Which is the fastest growing region in Nutmeg Market?

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Nutmeg Market?

In 2024, the Asia accounts for the largest market share in Nutmeg Market. Read More

What years does this Nutmeg Market cover, and what was the market size in 2023?

In 2023, the Nutmeg Market size was estimated at USD 2.60 billion. The report covers the Nutmeg Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nutmeg Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Nutmeg Market Size

Market Size of Nutmeg Industry

Study Period	2019 - 2029
Market Size (2024)	USD 2.74 Billion
Market Size (2029)	USD 3.59 Billion
CAGR (2024 - 2029)	5.50 %
Fastest Growing Market	Europe
Largest Market	Asia

Nutmeg Market Analysis

The Nutmeg Market size is estimated at USD 2.74 billion in 2024, and is expected to reach USD 3.59 billion by 2029, growing at a CAGR of 5.5% during the forecast period (2024-2029).

The increase in international trade due to the high popularity of Asian cuisines such as Indian and Thai dishes among the Western community and the high growth in the oleoresin industry are some of the factors driving the market growth for nutmeg during the forecast period.
Nutmeg is a spice plant with a significant economic value, particularly the nutmeg and flower portions (mace), which can be used to make nutmeg oil. Nutmeg oil is one of the most popular essential oils on the international market. Nutmeg from Indonesia and India has a competitive advantage in the global market due to its distinct aroma and high oil yield. Smallholder plantations oversee all of the nutmeg growing in India and Indonesia.
In the year 2021, the total nutmeg exports were valued at USD 1441.39 Million. Guatemala, India, and Indonesia were the key producers and they held a share of more than 70% of the total exports in 2021. Middle East countries such as Saudi Arbia and United Arab Emirates along with the United States were the prime import destinations for nutmeg products. The demand for nutmeg for these destination is anticipated to increase during the forecast period owing to increasing consumption.

Nutmeg Industry Segmentation

For the purpose of the report, Nutmeg which is the seed or ground spice of several species of the genus Myristica is considered. In this report Nutmeg, neither crushed nor ground has been considered. The Nutmeg Market Analyzes the Production (Volume), Consumption (Value and Volume), and Trade in terms of Import (Value and Volume), Export (Value and Volume), and Price Trend Analysis across the World. The Market is segmented by Geography into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. The report offers the market size and forecasts in terms of volume in metric tons and value in USD thousand for all the above segments.

Geography

North Amercia
	United States
	Canada
	Guatamela

Europe
	Netherlands
	United Kingdom
	Germany
	Spain
	Italy

Asia - Pacific
	India
	Indonesia
	Vietnam
	Srilanka
	China
	Japan

South America
	Brazil

Middle-East and Africa
	South Africa
	Egypt
	Saudi Arabia
	United Arab Emirates

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Nutmeg Market Size Summary

The nutmeg market is poised for significant growth, driven by the increasing global demand for Asian cuisines, particularly Indian and Thai, which has boosted the spice's popularity in Western countries. The oleoresin industry, which utilizes nutmeg for its flavor and aroma, is also contributing to this market expansion. Nutmeg, along with its flower portion mace, holds substantial economic value, especially in the form of nutmeg oil, a highly sought-after essential oil worldwide. Indonesia and India enjoy a competitive edge in the global market due to their unique aroma and high oil yield, with smallholder plantations managing the cultivation. The nutmeg trade is predominantly export-oriented in Indonesia, with significant exports to the Middle East and the United States, driven by rising consumption in these regions.

The European Union represents a rapidly growing market for Indonesian nutmeg, despite stringent health and food safety regulations. The demand in Europe is fueled by a health-conscious consumer base seeking natural food ingredients. Nutmeg's versatility in flavoring various food products, including meat, dairy, and baked goods, further propels its consumption. In Asia-Pacific, the spice's popularity is bolstered by its integral role in regional cuisines and traditional medicine. Key producers and exporters like Guatemala, India, and Indonesia are capitalizing on this demand, with oleoresin extractions offering additional export opportunities. The nutmeg market's growth is further supported by initiatives such as India's strategic partnership with Indonesia to enhance spice trade, and innovative products like herbal cola from nutmeg agro waste, which aim to provide additional income to farmers.

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Nutmeg Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Market Overview
2. 1.2 Market Drivers
3. 1.3 Market Restraints
4. 1.4 Value Chain Analysis
2. MARKET SEGMENTATION
1. 2.1 Geography
  1. 2.1.1 North Amercia
    1. 2.1.1.1 United States
    2. 2.1.1.2 Canada
    3. 2.1.1.3 Guatamela
  2. 2.1.2 Europe
    1. 2.1.2.1 Netherlands
    2. 2.1.2.2 United Kingdom
    3. 2.1.2.3 Germany
    4. 2.1.2.4 Spain
    5. 2.1.2.5 Italy
  3. 2.1.3 Asia - Pacific
    1. 2.1.3.1 India
    2. 2.1.3.2 Indonesia
    3. 2.1.3.3 Vietnam
    4. 2.1.3.4 Srilanka
    5. 2.1.3.5 China
    6. 2.1.3.6 Japan
  4. 2.1.4 South America
    1. 2.1.4.1 Brazil
  5. 2.1.5 Middle-East and Africa
    1. 2.1.5.1 South Africa
    2. 2.1.5.2 Egypt
    3. 2.1.5.3 Saudi Arabia
    4. 2.1.5.4 United Arab Emirates