The rising craze for pumpkin spice flavors is driving the Pumpkin Spice Market
The pumpkin spice flavor, particularly in coffee, lattes and baked goods has become immensely popular in the recent times in western countries, especially during the fall season. Pumpkin spice adds a unique sweet and warm flavor profile to products. It contains warming spices like cinnamon, nutmeg and cloves that bring intense flavors. The pumpkin spice flavor blends well in both sweet and savory preparations and enhances the taste manifold. Coffee shops like Starbucks specialize in pumpkin spice lattes and flavored drinks during fall resulting in long queues and unprecedented demand for such products. Other food companies also launch Pumpkin Spice Market Size flavored snacks and frozen bakery items to cash in on the trend. According to estimates, the global Pumpkin Spice Market is expected to showcase a robust CAGR of 10% during the forecast period of 2024 to 2031.
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 include Starbucks, Mc Cormick, Great Value, Glade, Dukin, Entenmanns, Freshness Guaranteed and other. Starbucks, in particular has established pumpkin spice flavors as a cult favorite and drives much of the market demand.
The demand for pumpkin spice flavors is growing exponentially year-on-year particularly during the fall season from September to November. Young consumers are exhibiting greater experimentation with such flavors.
The market is also witnessing significant global expansion beyond North America with companies launching products in European and Asian countries to tap into new demand pools. Pumpkin spice as a flavor is gaining popularity worldwide.
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