Wednesday, April 20, 2022

Global Nutmeg Industry Report: Analysis and Forecast 2022-2027

Nutmeg Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

The global nutmeg market reached a value of about 130 thousand tonnes in 2021. The industry is further expected to grow at a CAGR of about 6% in the forecast period of 2022-2027 to reach a value of around 180 thousand tonnes by 2027. The prices of nutmeg in 2021-2022 are expected to be affected as the price of nutmeg and mace has risen significantly due to a scarcity of the product on the market, including several other difficulties that have encouraged farmers to expect higher prices. The key demand indicator in the industry report is the highest category spender by region - Asia Pacific.

Nutmeg: Industry Definition and Segmentation

Scope

Nutmeg is the seed or ground spice of several Myristica species. Myristica fragrans (fragrant nutmeg or true nutmeg) is a dark-leaved evergreen tree used to produce two spices: nutmeg (from the seed) and mace (from the seed covering).

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The nutmeg Industry report 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.

Read Full Report with Table of Contents: - https://www.procurementresource.com/reports/nutmeg-industry-report

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 Industry report 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 Industry Report

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.

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Procurement Resource ensures that our clients remain at the vanguard of their industries by providing actionable procurement intelligence with the help of our expert analysts, researchers, and domain experts. Our team of highly seasoned analysts undertake extensive research to provide our customers with the latest and up-to-date market reports, cost-models, price analysis, benchmarking, and category insights, which aid in simplifying the procurement process for our clientele. We work with a diverse range of procurement teams across industries to get real-time data and insights that can be effectively implemented by our customers. We also track the prices and production costs of an extensive range of goods and commodities, thus, providing you with the updated and reliable data. We, at Procurement Resource, with the help of the latest and cutting-edge techniques in the industry, help our clients understand the supply chain, procurement, and industry climate, so that they can form strategies which ensure their optimum growth.

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