In 2023, global nutmeg exports were valued at a total of US$237.5 million, excluding mace, which is the seed covering of the nutmeg fruit. This figure represents a notable rise of 34.2% from five years earlier, when exports were at $177 million in 2019. However, the market experienced a -7.3% decline in year-over-year exports, dropping from $256.2 million in 2022.

Nutmeg refers to the seed or ground spice from the fruit of a dark-leaved evergreen tree. It is widely used in various culinary dishes, from spicy soups and meat stews to rice pudding, mulled cider, eggnog, pumpkin pies, and more. Nutmeg also plays a role in drinks like rum punch and is found in products such as jams, candies, essential oils, and specialty butters.

By export value, the top five exporters of nutmeg—Indonesia, India, Vietnam, Netherlands, and Sri Lanka—accounted for around 80.6% of the global export market in 2023.

From a continental perspective, Asia dominated nutmeg exports in 2023, contributing 80.8% of the total value, which amounted to $191.9 million. Europe followed with 17.7%, while North America was a distant third at 1.1%. Smaller shares came from Latin America (0.3%, excluding Mexico), Africa (0.1%), and Oceania (0.05%, mostly Australia).

The top five importers of nutmeg in 2023 were China, Germany, the United States, the Netherlands, and Vietnam. Together, these countries made up almost 47.2% of the total global import value.

In terms of continents, Asia led the global import market, with 67.2% of the world's nutmeg imports, followed by Europe at 20%. Other regions included Latin America (5%, excluding Mexico but including the Caribbean), Africa (3.9%), North America (3.8%), and Oceania (0.1%, mostly Australia).

The Harmonized Tariff System codes for nutmeg are 080911 for unground, uncrushed nutmeg, and 080912 for crushed or ground nutmeg. In 2023, 71.3% of global nutmeg exports were unground, while 28.7% consisted of crushed or ground nutmeg, a decrease from 43.2% in the previous year.

Leading Nutmeg Importing Companies

Here are the top buyers of nutmegs by company for 2023 in Tendata, with their respective import shares:

1.CÔNG TY TNHH CB GIA VỊ NEDSPICE VIỆT NAM – 17.53% ($11.22 Million)

2.PLANT LIPIDS PRIVATE LIMITED – 6.85% ($4.38 Million)

3.SYNTHITE INDUSTRIES LIMITED – 6.7% ($4.29 Million)

4.CHI NHÁNH LONG BÌNH CÔNG TY TNHH OLAM VIỆT NAM – 6.18% ($3.95 Million)

5.BIO INGREDIENTS LLP – 3.73% ($2.39 Million)

6.KURUWA ENTERPRISES – 1.96% ($1.26 Million)

7.CÔNG TY TNHH XUẤT NHẬP KHẨU TRUNG NHẬT VIỆT – 1.73% ($1.11 Million)

8.H D D E S EXTRACTS PVT LTD – 1.65% ($1.05 Million)

9.CAFES LA VIRGINIA S A – 1.12% ($0.72 Million)

10.ТЗОВ ВТР – 1.09% ($0.7 Million)

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Leading Nutmeg Exporting Companies

Here are the top suppliers of nutmegs by company for 2023 in Tendata, with their respective export shares:

1.CÔNG TY TNHH CB GIA VỊ NEDSPICE VIỆT NAM – 6.76% ($15.91 Million)

2.PT INDOHARVEST SPICE – 6.62% ($15.58 Million)

3.PT SULTAN GARDEN CENTER – 3.63% ($8.55 Million)

4.PT GOROM KENCANA – 3.19% ($7.5 Million)

5.CHI NHÁNH LONG BÌNH CÔNG TY TNHH OLAM VIỆT NAM – 3.13% ($7.36 Million)

6.CV SURYA MAS – 3.1% ($7.3 Million)

7.GENUINE AGRO SPICES – 2.82% ($6.65 Million)

8.LAKSHMI TRADING COMPANY – 2.52% ($5.94 Million)

9.PT EAST INDIAN AGENCY PRODUCTS – 2.25% ($5.3 Million)

10.PT GUNUNG INTAN PERMATA – 2.12% ($4.99 Million)

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Top Nutmeg Import Markets in 2023

The total value of global nutmeg imports rose by 39.6% from 2019, but experienced a -6.7% decrease year-over-year in 2023. Here are the top 20 countries importing nutmeg in 2023:

1.China: $44.7 million (19.9%)

2.Germany: $17.6 million (7.8%)

3.United States: $16.3 million (7.3%)

4.Netherlands: $13.7 million (6.1%)

5.Vietnam: $13.5 million (6%)

6.United Arab Emirates: $12.1 million (5.4%)

7.France: $7.1 million (3.2%)

8.Italy: $6.78 million (3%)

9.India: $6.78 million (3%)

10.Belgium: $6.77 million (3%) ... and more.

Together, these 20 countries accounted for 81.2% of global nutmeg imports in 2023.

Notably, countries like Iraq (+44.4%), Poland (+37.5%), and China (+28.7%) saw the most significant increases in their nutmeg imports since 2022. On the other hand, countries like Egypt (-50.1%) and Vietnam (-32.7%) recorded substantial declines.

Top Nutmeg Export Markets in 2023

Below are the top 20 exporters of nutmeg by value in 2023:

1.Indonesia: $112 million (47.2%)

2.India: $29.1 million (12.3%)

3.Vietnam: $20.5 million (8.6%)

4.Netherlands: $15.7 million (6.6%)

5.Sri Lanka: $14.1 million (5.9%)

6.United Arab Emirates: $12.1 million (5.1%) ... and more.

These 20 countries accounted for 98.1% of the global nutmeg exports in 2023.

Exporters like Czech Republic (+100%), Poland (+34%), and Belgium (+16.3%) saw strong growth, while countries like Canada (-48.8%) and United States (-43.4%) experienced declines in their nutmeg exports.

By understanding these trends, businesses can identify emerging markets and adjust their strategies to tap into the global demand for nutmeg.