 months. However, the current price level does not seem to satisfy pepper growers or speculators. The market is still waiting for a vibrant price adjustment like the recent housing and apartment prices.

Pepper price forecast on August 5, 2024: The upward momentum is consolidated, towards the price of 150,000 VND/kg?

In the domestic market, pepper prices today, August 4, 2024, in the Southeast region increased by 500 - 1,000 VND/kg in some localities compared to yesterday, trading around 146,000 - 147,000 VND/kg, the highest purchase price in the provinces of Dak Lak, Dak Nong, Binh Phuoc Ba Ria - Vung Tau is 147,000 VND/kg.

Specifically, Dak Lak pepper price was purchased at 147,000 VND/kg, an increase of 500 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 146,000 VND/kg, unchanged from yesterday. Dak Nong pepper price today was recorded at 147,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday.

In the Southeast region, pepper prices today increased by 1,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 147,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today remain at 147,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday.

Domestic pepper price on August 4 , 2024

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 7,176 USD/ton, and the price of Muntok white pepper at 8,793 USD/ton.

The price of Brazilian ASTA 570 black pepper is at 6,750 USD/ton. The price of Malaysian ASTA black pepper is at 8,500 USD/ton; the price of this country's ASTA white pepper is at 10,400 USD/ton.

Vietnamese black pepper prices remain high at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper.

By the end of June 2024, Vietnam had exported nearly 143 thousand tons of pepper of all kinds. Compared to the 2024 harvest output of about 170 thousand tons, the remaining output is estimated at nearly 28 thousand tons. The inventory from the 2023 crop carried over plus the import volume in 2024 is about 40 - 45 thousand tons (including informal imports).

Thus, there are still 7-8 months left until the new harvest (expected after Lunar New Year from February 2025), while the amount of goods left in the hands of people, agents and businesses is not much.

The general picture of the world pepper industry still shows that the market is facing the problem of supply shortage. This will push domestic and world pepper prices to continue to increase. However, how much and when will the increase be?

Faced with market dynamics, a number of countries have developed action plans. Meanwhile, Brazil has three sterilized pepper plants and is building two more, which will be completed in 2025, to boost processing and improve quality. In the future, Brazilian pepper will compete better with Vietnam.

*Information for reference only. Prices may vary depending on time and location.