StatLedger releases Market Intelligence Report on Grenada Nutmeg & Mace Market
Nestled in the Caribbean, the island nation of Grenada boasts not only stunning beaches and lush landscapes but also a rich history of spice cultivation. Among its prized commodities are nutmeg and mace, often referred to as "the jewels of Grenada." By the 19th century, Grenada had earned the moniker "Spice Isle" for its abundant nutmeg plantations. Mace, the crimson-colored covering of the nutmeg seed, also became a valuable export commodity.
Grenada's nutmeg and mace market operate within the broader context of the global spice trade. While demand for these spices remains steady, the market faces challenges such as fluctuating prices, competition from other spice-producing regions, and the impact of climate change on agricultural yields. Additionally, the COVID-19 pandemic disrupted supply chains and posed logistical hurdles for exporters.
Grenada nutmeg (dry) production reached 561.87 tonnes in 2022 and is projected to grow at a CAGR of 3.52% from 2020 to 2030. Grenada exported US$ 5.47 million valued nutmeg (dry) in 2023 and is projected to witness a CAGR of 5.04% during the forecast period (2020 to 2030). Mace exports from Grenada experienced a CAGR of 5.98% between 2010 and 2020, and in 2023, the country exported mace worth USD 539.80 thousand. Canada, Netherlands, and USA were the major importers of nutmeg and mace from Grenada. The future outlook for Grenada's nutmeg and mace market is optimistic, driven by advancements in sustainable farming, modern agricultural practices, and value-added product development programmes developed by the country government.
In recognizing the need to develop a systematic approach to improve the provision of accurate and useful Grenada nutmeg & mace market information to various members of value chain in spices industry, the StatLedger consultants undertook a study and prepared a report on “Grenada Nutmeg & Mace Market – Trend Analysis & Forecast to 20230”. The report provides an overview of the historical & current status of the Grenada nutmeg & mace market in terms of supply & demand market size, trends & trade dynamics, key industry developments, competitive landscape, and more. The report sections furnish numerous data points contributing to the better understanding of the Grenada nutmeg & mace market dynamics.
The Grenada nutmeg & mace market in the report is analyzed for production, demand, trade (export & import), price, and competitive landscape details. The report also highlights the trade (export & import) scenario of nutmeg & mace among the key countries and global as a whole. The report's contents cover an analysis of the aspects involved in the nutmeg and mace market such as the parent market, the evolution of the industry, innovative technologies in the manufacturing process, supply chain, and listing of key exporters.
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