Grenada Nutmeg & Mace Market- Trend Analysis & Forecast to 2030
Market Snapshot
Grenada's nutmeg (dry) production reached 561.87 tonnes in 2022 and is expected to grow at a CAGR of 3.52% from 2020 to 2030. The increasing demand for high-quality nutmeg and mace, primarily used as raw materials in meat processing and spice manufacturing, is driving market growth. The country's reliance on nutmeg and mace export revenues continues to encourage government initiatives aimed at expanding plantation areas and improving productivity. However, adverse weather conditions remain a significant challenge to the growth of Grenada's nutmeg and mace supply.
Primary Areas/ Elements of Research & Analysis
The report provides comprehensive and valuable insights into the supply and demand dynamics of the Grenada nutmeg & mace market. Below are the variables considered and analyzed in the report:
The report provides historical market data (2010-2023) with projections to 2030, covering supply & demand analysis, trade patterns, and competitive dynamics. It also assesses key barriers, technological advancements, and industry evolution within the Grenada nutmeg & mace market.
Grenada’s Significance in the Global Nutmeg & Mace Supply
Grenada, known as the 'Isle of Spice,' is one of the world's leading producers and exporters of nutmeg and mace. These spices play a crucial role in Grenada's economy, contributing significantly to GDP and employment. In 2022, nutmeg and mace accounted for 13-15% of the country’s total export value and 36-40% of its total agricultural exports.
Nutmeg is derived from the seed of the Myristica fragrans tree, while mace is the lacy aril surrounding the seed. Both spices are highly valued for their distinctive flavors and aromatic properties, making them essential ingredients in culinary, beverage, pharmaceutical, and cosmetic industries.
Grenada remains a key player in the global nutmeg and mace market, holding a substantial share in both production and exports. The country’s favorable tropical climate and fertile volcanic soil provide ideal growing conditions, reinforcing its long-standing reputation for high-quality nutmeg and mace, which secures consistent demand in international markets.
Grenada Nutmeg & Mace Supply & Demand Trends
Grenada's nutmeg production has seen fluctuations due to various challenges, including natural disasters like hurricanes, which have periodically impacted plantations. However, ongoing efforts to rehabilitate and modernize the sector have contributed to a steady recovery. The adoption of technological advancements and sustainable farming practices is further enhancing yield and quality.
In 2022, Grenada’s nutmeg harvested area covered ** thousand hectares, and it is projected to increase to ** thousand hectares by 2030, growing at a CAGR of 2.78% (2020-2030). In 2023, the harvested area stood at ** thousand hectares, with production reaching ** thousand tonnes.
Demand Trends
Domestic demand for nutmeg and mace in Grenada remains low, with the majority of production being exported, primarily to North America and Europe. International buyers prefer Grenadian nutmeg and mace due to their superior quality. In 2023, Grenada exported US$ 5.47 million worth of dry nutmeg, with exports expected to grow at a CAGR of 5.04% from 2020 to 2030. Canada, the Netherlands, and the USA were the leading importers.
Globally, demand for nutmeg and mace is driven by their diverse applications. The culinary sector remains the largest consumer, particularly in processed foods and beverages. Additionally, growing awareness of the health benefits of nutmeg and mace, including their anti-inflammatory and antioxidant properties, is fueling demand in the pharmaceutical and nutraceutical industries.
Market Growth Factors
Culinary tourism plays a significant role, with local dishes and specialty products showcasing nutmeg’s diverse uses. Museums and cultural centers provide historical insights into Grenada’s spice heritage, while retail opportunities for nutmeg-based products contribute to local economic growth.
Integrated tourism packages that combine nutmeg experiences with other island attractions enhance Grenada’s appeal as an educational and immersive travel destination. This trend not only boosts local businesses but also promotes sustainable agriculture, preserving Grenada’s reputation as the “Isle of Spice.”
