In Indonesia, the nutmeg trade is geared more toward export than domestic consumption. The rising popularity of ethnic cuisines, such as Indian and Thai, has spurred the demand for spices such as nutmeg among food manufacturers. Europe is one of the major importers of Nutmeg. Nutmeg is widely used in Asian cuisines and it is becoming popular in many parts of the world. Increasing International Trade of Nutmeg is Driving the Market This section covers the major market trends shaping the Nutmeg Market according to our research experts: GeographyĬustomized per your requirements. 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. The Market is segmented by Geography into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. 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. In this report Nutmeg, neither crushed nor ground has been considered. The demand for nutmeg for these destination is anticipated to increase during the forecast period owing to increasing consumption.įor the purpose of the report, Nutmeg which is the seed or ground spice of several species of the genus Myristica is considered. Middle East countries such as Saudi Arbia and United Arab Emirates along with the United States were the prime import destinations for nutmeg products. Guatemala, India, and Indonesia were the key producers and they held a share of more than 70% of the total exports in 2021. In the year 2021, the total nutmeg exports were valued at USD 1441.39 Million.Smallholder plantations oversee all of the nutmeg growing in India and Indonesia. Nutmeg from Indonesia and India has a competitive advantage in the global market due to its distinct aroma and high oil yield. Nutmeg oil is one of the most popular essential oils on the international market. 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.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.The Nutmeg Market is projected to grow at a CAGR of 4.1% during the forecast period
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