Nutmeg oil is extracted from the nutmeg (Myristica fragrans) which is a type of volatile oil. Nutmeg oil is extracted by steam distillation process of ground nutmeg which is used mostly in pharmaceutical and perfume industries. Nutmeg oil has colorless or light yellow appearance. Nutmeg oil consists of 90% of terpene hydrocarbons which is used in oleochemical industries. Nutmeg oil also contains small amounts of a variety of aromatic ethers and phenolic compounds such as elemicin, myristicin, methyl eugenol and safrole which is used in variety of aromatic-based products. Nutmeg oil is widely used as a flavoring agent in food products such as syrups, bakery products, beverages, sweets, etc. Nutmeg oil is also used in pharmaceutical and cosmetic industries and as a major ingredient in many syrups and beverages. Nutmeg oil is also used in treating digestive and nervous system of the individual.
Global Nutmeg Oil: Market Segmentation
The global nutmeg oil market is segmented on the basis of type, distribution channel, end user, application and region. The nutmeg oil is primarily used in pharmaceutical formulation products such as lozenges, cough sweets, cough syrups and ointments. The nutmeg oil market is segmented on the basis of distribution channel such as supermarket/hypermarket, online stores and retail stores. The global nutmeg oil market can also be segmented as an ingredient in dietary supplements, capsules, and others. The global nutmeg oil market is segmented on the basis of end user such as industries, food services and consumers. The global nutmeg oil market is segmented on the basis of application such as pharmaceuticals, cosmetics, food products, fragrance, and chemical industrial uses. Hence, the global nutmeg oil market is expected to significantly increase the revenue contribution over the forecast period.
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Global Nutmeg Oil Market: Regional Outlook
Geographically, the global nutmeg oil industry can be divided by major regions which include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa. Globally, among all regions, North America has developed as the dominant region in global nutmeg oil market followed by Asia Pacific. Growing demand for nutmeg oil products as a result of increasing usage of nutmeg oil in various industries, has strengthened the growth of global nutmeg oil market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.
Global Nutmeg Oil Market: Growth Drivers
The global nutmeg oil market major driving factors are increasing demand of nutmeg oil in cosmetics industry for skincare products coupled with rising number of nutmeg oil based dietary supplements and capsules are expected to significantly increase the revenue contribution of the global nutmeg oil market over the forecast period. Many consumers are using nutmeg oil in various pharmaceutical and chemical products. Nutmeg oil is mainly used in medicinal supplements as it contains various properties such as antiseptic, helps in treating diseases related to digestive and nervous system. Nutmeg oil is widely used in fragrance industry as a component to impart aroma in products such as lotions and perfumes, soaps, and detergents. Hence, the global nutmeg oil market is expected to observe robust growth over the forecast period.
Global Nutmeg Oil Market: Key Players
Some of the key players identified across the value chain of the global nutmeg oil market includes Aromex Industry, Edens Garden, Now Foods, Reho Natural Ingredients, Frutarom, Rakesh Sandal Industries, Berjé Inc., De La Grenade Industries Ltd., De Monchy Aromatics, Ultra International B.V. and others. The companies are expected to expand their business by enhancing their product portfolio in global nutmeg oil market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global nutmeg oil market till 2027.