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Global Nutmeg Market: Analysis and Forecast 2022-2027
Nutmeg Market by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices
The global nutmeg market volume was nearly 130 thousand tonnes in 2021. Between 2022 and 2027, the sector is anticipated to increase at a rate of more than 6%, hitting a turnover of over 180 thousand tonnes by 2027.
The price of nutmeg and mace has risen dramatically due to a lack of the commodity on the market, as well as various other issues that have encouraged growers to expect greater prices in 2021-2022. The important demand indicator in the manufacturing report is the largest category payor by region – Asia Pacific.
Nutmeg: Market Definition and Segmentation
Scope
Several Myristica organisms exhibit nutmeg as a seed or powdered spice. Myristica fragrans (true nutmeg or fragrant nutmeg) is a pitch-black annual plant that creates multiple spices: nutmeg (out from seed) and mace (from the seed covering).
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The nutmeg Market comprises segments by:
Nature (Organic and Conventional)
Application (Skin Care, Hair Care, Soap Making, Retail/Household and others)
Distribution Channel (Business to Business and Business to Customers)
Region (North America, Latin America, Europe, South Asia, East Asia, Oceania and the Middle East and Africa)
Snapshot of the Report
The regional markets for categories can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Category Drivers
An increase in international trade due to the increased popularity of Asian cuisines such as Indian and Thai cuisines among the Western community, and a high growth in the oleoresin sector, are some of the factors driving the market expansion for nutmeg during the forecast period.
It is mainly farmed and exported in Guatemala, India, and Indonesia, with main import destinations including Europe, the Middle East, and the United States. However, it is an Asian spice that’s catching on in other parts of the world. For example, it’s one of Europe’s most widely used spices. In addition, the growth of ethnic cuisines like Indian and Thai has increased food makers’ demand for spices like nutmeg among food makers.
Category Insight by Region
Most of the nutmeg spice is consumed in Asia and the Middle East. The spice’s popularity is explained by the great variety of regional dishes that employ it as a key spice constituent, and the long-standing practise of using it in medicine. Guatemala, India, and Indonesia are nutmeg’s top producers and exporters. In addition, the growth of the oleoresins sector has strengthened the nutmeg market in the region.
Oleoresins are fascinating ingredients for food manufacturers to utilise in ethnic dishes, including spices like nutmeg. Nutmeg oleoresin is extracted in countries such as India and Sri Lanka, with export possibilities in the region. In Europe and the United States, these extractions are in high demand. Due to rising demand from the international community, the nutmeg market is likely to grow during the forecast period.
Aflatoxin Contamination of Nutmeg Caused during the Post-Harvest Stage
Some fungi thrive due to the traditional method of sun-drying nutmegs, such as Aspergillus flavus. Because aflatoxin (AFs), a secondary metabolite of A. flavus, is known to be harmful, the dried nutmeg kernel must be aflatoxin-free before being exported. Unfortunately, aflatoxin detection takes time and money, making it difficult to do at the farm level. Several technologies, such as high-performance liquid chromatography (HPLC), liquid chromatography-mass spectrometry (LC-MS), and enzyme-linked immune assay (ELISA), have been developed to assess aflatoxin levels. However, they are all time-consuming, expensive, and dangerous. As a result, a system that can detect aflatoxin levels quickly, cheaply, non-destructively, and easily is needed, particularly at the farmer level.
Best Procurement Practices
The global nutmeg Market by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major consumers of nutmeg across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Category Management Studies
Because of the large quantity and variety of aromatic compounds in the nutmeg fruit’s seed and mace, nutmeg and mace have been used as spices for ages. For their flavouring characteristics, nutmeg and mace, both dried and crushed, are widely used in the culinary industry. The fragrant oil content of nutmeg seeds ranges from 30 to 55 percent, with 5-15 percent being “essential oil” and 24-40 percent as “fixed oil” or “nutmeg butter”.
Key Supplier Profiles included in the Global Nutmeg Market
The major players in the market are Royal Spices, McCormick & Co. Inc., Olam International, P. C. Kannan and Co., Eastmade Spices, and Herbs Private Limited.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliers.
Also Check Other Industry Reports
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