The Pumpkin Spice Market will grow at the highest pace owing to rising demand for premium seasonal flavors

The pumpkin spice market comprises various products like pumpkin spice lattes, pumpkin spice candies, pumpkin spice cookies and bakery items, pumpkin spice fragrances etc. that capture the essence of fall flavors including cinnamon, nutmeg and cloves along with pumpkin. Pumpkin spice invokes feelings of comfort, warmth and nostalgia in consumers. The growing preference for limited time offerings and seasonal items among millennials and gen z is driving demand for pumpkin spice flavored products. The unique flavor profile satisfies taste bud cravings during autumn season and pumpkin spice items are seen as premium offerings.

The Global Pumpkin Spice Market is estimated to be valued at US$ 2.4 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Pumpkin Spice Market Size are Starbucks, Mc Cormick, Great Value, Glade, Dukin, Entenmanns, Freshness Guaranteed and other. Starbucks led the pumpkin spice market with its seasonal pumpkin spice latte release signifying the start of fall. Mc Cormick is the leading producer of pumpkin pie spice and other Pumpkin spice mixes and extracts.

The demand for pumpkin spice items is growing significantly year-on-year owing to millennials nostalgia for the flavors. Pumpkin spice latte sales jumped 3x during its seasonal launch window. Various seasonal pumpkin spice cookies, muffins, candles are fast replacements for other seasonal bakery items during fall.

Technological advancements in flavor encapsulation and delivery have enabled new product formats like pumpkin spice creamers, syrups and snacks that deliver the flavors for a longer time. Advanced taste profiling helps companies offer more localized pumpkin spice flavors tailored for international palates as well.

Market Trends

The pumpkin spice craze originally from US is now reaching global markets with companies expanding pumpkin spice product lines in Europe and Asia Pacific. Pumpkin spice drinks, snacks tailored for international palates are gaining traction.

Plant-based and vegan versions of pumpkin spice lattes and snacks using oat milk, soy, almond are growing trends as more people adopt flexitarian diets.

Market Opportunities

Emergence of small artisanal pumpkin spice product brands catering to health-conscious consumers offer opportunities for premiumization.

Launch of pumpkin spice flavors in categories beyond foods like body-care, home care products broadens the market scope.

Growth of food-service channels expanding pumpkin spice menus throughout autumn season instead of limited time offerings.

Impact of COVID-19 on Pumpkin Spice Market Growth

The outbreak of COVID-19 pandemic disrupted the global supply chains and declining demand due to lockdown measures implemented worldwide. This adversely impacted the pumpkin spice market growth. During the initial lockdown phases, as people stocked up essentials and halted discretionary purchases, the demand and sales of pumpkin spice products witnessed a downfall. Mobility restrictions and closing down of foodservice establishments like cafes, restaurants drastically reduced the out-of-home consumption of pumpkin spice beverages and bakery offerings.

However, as people spent more time at home, the demand shifted to in-home consumption. Leading brands innovated with at-home pumpkin spice packs and kits that allowed consumers to enjoy their favorite seasonal flavors while cooking and baking. This provided some respite to the market during the pandemic. With vaccination drives and relaxations in measures, economic activities are recovering gradually. Foodservice sector is witnessing demand rebound. Brands are expecting growth to normal levels in the post-COVID period relying on innovations, reinforcing omni-channel strategies and expanding retail distribution.

Geographical Regions with Major Pumpkin Spice Market Value

North America dominates the global pumpkin spice market owing to traditional associations of flavors with fall season and widespread popularity. The US accounts for the major share, driven by robust sales of pumpkin spice variants in baking ingredients, coffee, snacks and beverages. Changing demographics and growing health-conscious consumer base are driving innovations in plant-based and reduced sugar options attracting new users. Latin America is witnessing fastest growth led by increasing exposure to American consumption trends and rising disposable incomes in countries like Brazil and Mexico.

Fastest Growing Geographical Region in Pumpkin Spice Market

Asia Pacific region is poised to be the fastest growing market for pumpkin spice globally. While consumption remained niche, improvement in economic standards and exposure to Western trends are fueling interest. Countries like India, China, Vietnam and Philippines are witnessing demand upswing for pumpkin spice bakery, beverages and snacks. Domestic companies are launching new products tapping into popularity of complementary spices like cinnamon, nutmeg to suit local palates. Rising health awareness is favoring usage of pumpkin and spices in savory preparations and wellness beverages.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)