Market Restraints & Challenges
Despite its growth prospects, the Grenada nutmeg market faces certain challenges:
International buyers prefer Grenada’s nutmeg and mace for their superior quality, reinforcing the country’s strong export position. In 2023, Grenada’s dry nutmeg exports were valued at US$ 5.47 million, with exports projected to grow at a CAGR of **% from 2020 to 2030. Meanwhile, mace exports recorded a CAGR of 5.98% between 2010 and 2020, with 2023 exports totalling US$ 539.80 thousand. The primary importers of Grenadian nutmeg and mace include Canada, the Netherlands, and the USA.
Pricing Trends:
Grenada holds a degree of price-setting power due to the premium quality of its nutmeg and mace. However, global market prices are also shaped by production levels in other major suppliers, such as Indonesia and India.
Grenada’s nutmeg farm gate prices have declined from their historic high of US$ 3.70 per kg (annual average) in 2012 to US$ 2.22 per kg in 2020, largely due to rising domestic production and increased supply from competing producers. Currently, Grenada’s nutmeg export prices range between US$ 8 – 9 per kg, reflecting ongoing market dynamics and demand for premium-quality spices.
Future Outlook
The future of Grenada’s nutmeg and mace market appears promising, supported by advancements in sustainable farming, modern agricultural practices, and value-added product development. Key growth strategies include expanding into new markets and enhancing product quality to maintain Grenada’s competitive edge.
Government initiatives and international partnerships are expected to help mitigate supply chain challenges and boost production efficiency. While climate risks and competition remain concerns, Grenada’s strong reputation for high-quality spices positions it well for sustained growth and an increasing share in the global market.
Scope of the Report:
Grenada's nutmeg (dry) production reached 561.87 tonnes in 2022 and is expected to grow at a CAGR of 3.52% from 2020 to 2030. The increasing demand for high-quality nutmeg and mace, primarily used as raw materials in meat processing and spice manufacturing, is driving market growth. The country's reliance on nutmeg and mace export revenues continues to encourage government initiatives aimed at expanding plantation areas and improving productivity. However, adverse weather conditions remain a significant challenge to the growth of Grenada's nutmeg and mace supply.
Primary Areas/ Elements of Research & Analysis
The report provides comprehensive and valuable insights into the supply and demand dynamics of the Grenada nutmeg & mace market. Below are the variables considered and analyzed in the report:
- Supply-demand trends, market growth, and trade (exports & imports)
- Market structure, conduct, and performance analysis
- Historical and forecasted market size (volume & value)
- Trade analysis, including key partners, quantities, values, and price trends
- Supply chain mapping, pricing, and regulatory framework
- Competitive landscape profiling major players
- Factors influencing market performance, including sustainability trends
The report provides historical market data (2010-2023) with projections to 2030, covering supply & demand analysis, trade patterns, and competitive dynamics. It also assesses key barriers, technological advancements, and industry evolution within the Grenada nutmeg & mace market.
Grenada’s Significance in the Global Nutmeg & Mace Supply
Grenada, known as the 'Isle of Spice,' is one of the world's leading producers and exporters of nutmeg and mace. These spices play a crucial role in Grenada's economy, contributing significantly to GDP and employment. In 2022, nutmeg and mace accounted for 13-15% of the country’s total export value and 36-40% of its total agricultural exports.
Nutmeg is derived from the seed of the Myristica fragrans tree, while mace is the lacy aril surrounding the seed. Both spices are highly valued for their distinctive flavors and aromatic properties, making them essential ingredients in culinary, beverage, pharmaceutical, and cosmetic industries.
Grenada remains a key player in the global nutmeg and mace market, holding a substantial share in both production and exports. The country’s favorable tropical climate and fertile volcanic soil provide ideal growing conditions, reinforcing its long-standing reputation for high-quality nutmeg and mace, which secures consistent demand in international markets.
