April 24, 2024
Pumpkin Spice Market

The Pumpkin Spice Market is booming on increasing demand for seasonal flavors

The Pumpkin Spice Market comprises seasonal pumpkin spice flavored products ranging from coffee and baked goods to candles and air fresheners. Pumpkin spice’s distinct blend of spices including cinnamon, nutmeg and clove creates a warm, cozy and nostalgic flavor profile ideal for fall. Customers seek out pumpkin spice products to get into the autumn spirit and associate the flavor with comfort and familiar traditions.

The Global Pumpkin Spice Market is estimated to be valued at US$ 1.1 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Pumpkin Spice Market are Starbucks, Mc Cormick, Great Value, Glade, Dukin, Entenmanns, Freshness Guaranteed and other. Starbucks helped popularize the pumpkin spice latte in 2003 and it has since become synonymous with the start of fall. Mc Cormick is the largest supplier of pumpkin pie spice and other pumpkin spice mixes and flavors globally.

The growing demand for seasonal flavors and traditions is driving significant growth in the Pumpkin Spice Market Size. Customers seek out authentic pumpkin spice treats and flavorings to get into the fall spirit and associate the cozy flavor profile with memories and experiences. Social media further fuels interest as people share photos of their pumpkin spice purchases and customs.

The pumpkin spice trend has expanded globally with customers worldwide adopting American autumnal traditions. Manufacturers are widening distribution of pumpkin spice products to capitalize on the growing demand beyond North America. Market leaders are also introducing new product forms like popcorn, beef jerky and snack mixes with pumpkin spice flavors to keep appealing to customer tastes.

Market Key Trends

Customization is a key trend in the pumpkin spice market with manufacturers offering a wider variety of seasonal options. Products now come in customizable intensities like light, medium and intense pumpkin spice to suit different taste preferences. Companies are also experimenting with unique flavor blends like salted caramel pumpkin spice to keep the category exciting. This allows customers to personalize their pumpkin spice experience and drives repeat purchases.

Porter’s Analysis

Threat of new entrants: The market requires relatively low investment and startup capital but high operating costs may deter new entrants.

Bargaining power of buyers: Individual consumers have low bargaining power whereas large retail chains can negotiate lower prices from suppliers.

Bargaining power of suppliers: A few multinational corporations dominates the spice industry giving them strong influence over pricing and new product development.

Threat of new substitutes: Seasonal nature of demand leaves the market vulnerable to shifts in consumer tastes and emerging flavours may replace the popularity of pumpkin spice.

Competitive rivalry: Brand loyalty and recipes of major players have led to intense competition to maintain market share during the short autumn season.

Geographical Regions
North America accounts for over 60% of the global pumpkin spice market value driven by strong consumer demand in the US during autumn festivities like Halloween and Thanksgiving. Changing food preferences have made pumpkin spice popular snacks and drinks beyond North America as well.

The Asia Pacific region is witnessing the fastest growth in the pumpkin spice market led by countries like India, China and Japan. Rising middle class and exposure to western culture through media and travel is fueling experimentation with seasonal flavors like pumpkin spice in savory and sweet food items. Urban young consumers are the early adopters broadening market prospects beyond traditional usages.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it