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 |
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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.