Grenada Nutmeg & Mace Supply & Demand Trends
Grenada's nutmeg production has seen fluctuations due to various challenges, including natural disasters like hurricanes, which have periodically impacted plantations. However, ongoing efforts to rehabilitate and modernize the sector have contributed to a steady recovery. The adoption of technological advancements and sustainable farming practices is further enhancing yield and quality.
In 2022, Grenada’s nutmeg harvested area covered ** thousand hectares, and it is projected to increase to ** thousand hectares by 2030, growing at a CAGR of 2.78% (2020-2030). In 2023, the harvested area stood at ** thousand hectares, with production reaching ** thousand tonnes.
Demand Trends
Domestic demand for nutmeg and mace in Grenada remains low, with the majority of production being exported, primarily to North America and Europe. International buyers prefer Grenadian nutmeg and mace due to their superior quality. In 2023, Grenada exported US$ 5.47 million worth of dry nutmeg, with exports expected to grow at a CAGR of 5.04% from 2020 to 2030. Canada, the Netherlands, and the USA were the leading importers.
Globally, demand for nutmeg and mace is driven by their diverse applications. The culinary sector remains the largest consumer, particularly in processed foods and beverages. Additionally, growing awareness of the health benefits of nutmeg and mace, including their anti-inflammatory and antioxidant properties, is fueling demand in the pharmaceutical and nutraceutical industries.
Market Growth Factors
- Rising Health Consciousness
- Increasing demand for exotic and flavorful ingredients in global cuisines
- Expanding export markets, particularly in Europe and North America
- Grenada's tourism industry also promotes the spices
Culinary tourism plays a significant role, with local dishes and specialty products showcasing nutmeg’s diverse uses. Museums and cultural centers provide historical insights into Grenada’s spice heritage, while retail opportunities for nutmeg-based products contribute to local economic growth.
Integrated tourism packages that combine nutmeg experiences with other island attractions enhance Grenada’s appeal as an educational and immersive travel destination. This trend not only boosts local businesses but also promotes sustainable agriculture, preserving Grenada’s reputation as the “Isle of Spice.”
Market Restraints & Challenges
Despite its growth prospects, the Grenada nutmeg market faces certain challenges:
- Grenada's nutmeg industry is highly susceptible to climate change and extreme weather events
- Outbreaks of plant diseases and pest infestations affect yield and quality
- Increasing competition from other nutmeg-producing countries
- Logistics and supply chain inefficiencies can lead to delays and increased costs
International buyers prefer Grenada’s nutmeg and mace for their superior quality, reinforcing the country’s strong export position. In 2023, Grenada’s dry nutmeg exports were valued at US$ 5.47 million, with exports projected to grow at a CAGR of **% from 2020 to 2030. Meanwhile, mace exports recorded a CAGR of 5.98% between 2010 and 2020, with 2023 exports totalling US$ 539.80 thousand. The primary importers of Grenadian nutmeg and mace include Canada, the Netherlands, and the USA.
Pricing Trends:
Grenada holds a degree of price-setting power due to the premium quality of its nutmeg and mace. However, global market prices are also shaped by production levels in other major suppliers, such as Indonesia and India.
Grenada’s nutmeg farm gate prices have declined from their historic high of US$ 3.70 per kg (annual average) in 2012 to US$ 2.22 per kg in 2020, largely due to rising domestic production and increased supply from competing producers. Currently, Grenada’s nutmeg export prices range between US$ 8 – 9 per kg, reflecting ongoing market dynamics and demand for premium-quality spices.
Future Outlook
The future of Grenada’s nutmeg and mace market appears promising, supported by advancements in sustainable farming, modern agricultural practices, and value-added product development. Key growth strategies include expanding into new markets and enhancing product quality to maintain Grenada’s competitive edge.
Government initiatives and international partnerships are expected to help mitigate supply chain challenges and boost production efficiency. While climate risks and competition remain concerns, Grenada’s strong reputation for high-quality spices positions it well for sustained growth and an increasing share in the global market.
