In the first eight months of 2024, Vietnam’s star anise exports faced several challenges, with both export volume and revenue experiencing declines. By the end of August, Vietnam had exported 9,831 tons of star anise, generating a total export value of 47.3 million USD. This represents a 1.7% decrease in export volume and a 17.8% drop in revenue compared to the same period in 2023. The disparity between volume and revenue suggests that the average price of star anise has declined, possibly due to global economic conditions or shifts in demand.
Market Performance Breakdown
Despite the overall decline in exports, certain markets showed significant growth, underscoring the ongoing demand for Vietnamese star anise:
- India: Vietnam’s largest market for star anise, India imported 6,083 tons, which is 61.9% of Vietnam’s total star anise exports. This volume represents a 6.3% increase compared to the same period last year, reflecting India’s growing demand for this spice in both culinary and medicinal applications.
- United States: The U.S. imported 694 tons of star anise from Vietnam, a 8.4% increase year-on-year. Although the volume remains relatively small, the U.S. market continues to show steady growth, driven by the increasing use of star anise in food, beverages, and essential oils.
- Taiwan: One of the most notable developments in 2024 has been the 168.8% surge in exports to Taiwan, reaching 301 tons. This sharp increase indicates Taiwan’s rising demand for star anise, possibly driven by changes in food consumption trends or increased use in traditional remedies.
Prosi Thăng Long – The Market Leader
Prosi Thăng Long has solidified its position as Vietnam’s largest star anise exporter, holding nearly 20% of the market share. The company exported 1,805 tons, an impressive 12.1% increase compared to the same period in 2023. This growth is significant in light of the overall market downturn, showcasing Prosi Thăng Long’s ability to maintain strong customer relationships, ensure product quality, and adapt to market fluctuations.
As the leader in Vietnam’s star anise exports, Prosi Thăng Long’s consistent growth has been attributed to several factors:
- Strong operational capacity: The company has a well-established supply chain and state-of-the-art processing facilities that enable it to meet growing demand efficiently.
- Focus on premium quality: By emphasizing high-quality products that meet international standards, Prosi Thăng Long has gained the trust of its global customers.
- Diverse export markets: Prosi Thăng Long exports to a wide range of markets, which helps mitigate risks associated with economic downturns in specific regions.
Competitive Landscape
Several other Vietnamese exporters contributed to the country’s overall star anise exports. However, many of them experienced fluctuations in their export performance:
- Nedspice Vietnam: The second-largest exporter, Nedspice, exported 622 tons, but saw a 35.9% decrease from the previous year. This decline suggests that Nedspice may be facing challenges such as supply chain disruptions or reduced demand from key markets.
- Tuấn Minh: With an export volume of 526 tons, Tuấn Minh achieved a 25.8% growth, reflecting its successful market expansion and stronger foothold in niche markets.
- Senspices Vietnam: This exporter saw solid growth with 378 tons exported, marking a 23.5% increase. Senspices has likely capitalized on growing demand in regions where star anise is increasingly used in both food and pharmaceutical industries.
- Hồng Sơn Vietnam: With 334 tons exported, Hồng Sơn saw a 1.5% increase. While modest, this growth demonstrates stability in its export operations, even in a challenging market.
Industry Outlook
The star anise export market is expected to face continued fluctuations in the coming months due to several factors, including:
- Global economic conditions: As inflation rates and economic instability impact consumer spending in major markets, demand for star anise could be affected.
- Supply chain challenges: Disruptions caused by logistical bottlenecks and fluctuating transportation costs may continue to influence export volumes and revenues.
- Emerging markets: While established markets such as India and the U.S. remain strong, emerging markets like Taiwan are showing significant potential for growth, which could provide new opportunities for Vietnamese exporters.
Conclusion
Despite the overall decline in Vietnam’s star anise exports, Prosi Thăng Long has not only maintained but strengthened its leadership position in the market. The company’s growth, even in a challenging economic environment, reflects its operational resilience and ability to meet global demand with high-quality products. Moving forward, Prosi Thăng Long is well-positioned to capitalize on new market opportunities and continue driving the success of Vietnam’s star anise industry.
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