Global Nutmeg Market - 2023-2030

Overview

Global Nutmeg Market reached US$ 2.4 billion in 2022 and is expected to reach US$ 3.6 billion by 2030, growing with a CAGR of 5.4% during the forecast period 2023-2030.

The global nutmeg market has witnessed significant growth, as the demand for nutmeg is increasing in both household and pharmaceutical industries. It is highly used in a wide range of culinary applications such as meat& and poultry products, bakery & and confectionery, and others. Also, it offers anti-bacterial and anti-inflammatory properties which help in increasing the usage of medicinal products. Hence, it can help in driving the global nutmeg market.

Furthermore, many manufacturing companies are producing high-quality innovative products in order to expand their markets. For instance, Blossom Kochhar Aroma Magic company produces Nutmeg essential oil. It has powerful healing, mystical, and aphrodisiac qualities, it effectively relieves muscular pains, Hence such products can help in increasing the adoption rate.

The pharmaceuticals segment accounts for over half of the market share. Similarly, the Asia-Pacific dominates the nutmeg market, capturing the largest market share of over 1/3rd. India is the largest producer of nutmeg as the production is 15,595 tones in the year 2020-21. Hence, it can help increase the market in this region.

Dynamics

Increase in demand for Traditional medications

Consumers are adopting traditional medications which helps increase the demand for nutmeg as it contains antibacterial properties which can effectively reduce oral problems and bad breath, also they are effectively working as joint pain reflies and help in enhancing digestive health, and skin. Hence, such factors help in increasing the adoption rate.

Furthermore, many key players are focusing on producing innovative high-quality products in order to attract larger consumer bases. For instance, Nat Habit company has produced All-Day Malai Pigmentation which contains turmeric nutmeg melanoactives. It helps in clear pigmentation, tan & and blemishes, Anti-oxidant activities slow down pigmentation caused by aging. Hence, such products can help in increasing the adoption rate.

Raising in Usage of Nutmeg in Various Foods

Consumers are highly attracted to these nutmeg, as they provide a unique distinctive sweet and spicy flavor, it is used in a wide range of culinary applications, including baking, cooking, and beverage production. They also help in enhancing the flavor, hence, such factors can help in increasing the usage of nutmegs.

Furthermore, many manufacturing companies are producing high-quality innovative products in order to attract larger consumer bases. For instance, Keya Foods company produces Travancore nutmeg powder, which is used in sweet dishes, pies, puddings, custards, cookies spice cakes, and others. Which helps in enhancing the taste. Hence, such products can help in increasing the adoption of nutmeg in food products.

Limited Growing Conditions

The limited growing conditions can have a significant effect on the growth of the nutmeg market, as the nutmeg requires specific growing conditions such as tropical climates, well-drained, fertile, and loamy soil with good organic matter content, and others. Hence such specific conditions can restrain the growth for some regions which could affect the market growth.

Segment Analysis

The global nutmeg market is segmented based on type, form, distribution channel, application and region.

Increase in Demand for Effective Natural Medicines

The pharmaceutical segment holds the maximum share of the global nutmeg market, the pharmaceutical industries are highly adopting these nutmegs in a wide range of medicines as they provide anti-inflammatory properties that help in reducing joint and muscle pains and also help in reducing bad breath and oral cavities. Hence, such factors can help in increasing the adoption rate.

Furthermore, many manufacturing companies are producing innovative quality products in order to attract larger consumer bases. For instance, Naturalis company produces nutmeg essential oil, which effectively helps in digestion, circulation & nerve balance, promoting appetite, useful for nervous fatigue Menstrual cramps, and hormonal imbalances. Hence, such products help in increasing the usage rate of nutmeg.

Geographical Penetration

High Production Rate

Asia-Pacific has been a dominant force in the global nutmeg market and its significance has only grown in the post-2020 era. Consumers in this region are highly adopting these nutmegs for both cooking and medicinal purposes, as they provide unique flavors and also help in reducing oral problems, joint and muscle pains, and others. Hence, such factors help increase the adoption rate in this region.

Furthermore, as the demand for nutmeg is increasing, the production of nutmeg is higher in this region. For instance, according to the state Agri/Horticulture Department of Kozhikkode, Kerala, the production of nutmeg in the year 2020-21 is 15595 tones, in 24431 hectares of agricultural land. Hence, such high production can help in increasing the market in this region.

Additionally, as the demand is high many manufacturing companies such as Nat Habit, Blossom Kochhar Aroma Magic, Keya Foods, Meraki Essentials, and others are producing a wide variety of products in order to increase the availability of products in the market, which helps in increasing the adoption rate in this region.

Competitive Landscape

The major global players in the market include: Nat Habit, Earthon, Blossom Kochhar Aroma Magic, Keya Foods, Meraki Essentials, BMV Fragrances Pvt. Ltd., AOS Products Pvt. Ltd., NATURALIS, Olam International, and Mccormick & Company.

COVID-19 Impact Analysis

The pandemic has brought a disruption in the supply chain, many country governments have imposed lockdowns which led to the closure of several manufacturing companies, which led to a decrease in the availability of products in the market, this reduced the adoption rate which caused a negative impact on global nutmeg market.

By Type

• Culinary Use
• Essential Oils
• Nutmeg Butter
• Others

By Form

• Powdered Form
• Oil-Based
• Others

By Distribution Channel

• Company Stores
• E-Commerce
• Hypermarkets/Supermarkets
• Specialty Stores
• Others

By Application

• Meat& Poultry Products
• Snacks& Convenience Foods
• Soups & Sauces
• Bakery & Confectionery
• Pharmaceuticals
• Cosmetics
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In January 2023, FMCG major, Dabur acquired 51 percent equity shareholding of Badshah Masala for ₹587.52 crore.
• In January 2023, Wipro Consumer Care and Lighting had the acquisition of a Kerala food brand, Nirapara, with this acquisition Wipro became a significant player in snack food, spices, and ready-to-cook markets.

Why Purchase the Report?

• To visualize the global nutmeg market segmentation based on type, form, distribution channel, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of Nutmeg market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global Nutmeg market report would provide approximately 69 tables, 74 figures, and 189 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies