Every September, Canadians welcome back pumpkin spice as though it were an old friend. The crisp air, the return of routine after summer, and the smell of cinnamon, nutmeg, and clove signal a familiar ritual: The launch of the pumpkin spice season.

Yet beyond its cozy cultural aura, pumpkin spice is a remarkable economic case study. It is a multibillion-dollar global industry that reveals much about consumer psychology, seasonal demand shocks, and the resilience of indulgence in an era of elevated food costs.

Globally, the pumpkin spice market is now worth an estimated US$1.1 billion in 2025 and is projected to more than double to US$2.2 billion by 2032, supported by annual growth exceeding 10%. Within this category, Starbucks’ Pumpkin Spice Latte (PSL) remains the anchor. Since its 2003

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