Scope of the Report:
- Historical Years: 2010-2022
- Base Year: 2023
- Forecast Period: 2024-2030
- Units: Value (US$ Million) and Volume (Tonnes)
- Report Coverage: Production, Consumption, Export, and Import
- Segments Covered:
- By Type (Whole and Processed)
- By Sales (Domestic Consumption and Exports)
- Companies Profiled: The market players include, Grenada Cooperative Nutmeg Association (GCNA), Catz International B.V., Koninklijke Euroma BV (Intertaste BV), Verstegen Spices & Sauces B.V., Shashi Foods Inc., Fuchs Group, and Halford-Lewis Ltd.
1. EXECUTIVE SUMMARY
2. INTRODUCTION
2.1. Objectives & Scope of the Study
2.2. Definitions & Economic Importance
2.3. Research Methodology
2.4. Factors and Decision Matrix Analysis
2.5. Limitations & Challenges
3. PRODUCT/ MARKET OVERVIEW
3.1. Evolution/ Origin & Geographic/Agronomic Suitability
3.2. Nutmeg Crop Seasonality
3.3. Processing & Grading
3.4. Nutmeg & Mace Uses & Application Areas
3.5. Regulatory Analysis
4. GRENADA COUNTRY PROFILE
5. GRENADA NUTMEG & MACE MARKET GROWTH FACTORS ANALYSIS
5.1. Drivers and Restraints Analysis
5.2. Challenges and Opportunities Analysis
5.3. Grenada Nutmeg & Mace Industry SWOT Analysis
5.4. Grenada Nutmeg & Mace Market PESTEL Analysis
5.5. Grenada Nutmeg & Mace Market Porter's Five Forces analysis
6. GRENADA NUTMEG & MACE MARKET: SUPPLY ANALYSIS
6.1. Nutmeg (Green) Supply Analysis (Area & Production)
6.2. Nutmeg (Dry & Shelled) & Mace (Dry) Supply Analysis
6.3. Nutmeg (Dry & Shelled) Supply Analysis (Half Yearly Production)
6.4. Mace (Dry) Supply Analysis (Half Yearly Production)
7. GRENADA NUTMEG & MACE MARKET: DEMAND ANALYSIS
7.1. Domestic Consumption
7.2. Processing
7.3. Export Demand
7.4. Nutmeg & Mace Supply Chain Analysis
7.5. Nutmeg & Mace Product Variants Available in the Market
8. GRENADA NUTMEG & MACE MARKET: SEGMENT ANALYSIS
8.1. Grenada Nutmeg Market, by Type
8.1.1. Whole Nutmeg
8.1.2. Grounded Nutmeg
8.2. Grenada Mace Market, by Type
8.2.1. Whole Mace
8.2.2. Grounded Mace
9. GRENADA NUTMEG & MACE MARKET: TRADE (EXPORT & IMPORT) ANALYSIS
9.1. Nutmeg & Mace Trade Analysis
9.2. Nutmeg (Dry) Trade Analysis
9.3. Mace Trade Analysis
9.4. USA & Canada Imports of Nutmeg, By Value & Volume
9.5. Grenada Nutmeg Supply & Demand Dynamics
10. GRENADA NUTMEG & MACE MARKET: PRICE TREND ANALYSIS
10.1. Farm Gate Price Trend
10.2. Export Price Trend
10.3. Global Market Price Trend
10.4. Grenada Nutmeg & Mace Price Events & Price Drivers Analysis
11. COMPETITIVE ANALYSIS
11.1. Grenada Nutmeg & Mace Market Mapping
11.1.1. List of Key Countries Importing Nutmeg & Mace from Grenada
11.1.2. List of Key Companies Exporting & Importing Nutmeg & Mace from Grenada
11.2. Company Profiles
