Pumpkin Spice Market Estimated to surpass $2.4 billion by 2031 Globally, Growing at a CAGR of 10.2%, says Coherent Market Insights

The pumpkin spice market is estimated to be valued at US$ 1.1 Bn in 2023 and is expected to exhibit a CAGR of 10.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Companies covered: Starbucks, Mc Cormick, Great Value, Glade, Dukin, Entenmanns, Freshness Guaranteed and other

/EIN News/ -- 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.

Get Sample Pages: https://www.coherentmarketinsights.com/insight/request-sample/6599

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.

To Purchase a Comprehensive Report Analysis: https://www.coherentmarketinsights.com/insight/buy-now/6599

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.

Request For Customization: https://www.coherentmarketinsights.com/insight/request-customization/6599

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
  

Browse More Trending Reports:

Precision Fermentation Market: The Precision Fermentation Market is estimated to be valued at USD 4.21 Bn in 2024 and is expected to reach USD 45.80 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 40.6% from 2024 to 2031.

Prepared Meal Delivery Market: The Prepared Meal Delivery Market is estimated to be valued at USD 10.92 Bn in 2024 and is expected to reach USD 23.85 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.

Starch Derivatives Market: The starch derivatives market is estimated to be valued at USD 60.31 Bn in 2024 and is expected to reach USD 76.73 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.

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