Pumpkin Spice Market Estimated to surpass $2.4 billion by 2031 Globally, Growing at a CAGR of 10.2%, says Coherent Market Insights
Burlingame, July 17, 2024 (GLOBE NEWSWIRE) -- The global Pumpkin Spice Market, valued at $1.1 billion in 2023, is on a trajectory of rapid expansion, with projections indicating it will soar to $2.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031, as per a recent report by Coherent Market Insights. Pumpkin spice products have become quintessential symbols of the autumn season in many parts of the world. Their warm, cozy flavors intuitively match the changing seasonal temperatures and moods. This leads to a surge in customer demand as people seek out pumpkin spice treats, drinks and other items to get into the fall spirit. Vendors are able to leverage pumpkin spice's affiliation with fall feelings to boost sales over a concentrated period.
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Market Dynamics:
The pumpkin spice market is primarily driven by the changing consumer preferences towards new and unique flavors. Consumers nowadays prefer experimenting with different flavors in their daily food consumption. Moreover, the rising popularity of pumpkin spice flavors among millennials and Gen Z is also contributing to the market growth. Pumpkin spice flavors are prominently used in several food and beverage products like lattes, doughnuts, breads etc during fall seasons which is captivating more consumers.
Market Trends:
Increasing Innovation in Product Flavors: Manufacturers are innovating their product portfolio with unique pumpkin spice flavor combinations to attract more consumers. For instance, introducing flavors like pumpkin spice chai tea, pumpkin spice pretzels etc.
Pumpkin Spice Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $1.1 billion |
| Estimated Value by 2031 | $2.4 billion |
| Growth Rate | Poised to grow at a CAGR of 10.2% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application, By Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Autumn Influence on Consumer Tastes • Comfort and Indulgence in Chilly Weather |
| Restraints & Challenges | • Seasonality of Pumpkin Spice Products Acts • Higher Ingredient and Production Costs |
Rising adoption of Pumpkin Spice in Personal Care Products: Besides food and beverages, the usage of pumpkin spice is also increasing in personal care products like soaps, body wash, candles etc due to its various skin benefitingproperties. The fragrance of pumpkin spice is known to reduce stress and anxiety levels in individuals. Manufacturers are leveraging this wide application area of pumpkin spice to boost the market growth.
The pumpkin spice flavorings market size was valued at US$ 1.1 billion in 2023 and is anticipated to witness a CAGR of 10.2% during the forecast period of 2024-2031.
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The bakery and confectionery segment accounts for a significant share of the pumpkin spice flavorings market. Pumpkin spice is a popular flavor for various bakery products like pumpkin spice muffins, pumpkin bread, pumpkin pie, and biscuits during the fall season. The warming spices in pumpkin pie spice like cinnamon, ginger, nutmeg, and cloves blend well with pumpkin and create a cozy flavor profile. Pumpkin spice flavored cookies and cupcakes are gaining popularity as snacking options. Leading brands are innovating with pumpkin spice flavored candies, chocolates, and other confectionery items to meet the rising demand.
Pumpkin spice has found widespread usage in crafting various beverage flavors as well. Pumpkin spice lattes and pumpkin spice mochas topped with whipped cream are top sellers at cafes and coffee shops during autumn. Manufacturers are developing pumpkin spice flavor concentrates, syrups, and powders for customization into different beverages. Sports and energy drinks mixed with pumpkin pie spice add an unusual twist. Pumpkin spice flavored teas, both hot and iced varieties, offer warmth and comfort. Innovations in pumpkin spice cocktail mixes and mocktails utilizing the flavor are also boosting the segment growth.
Key Market Takeaways:
The global pumpkin spice market is anticipated to witness a CAGR of 10.2% during the forecast period of 2024-2031, driven by the expanding flavored food and beverage sector. By type, the powder segment holds the largest share owing to the ease of incorporation into various recipes. Based on application, the creamers segment dominates due to the widespread use of pumpkin spice flavoring in coffee creamers and lattes.
Regionally, North America leads the pumpkin spice market due to early adoption of the flavor profile and its associations with fall tradition in the US and Canada. Supermarkets/hypermarkets capture the largest share by distribution channel since they stock a wide variety of pumpkin spice products throughout the fall season.
Some of the major players in the global pumpkin spice market include Starbucks, McCormick, Great Value, Glade, Dunkin, Emtenmanns, Freshness Guaranteed, and others. Innovation in new product formats and variations on the classic pumpkin pie spice blend are helping these companies drive further growth. Overall, the pumpkin spice market is expected to experience steady expansion with rising popularity of the comforting flavour.
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Detailed Segmentation:
By Type:
- Powder
- Blend
By Application:
- Creamers
- Seasonings
- Frozen Deserts
- Candles
By Distribution Channel:
- Supermarket/Hypermarkets
- Convenience Stores
- Departmental Stores
- Online Retail Stores
- Others
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Website: https://www.coherentmarketinsights.com
Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-206-701-6702 UK: +44-020-8133-4027 Japan: +81-050-5539-1737 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com
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