One of the fruits and spices hit lists for longer-term investment, nutmeg stands on the precipice of a major leap in value. Wholesale nutmeg is currently expected to reap amazing dividends for importers looking to capitalize on the lucrative business opportunities present in this spice coming 2023.
This year, a magnificent rate of growth is anticipated until the next few years. Following the good news, this article is a good guide for the key players and top nutmeg importer countries to get ready before placing their cards on the global nutmeg market.
Here’s a brief report on the wholesale nutmeg market forecast for 2023.
Why is the Nutmeg Market Expected to Grow?
The increasing demand for bulk nutmeg in countless business sectors and the stability of year-round supply availability from Indonesian nutmeg producers are behind the satisfying growth projection. The global nutmeg market is expected to grow at a CAGR (Compound Annual Growth Rate) of 6.24% during the 5-year forecast period from 2023 to 2027. Furthermore, a trade data platform reported the global nutmeg market had shown persistent growth from 2017 to 2022. To this end, the global nutmeg market is further forecast to grow beyond the projected period of 2029, continuing the increased demand for wholesale nutmeg.
The growth of the Asian community worldwide contributes substantially to the global nutmeg market. Asian cuisines are characterized by a full array of spices to give distinctive flavor notes and aroma profiles in the dishes. The people of Asian communities frequently add a generous amount of nutmeg to their cuisines. The choice may vary for cooking applications but mostly goes with whole nutmeg, ground nutmeg, and even nutmeg extract. Without a doubt, with the growing popularity of the Asian community (and their signature dishes) across the globe, the demand for nutmeg exportation continues to increase.
Furthermore, improving target market strategy, technological advancements, product development, and changing consumer preferences are the other factors that boost the global nutmeg market. The advanced technology has expedited the manufacturers to provide a broader range of nutmeg-based products to the market. However, a long list of new products is not enough for the customers. These days, health-conscious customers’ tolerance to artificial ingredients has become smaller. That’s why numerous manufacturers are shifting to all-natural flavorings like nutmeg.
Recommended article: Latest Update on Global Nutmeg Market and Price
How is Nutmeg in Bulk Used Throughout the Businesses?
Nutmeg is a pungent, warm-tasting spice that plays a role as the key ingredient in countless manufacturers worldwide, from food factories, breweries manufacturing, to aromatherapy industries. The use of nutmeg in bulk may vary in different businesses according to the grade classification of nutmeg.
If observed for culinary purposes, these manufacturers frequently turn the whole nutmeg or ground nutmeg in bulk into their commercial food and beverage products. Mainly as an additional flavoring for soups, sauces, dressings, meat rubs, baked goods, nutmeg butter, and even beer.
Not limited to food manufacturing, both whole nutmeg and ground nutmeg in bulk are utilized throughout other business fields. The bulk nutmeg is turned into essential oil or oleoresin in aromatherapy manufacturing and even supplemental products in pharmaceutical industries.
Importing Wholesale Nutmeg from Indonesia
Supplying bulk nutmeg independently from where it’s grown is now possible with a direct-trade nutmeg supplier. Essence Food & Beverage, LLC holds a proven track record for decades of serving food manufacturers, bakery industries, culinary institutions, and other businesses. The nutmeg in bulk, nutmeg ground, and other gourmet spices are sent directly from Indonesia to the desired locations, with fast delivery guaranteed.
Save more on bulk nutmeg order today through the shortened supply chain. No middlemen, only between the farmers and the buyers. Visit the spice catalog or request a quote for nutmeg in bulk orders here.