Nutmeg is an earthy, fragrant, and flavorful spice that works equally well in desserts and savory dishes. It is derived from the seeds of the Myristica plant, and its nutty flavor often invites comparisons to cinnamon. Eggnog is of course what most people in the West sprinkle nutmeg into. But it is also a popular ingredient in Indian and Indonesian food. In the Caribbean, it isnâ??t unusual to find drinks flavored with this spice.