Nutmeg has high nutrient content of vitamins, minerals, and organic compounds related to essential oils. Nutmeg and nutmeg butter benefits include dietary fiber, manganese, thiamine, vitamin B6, folate, magnesium, and copper, along with other benefits such as relieving pain, promoting digestion, improving brain health, detoxifying the body, oral health, treating insomnia and leukemia, correcting hormonal imbalances, skincare, and regulating blood pressure.
Manufacturers as well as consumers are seeking new, natural, healthy, nutritional ingredients that can help in maintaining health and wellness. Owing to the high nutritional content of nutmeg, nutmeg butter is gaining popularity among consumers across the globe, and its volume is expected to witness 1.6X growth during the forecasted period of 2020 to 2030, thereby expanding the nutmeg butter market size at a steady pace.
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- Organic Pure Oil
- Nature Pure Extracts Inc
- Rutvik Enterprises
- Proderna Biotech Pvt. Ltd.
- Vedic Supercriticals & Biotechnologies (I) Pvt. Ltd.
- New Directions Aromatics Inc.
- Savonnerie Ameritienne
- Botanic Universe Corp.
- Delaenzie Essentials Oils
Nutmeg Butter Market Trends
Rising Demand for Gender-neutral Products to Fuel Demand: Key manufacturers of cosmetic and personal care products are focusing on increasing the number of gender-neutral products in terms of making it easy for consumers to purchase what they need. Gender-neutral products can be used by both, male and female consumers, for the treatment of similar issues. This marketing method is fueling the growth of the beauty and cosmetics industry. Nutmeg butter is ideal for the treatment of wrinkles, hair care, and for use in personal care products such as soaps, shampoo, body care, scrubs, etc., for both genders. This is expected to drive the growth of the global nutmeg butter market.
- As such, the application of nutmeg butter for skincare is expected to witness a significant value CAGR of around 6% over the forecast period.
Emergence of Preventive Nutri-cosmetic Products to Stimulate Demand: Nutmeg and nutmeg butter have several health benefits, including the ability to relieve pain, strengthen cognitive function, soothe indigestion, detoxify the body, reduce insomnia, and many others. Nutmeg butter contains significant amounts of vitamins and minerals, and thus, is considered a nutrient-rich product.
With increasing health-consciousness among consumers and rising knowledge about various ingredients and products, demand for nutricosmetic products is increasing rapidly across the globe. Nutricosmetics has become a way to take care of one's skin deeply and holistically. Thus, these factors are expected to fuel the growth of the global nutmeg butter market over the coming years.
Larger Online Penetration in Emerging Markets: Online retail is a trending segment across the world, especially in emerging markets. It is becoming more convenient for consumers, as products can be ordered from homes, workplaces, or any other place. Big players in the online retail sector are offering huge discounts on products, which attracts consumers toward online retail. Consumers in emerging markets are widely inclining toward online shopping due to discounts and doorstep deliveries.
Increasing digitalization and rising spending power of consumers are other factors that are driving the growth of the online retail market. Nutmeg butter is widely sold through online retail chains, which is expected to leave a positive impact on the global nutmeg butter market, with expected value growth of 2.1X over the forecast period.
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Regional Outlook of Global Nutmeg Butter Market
Asia Pacific is one of the fastest-growing regions in the world, based on both, population and economy. It holds around 40% of the world’s population, and has the largest consumer base for food and beverages as well as personal care products. Consumers in the region are becoming more health-conscious and focusing on health and wellness.
Increasing per capita income and rising spending power of consumers are key factors for the growth of the global nutmeg butter and oil market. Besides, Asia Pacific is witnessing an increase in the number of personal care and cosmetic manufacturers, which is expected to drive the demand for nutmeg ingredients and nutmeg butter products in the region. As such, South Asia is expected to witness 7.5% value growth during the forecasted period, pushing up Asia Pacific as far as nutmeg butter market share is concerned.
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COVID-19 Impact on Nutmeg Butter Market
The global beauty industry has been hit hard by the COVID-19 crisis. First-quarter sales of beauty products and nutmeg butter have been weak, and there have been widespread store closures. At the height of the crisis, beauty brands using nutmeg butter have raced to pivot their propositions, reaching consumers via online channels and adapting their product offerings to suit customers during lockdowns. As a result, COVID-19 has fast-tracked a number of macro trends and has set lasting changes in motion.
The crisis has simultaneously accelerated the move away from color cosmetics toward skincare, brought the wellness agenda to the fore, encouraged brands to re-evaluate their retail offerings, and forced businesses to recognize a strong digital proposition as being vital for survival. As lockdowns resulted in stores being shut across the world, beauty brands and nutmeg butter products raced to engage consumers online, and retailers expanded their omni-channel approaches at a significant pace and scale.
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The global nutmeg butter market is anticipated to exhibit significant growth, with South Asia and Europe projected to offer potential growth opportunities during the forecast period of 2020-2030. Increasing beauty concerns among consumers is expected to support the growth of the global nutmeg butter market in the foreseeable future.
Leading players in the nutmeg ingredient and nutmeg butter market are focused on collaborating with cosmetic and personal care manufacturers to increase the sales of nutmeg butter through retail and online retail channels. This is further expected to contribute toward high market growth, with expected volume of 930T in the year 2030.
Key Segments of Global Nutmeg Butter Market
PMR’s report on the global nutmeg butter market offers information divided into four segments- nature, application, distribution channel, and region.