The global market for cinnamon is estimated to reach an approximate valuation of US$ 1,148.6 Mn in the forecast period.
Industry: Food and Beverages
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 391
Report ID: PMRREP20272
The market for cinnamon can be expected to expand at a value based CAGR of 3.7% and show an increase in revenue from US$ 795.7 Mn to around US$ 1148.6 Mn by 2033.
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Cinnamon Market Size (2023E) |
US$ 795.7 Mn |
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Projected Sales of Cinnamon (2033F) |
US$ 1,148.6 Mn |
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Value CAGR (2023-2033) |
3.7% |
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Value Share of Top 4 Countries (2022E) |
61.4% |
The global cinnamon market has witnessed significant growth in the historical period registering a CAGR of 3.74% in the historical period and was valued at US$ 795.7 Mn in 2023.
Consumers are increasingly seeking the combination of taste and nutrition in every food product, as the preference for healthy eating is rising, without compromising on the taste of food. This has further increased the demand for healthy food ingredients, including spices, which are the major ingredients that impart taste and flavor to food products. Spices play a vital role in developing the taste and flavor in food products, and also contain numerous health beneficial properties. Due to this, the demand for healthy and flavorful spices such as cinnamon is growing. Cinnamon is known for its sweet taste that increases the flavor and taste profile of food products.
Additionally, cinnamon also possesses health beneficial properties, such as antioxidants that fight against free radicals and prevent damage to cells. Moreover, cinnamon also helps manage blood sugar and cholesterol levels. All these factors are playing a major role in the growth of the global cinnamon market. The global market for cinnamon is estimated to reach an approximate valuation of US$ 1,148.6 Mn in the forecast period.
“Increasing Use of Blended Spices Favoring Growth of Cinnamon Market”
Blended spices are emerging as a new advantageous combination providing diverse flavor and taste to food products. Currently, food manufacturers are creating innovative blends by adding different spices. These blended spices are further utilized for seasoning and other purposes.
Spices such as cinnamon, turmeric, black pepper, ginger, and chili are mostly used for blending due to their flavor profile. As consumers across the world are craving vibrant spices and taste profiles, spice manufacturers are formulating innovative solutions by offering blended spices. Furthermore, blended spices are also associated with numerous health benefits such as antioxidants and anti-inflammatory effects.
“Organic Cinnamon’ Benefitting Market Growth”
The ‘go organic’ trend has influenced consumers to add more organic foods into their diets. This trend also impacts cinnamon growers. Additionally, food manufacturers are increasingly targeting health-conscious consumers, and are demanding organic cinnamon from their suppliers. This has further increased the cultivation and utilization of organic cinnamon. Organic cinnamon is grown under different circumstances, without the use of any pesticides.
“Rising Demand for Cinnamomum verum to Propel Market Growth”
Cinnamon comes in several varieties, of which two varieties are mostly used in industry; true cinnamon (Cinnamomum Zeylanicum) and cassia (Cinnamomum Aromaticum). In most of the food industry, cassia cinnamon is used as it easily available and lower in price as compared to the true cinnamon. 90% true cinnamon is grown in Sri Lanka and limited in production. Demand for true cinnamon is continuously growing across the world as it provides a sweeter and delicate flavor than cassia. Furthermore, it also contains a negligible level of coumarin, a compound found in cinnamon, which is associated with liver damage. Other beneficial properties are high anti-bacterial effect and helping digestion. Hence, demand for true cinnamon is rapidly on the rise, which is subsequently benefitting players in the cinnamon market.
“Growing Usage of Cinnamon in Foodservice Industry to Augment Market Growth”
The foodservice industry has witnessed a tremendous growth rate from the past decade, owing to growth factors such as rising disposable incomes and innovative food products. Consumer inclination toward eating out is based on various factors, including busy lifestyles. Change in consumer tastes and behaviors has also contributed to growing consumer preference for eating in restaurants.
Additionally, developing countries are especially experiencing rapid growth in their food service industry. According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the food service industry has grown in India during the period from 2018-2022. This rigorous growth has opened new avenues for manufacturers of various food products and ingredients.
“High Availability of Substitutes for Cinnamon to Limit Sales”
Cinnamon is a highly beneficial and flavorful spice, however availability of large number of substitutes of cinnamon is creating tough competition for players offering cinnamon products. Spices like cardamom, pumpkin pie spice, coriander, turmeric, nutmeg, and mace can be used as a substitute for cinnamon in various products. These spices also contain health beneficial properties along with imparting a vibrant taste, and can replace cinnamon while in different food products. As consumers are seeking health and wellness boosting characteristics in their food products, spices are the main ingredients are being inspected for healthy and nutritional properties. Additionally, easy availability of these spices is also a factor hampering the growth of the cinnamon in market.
How is the North and Latin American cinnamon market expected to grow?
North America and Latin America is projected to exhibit high growth in the global cinnamon market during the forecast period of 2023-2033. Growth witnessed in these regions is attributable to the rising consumption of cinnamon-based food products, such as cinnamon rolls, cinnamon whiskey, and others. Furthermore, Ceylon cinnamon is one of the most imported spices in Latin American countries such as Mexico, which is further creating a favorable market scenario for cinnamon in the region.
What is the Outlook for the Asia Pacific Cinnamon market?
South Asia and East Asia are still dominating the global cinnamon market with the highest market value share, owing to the higher production and consumption rate of cinnamon in these regions.
Countries such as Indonesia, Sri Lanka, and India have been consuming cinnamon from a long time. Cinnamon used in cooking and making tea is a major contributing factor for its higher consumption in South Asia. China is also one of the major producers of cinnamon, and also consumes a substantial amount of the spice.
Which Segment of Cinnamon Accounts is dominating the market?
The conventional segment is dominating the cinnamon market with the highest market value share. However, the growing influence of organic food products is a major growth factor that will surge the organic segment in the future.
What is the expected growth of Cinnamon by form segmentation?
By form, cinnamon extract is estimated to register a higher CAGR than whole cinnamon, owing to the increasing use of cinnamon oil in cosmetics and personal care products, along with increasing use of cinnamon powder in the foodservice industry.
The presence of numerous multinational competitors is what largely distinguishes the global cinnamon market. A roughly 40–45% share is owned by businesses with a global presence. Due to the increasing demand for cinnamon in the hospitality industry, players in the cinnamon market are focusing their product offerings towards foodservice providers.
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Attribute |
Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
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The global market for cinnamon has a value of US$ 795.7 Mn in 2023.
The global market for cinnamon has a value CAGR of 3.74% from 2018-2022.
The global market for cinnamon has a value of US$ 1148.6 Mn in 2033.
The global market for cinnamon has a value CAGR of 3.7% from 2023-2033.
The top 5 players like Pure Ceylon Cinnamon, Ceylon Spice Company, Biofoods Pvt. Ltd., Elite Spice, and First Spice Mixing Company hold more than 70% of the market share.
