The pumpkin spice market comprises products infused with pumpkin spice flavors, such as lattes, mochas, baked snacks, candles and air fresheners. Pumpkin spice is a blend of cinnamon, nutmeg and cloves that evokes the taste of autumn. Starbucks launched the first pumpkin spice latte in 2003, sparking a craze for the seasonal flavor. Today, pumpkin spice products have expanded across food and household categories. The expanded product range caters to the rising preference for limited-time flavor offerings and convenience foods.
The Global pumpkin spice market is estimated to be valued at US$ 1.1 BN 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 remains the leader with its pumpkin spice latte driving over half the sales during fall. Mc Cormick is the largest producer of pumpkin pie spices and is expanding into other baked goods and savory items.
The demand for Pumpkin Spice Market Size products is increasing at a rapid pace owing to changing consumption patterns and busy lifestyles. People prefer seasonal and limited-edition flavors to enjoy the transition from summer to fall. The wide variety of snacks, drinks and candles allow consumers to indulge their pumpkin spice craving throughout the day.
Technological advancements are helping businesses launch new product formats and flavors. For example, pumpkin spice creamers allow people to enjoy the flavor in their regular coffee. Companies are also experimenting with exotic blends by adding ingredients like chocolate or salted caramel to pumpkin spice. New formats like pumpkin spice granola ensure the flavor can be enjoyed as a breakfast option on the go.
Market Trends
Non-dairy pumpkin spice beverages are a key trend in the market. With rising health consciousness, brands are offering oat milk, almond milk and soy milk based pumpkin spice lattes and chilled drinks. E-commerce is also fueling the market growth with online-only pumpkin spice products and subscription boxes.
Growing demand for exotic flavors is opening opportunities for innovative blends like pumpkin spice and chocolate, Mexican spice pumpkin or salted pumpkin caramel. Artisanal bakers and food producers are coming up with unique global flavor mashups using the pumpkin spice platform.
Market Opportunities
One key growth opportunity lies in savory pumpkin spice snacks and meals. Potato and tortilla chips, crackers, soups and risottos with subtle pumpkin pie spice flavors can drive new consumption occasions. There is also white space to tap the fresh pumpkin category with pumpkin spice ingredients and finished dishes.
International markets present another growth lever. While the pumpkin spice trend originated in the US, increasing exposure through social media and expats is driving trial in other regions. Adapting formulations for local palates and packaging will unlock new geographies and consumers for pumpkin spice products.
Impact of COVID-19 on Pumpkin Spice Market Growth
The pumpkin spice market experienced a major boost during the COVID-19 pandemic. Rising pumpkin spice sales in 2020 as compared to pre-pandemic levels suggested increased comfort food consumption at homes. Lockdowns and restrictions pushed consumers toward seasonal and traditional favorites. Sales peaked during fall months of September through November. While the food service segment declined sharply due to closures, retail channels facilitated greater accessibility. E-commerce rose exponentially to cater rising online demand for ready-to-consume pumpkin spice products. Producers strengthened their distribution networks and offered promotions to leverage the trend.
Though disruptions prevailed, the market showcased strong resilience. Producers implemented safety measures to ensure uninterrupted supplies. New product launches catering immunity and wellness involved pumpkin spice blends. While food service revenue diminished substantially, retail/storefront sales bridged the gap. Post-pandemic, the market is recovering thanks to vaccine rollouts and lifted lockdowns. However, caution remains due to threat of virus mutations. Sustaining health-oriented consumer behavior and engaging new audiences will define future growth. Hybrid retail strategies, innovative offerings appealing work-from-home needs and intensified promotion campaigns can aid faster recovery.
Pumpkin Spice Market Concentration in North America
North America dominates the global pumpkin spice market accounting for over 50% share in terms of value. The region has a strong cultural affinity and tradition associated with pumpkin flavors, especially during fall season. The US accounts for the major share within North America, driven by high consumption across households and food service outlets. Wide availability of products from national as well as local brands throughout the year has made pumpkin spice a popular taste. Changing lifestyles and growing experiments with flavors continue supporting market growth. Production is well-organized to cater rising demand.
Fastest Growing Region for Pumpkin Spice Market
Asia Pacific is the fastest growing region for the global pumpkin spice market. While per capita consumption is relatively lower than Western markets currently, pumpkin spice offerings are gaining traction among Asian consumers. Rising middle class, experimentation amid affluent population and Western influence are some factors driving market growth. Additionally, many local food companies are launching pumpkin spice fusion dishes and beverages. Global brands are also extending their footprint which is attracting more consumers. China and India particularly display high market potential attributed to immense population and increasing health consciousness. The region will remain lucrative for market expansions in the future.
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