11.2.1. Grenada Cooperative Nutmeg Association (GCNA)
11.2.2. De La Grenade Industries Ltd.
11.2.3. Catz International B.V.
11.2.4. Koninklijke Euroma BV (Intertaste BV)
11.2.5. Verstegen Spices & Sauces B.V.
11.2.6. Shashi Foods Inc.
11.2.7. Fuchs Group
11.2.8. Halford-Lewis Ltd.
12. CONCLUSION
13. APPENDIX
2. INTRODUCTION
2.1. Objectives & Scope of the Study
2.2. Definitions & Economic Importance
2.3. Research Methodology
2.4. Factors and Decision Matrix Analysis
2.5. Limitations & Challenges
3. PRODUCT/ MARKET OVERVIEW
3.1. Evolution/ Origin & Geographic/Agronomic Suitability
3.2. Nutmeg Crop Seasonality
3.3. Processing & Grading
3.4. Nutmeg & Mace Uses & Application Areas
3.5. Regulatory Analysis
4. GRENADA COUNTRY PROFILE
5. GRENADA NUTMEG & MACE MARKET GROWTH FACTORS ANALYSIS
5.1. Drivers and Restraints Analysis
5.2. Challenges and Opportunities Analysis
5.3. Grenada Nutmeg & Mace Industry SWOT Analysis
5.4. Grenada Nutmeg & Mace Market PESTEL Analysis
5.5. Grenada Nutmeg & Mace Market Porter's Five Forces analysis
6. GRENADA NUTMEG & MACE MARKET: SUPPLY ANALYSIS
6.1. Nutmeg (Green) Supply Analysis (Area & Production)
6.2. Nutmeg (Dry & Shelled) & Mace (Dry) Supply Analysis
6.3. Nutmeg (Dry & Shelled) Supply Analysis (Half Yearly Production)
6.4. Mace (Dry) Supply Analysis (Half Yearly Production)
7. GRENADA NUTMEG & MACE MARKET: DEMAND ANALYSIS
7.1. Domestic Consumption
7.2. Processing
7.3. Export Demand
7.4. Nutmeg & Mace Supply Chain Analysis
7.5. Nutmeg & Mace Product Variants Available in the Market
8. GRENADA NUTMEG & MACE MARKET: SEGMENT ANALYSIS
8.1. Grenada Nutmeg Market, by Type
8.1.1. Whole Nutmeg
8.1.2. Grounded Nutmeg
8.2. Grenada Mace Market, by Type
8.2.1. Whole Mace
8.2.2. Grounded Mace
9. GRENADA NUTMEG & MACE MARKET: TRADE (EXPORT & IMPORT) ANALYSIS
9.1. Nutmeg & Mace Trade Analysis
9.2. Nutmeg (Dry) Trade Analysis
9.3. Mace Trade Analysis
9.4. USA & Canada Imports of Nutmeg, By Value & Volume
9.5. Grenada Nutmeg Supply & Demand Dynamics
10. GRENADA NUTMEG & MACE MARKET: PRICE TREND ANALYSIS
10.1. Farm Gate Price Trend
10.2. Export Price Trend
10.3. Global Market Price Trend
10.4. Grenada Nutmeg & Mace Price Events & Price Drivers Analysis
11. COMPETITIVE ANALYSIS
11.1. Grenada Nutmeg & Mace Market Mapping
11.1.1. List of Key Countries Importing Nutmeg & Mace from Grenada
11.1.2. List of Key Companies Exporting & Importing Nutmeg & Mace from Grenada
11.2. Company Profiles
11.2.1. Grenada Cooperative Nutmeg Association (GCNA)
11.2.2. De La Grenade Industries Ltd.
11.2.3. Catz International B.V.
11.2.4. Koninklijke Euroma BV (Intertaste BV)
11.2.5. Verstegen Spices & Sauces B.V.
11.2.6. Shashi Foods Inc.
11.2.7. Fuchs Group
11.2.8. Halford-Lewis Ltd.
12. CONCLUSION
13. APPENDIX
