With supply remaining higher than demand in the global market, pepper prices are unlikely to recover this year, according to the Việt Nam Pepper Association.
Nguyễn Nam Hải, chairman of the Việt Nam Pepper Association, tells Việt Nam News about how to improve the value of the spice and develop the pepper industry.
Companies interested in organic agriculture should engage in market research and brand building, and not just simply chase trends without having first identified buyers, experts have said.
The pepper industry plans to reduce the area under the spice and focus on improving quality to ensure long-term growth, according to the Ministry of Agricultural and Rural Development.
The Department of Farm Produce Processing and Market Development has forecast that pepper prices will struggle to recover in July and the rest of the year.
Việt Nam’s output and export of pepper increased sharply last year, but their prices and thus turnover from exports fell, according to the industry association.
The pepper industry plans to reduce the area under the spice and focus instead on improving quality to ensure long-term growth, a seminar heard in HCM City yesterday.
A pepper glut in the Central Highlands as more and more farmers switched to the crop lured by the earlier high profits from the spice has caused prices to collapse and threatens to bankrupt many of them.
When international market pressures challenged Vietnamese farmers to adopt good agricultural practices and produce organic pepper, many responded positively.