In 1934, McCormick & Co. came up with pumpkin pie spice with the idea it would help people make better tasting pumpkin pies. Almost a century later, after introducing its pumpkin spice latte in 2003, in 2019 a spokesperson for Starbucks told USA Today that the chain had sold more than 400 million pumpkin spice lattes.
Today, as other companies saw Starbucks’ success and followed suit, it appears that pumpkin spice products have become quintessential symbols of the autumn season in many parts of the world.
In fact, according to a recent report from Coherent Market Insights, the global pumpkin spice market was estimated to be valued at $1.1 billion in 2023 and is expected to grow at a CAGR of 10.2% over the forecast period 2024-2031, surpassing $2.4 billion by 2031.
Regionally, North America leads the pumpkin spice market due to early adoption of the flavor profile and its associations with fall tradition in the United States and Canada, according to the report.
Meanwhile, as the pumpkin spice market is primarily driven by changing consumer preferences toward new and unique flavors, the report notes that manufacturers are developing pumpkin spice flavor concentrates, syrups and powders for customization into different beverages — from sports and energy drinks to pumpkin spice flavored teas. Innovations in pumpkin spice beers, cocktail mixes and mocktails utilizing the flavor also is boosting segment growth.
Dunkin’ Spiked recently unveiled its Pumpkin Spice Iced Latte, its first-ever limited seasonal offering. The Dunkin’ Spiked Pumpkin Spice Iced Latte clocks in at 6% ABV and is crafted with real coffee, pumpkin spice flavor, and a non-dairy creamer that is both vegan and lactose-intolerant friendly, the company notes.
“As one of our most highly anticipated seasonal offerings, Pumpkin Spice Latte has become a staple amid everyone’s favorite cozy season. Recognizing this, we knew we had an opportunity to create something special with an adult twist on the beloved beverage,” said Brian Gilbert, vice president of retail business development at Dunkin’, in a statement. “After receiving such an overwhelmingly positive response on our Spiked Iced Coffees after only one year in market, the Dunkin’ Spiked Pumpkin Spice Iced Latte felt like a natural addition to the line, allowing us to meet the growing demands of 21-plus consumers seeking new spiked spins on their favorite Dunkin’— and fall— flavors.”
Also getting into the fall spirit, Chobani and La Colombe revealed their 2024 pumpkin spice collection, which includes two new seasonal products: Chobani Pumpkin Spice Greek Yogurt Drink and Chobani Pumpkin Spice Barista Oatmilk.
“Pumpkin spice has gone from a seasonal trend to a highly anticipated staple, and we at Chobani and La Colombe couldn’t be more excited to release these quintessential fall flavors now,” said Niel Sandfort, chief innovation officer at Chobani, in a statement at the time of the release. “We are pleased to introduce our new innovations, Chobani Pumpkin Spice Greek Yogurt Drink and Pumpkin Spice Barista Oatmilk, as well as bring back our tried-and-true pumpkin offerings that embody the fall season.”
Although pumpkin spice flavored drinks remain quite popular in the fall season — with consumption typically limited to the months of September through November — by expanding on product offerings brands can increase revenues and consumer exposure to the taste, according to Coherent Market Insights.
Among other market opportunities is the rise of organic and clean label products, the report notes.
“The demand for cleaner and more eco-friendly products has been steadily growing in recent years. Consumers are increasingly seeking out organic, natural and clean label options across all product categories,” the report states. “This shift toward more sustainable ingredients presents a major opportunity for the pumpkin spice market to capitalize. Products featuring organic pumpkin, organic spices and cleaner labels without artificial flavors or preservatives could attract a whole new segment of health-conscious consumers.”
Daily Harvest, a woman-founded meal subscription service that offers pre-portioned smoothies made from organic fruits and vegetables, announced it was entering the pumpkin spice latte space this month with the launch of its own take on the classic fall beverage.
Made with only nine ingredients including organic kabocha squash (Japanese pumpkin) puree, Daily Harvest’s Pumpkin Spice Latte is lightly sweetened with organic maple syrup, the company notes. When mixed with your choice of warmed milk and a shot of espresso — or paired with cold brew and a splash of milk — our Pumpkin Spice Latte is sweet, spiced and brings all the autumnal vibes, it says.
As beverage-makers continue to expand on pumpkin spice varieties, it seems the fall-themed coffee drink is more layered than the “basic” moniker consumers have dubbed it.
