Cinnamon Market

Global Market Study on Cinnamon: Rising Demand for Healthy and Flavorful Spices Augmenting Market Growth

The global market for cinnamon is estimated to reach an approximate valuation of US$ 1,148.6 Mn in the forecast period.

Report ID: PMRREP20272

Number of Pages: 391

Format: PPT*, PDF, EXCEL

Industry: Food and Beverages

Published Date: January-2023

Report Price

$4900*

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Cinnamon Market Outlook (2023-2033)

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.

Cinnamon Market Size (2023E)

US$ 795.7 Mn

Projected Sales of Cinnamon (2033F)

US$ 1,148.6 Mn

Value CAGR (2023-2033)

3.7%

Value Share of Top 4 Countries (2022E)

61.4%

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Cinnamon Consumption Analysis (2018-2022) Vs. Market Estimations (2023-2033)

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.

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What are the Key Trends in the Market for Cinnamon?

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.

  • In September 2017, McCormick & Company launched twenty-four classic McCormick spices, herbs, and seasoning blends. Main spices such as cinnamon, turmeric, garlic powder, and others are included in these blends.

“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.

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Country-wise insights

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.

Category-wise insights

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.

Competitive Dashboard

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.

  • In 2018, McCormick & Company launched new organic global seasonings under its brand ‘McCormick Gourmet’. These seasonings are inspired by South America and Middle East & Africa. For instance, in organic Shawarma and Berbere seasoning, cinnamon is one of the major ingredients.
  • In 2019, Cinnatopia diversified its organic product portfolio by offering the other different spices. The company has added organic black pepper, mace, clove, and others to its portfolio. It is also planning to launch these products to the new international markets.
  • Kahawatte Plantations PLC has 12,000 hectares of the land spread across the diverse land of Sri Lanka. The major areas are Nawalapitiya and Sabaragamuwa, where the most of the company’s cultivating and processing activities go through. The company has six tea processing centers in Nawalapitiya and five in Sabaragamuwa.
  • Great American Spice Co emphasizes on product diversification strategy to further boost the sales of its products. It has covered all the herbs, spices, and other food ingredients to increase the availability of its products. This strategy is helping the company to increase its consumer base.

Cinnamon Industry Report Scope

Attribute

Details

Forecast period

2023-2033

Historical data available for

2018-2022

Market analysis

USD million for value

Key regions covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

Key countries covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC countries
  • Turkey
  • Northern Africa
  • South Africa

Key market segments covered

  • Type
  • Nature
  • Form
  • End Use
  • Distribution Channel
  • Region

Key companies profiled

  • McCormick & Company
  • Cinnatopia
  • G.P. de Silva & Sons International (Pvt) Ltd.
  • Ceylon Spice Company
  • Elite Spice
  • FutureCeuticals
  • Kahawatte Plantations PLC
  • High Plains Spice Company
  • Natural Spices of Grenada
  • Lemur International, Inc
  • New Lanka Cinnamon Pvt. Ltd
  • Great American Spice Co
  • Risun Bio-Tech Inc.
  • Monterey Bay Spice Company
  • The Organic Cinnamon

Report coverage

  • Market forecast
  • Company share analysis
  • Competition intelligence
  • DROT analysis
  • Market dynamics and challenges
  • Strategic growth initiatives

Customization & pricing

Available upon request

Cinnamon Industry Research by Category

By Type:

  • Ceylon Cinnamon
  • Korintje Cinnamon
  • Cassia Cinnamon
  • Saigon Cinnamon

By Nature:

  • Organic
  • Conventional

By Form:

  • Whole
  • Extract
    • Powder
    • Oil

By End Use:

  • Food Industry
    • Soups, Sauces, and Dressings
    • Snacks & Cereals
    • Bakery & Confectionery
    • Meat & Poultry
    • Others

By Distribution Channel:

  • Business to Business
    • Hypermarkets/Supermarkets
    • Convenience Stores
    • Specialty Retail
    • Online Retail
  • Business to Consumer

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

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Companies Covered in This Report

  • McCormick & Company
  • Cinnatopia
  • G.P. de Silva & Sons International (Pvt) Ltd.
  • Ceylon Spice Company
  • Elite Spice
  • FutureCeuticals
  • Kahawatte Plantations PLC
  • High Plains Spice Company
  • Natural Spices of Grenada
  • Lemur International, Inc
  • New Lanka Cinnamon Pvt. Ltd
  • Great American Spice Co
  • Risun Bio-Tech Inc.
  • Monterey Bay Spice Company
  • The Organic Cinnamon

Frequently Asked Questions

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.

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