Cinnamon Market Projected to Reach US$ 2047.7 Mn at 10.11% CAGR from 2023-2033 | Study

- Advertisement - highlights the increasing demand for natural ingredients, leading to the growing popularity of cinnamon in various food and beverage products. Cinnamon, known for its perception as a healthy and natural flavor, serves as an essential flavoring agent, influencing market growth.

New York, Jan. 22, 2024 (GLOBE NEWSWIRE) — The cinnamon market was valued at USD 800.74 million in 2023 with significant growth and is projected to reach USD 2047.7 million by 2033 with an outstanding CAGR of 10.11%. The cinnamon market is witnessing a surge in demand driven by the dual appeal of its use in both delicious and nutritious food and its medicinal applications.

Globally, cinnamon exports reached around USD 1 billion in 2022, marking a substantial increase from USD 728.4 million in 2018. Mainland China leads the export market, contributing USD 274.4 million, followed by Vietnam, Sri Lanka, Indonesia, and the Netherlands. Collectively, these top exporters account for over 89.3% of global cinnamon spending, with Asia and Europe being the primary exporting regions.

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Cinnamon’s versatility extends beyond culinary uses; it is a crucial component in medicinal applications. Cinnamaldehyde, a key element in cinnamon oil, not only imparts its distinctive scent but also boasts numerous health benefits, including anti-inflammatory properties. Additional bioactive elements within cinnamon contribute to its antioxidant effects, blood sugar control, and protection against cardiovascular diseases. Studies reveal that daily consumption of cinnamon can improve plasma glucose and glucose tolerance in pre-diabetics.

Furthermore, cinnamon’s anti-bacterial features make it effective against certain bacteria responsible for food and cosmetic decay. It also shows promise in reducing inflammation in women with rheumatoid arthritis. The growing recognition of these medicinal features is anticipated to propel the demand for cinnamon, fostering market expansion during the forecast period.

Key Takeaways

  • Ceylon Cinnamon rules the product market segment due to ultra-low coumarin levels, which are safer for consumption compared to other varieties.
  • powder form leads the type form market segment due to convenience and ease of use of cinnamon powder make it a popular choice for both culinary and non-culinary applications.
  • Food & Beverage is the predominant in the end-use type market segment used in many beverages and food products due to its distinctive flavor and aroma.
  • Distributors or wholesalers rules the distribution channel market segment due to its crucial role in bridging the gap between cinnamon producers and various market segments.
  • Asia Pacific commands the global cinnamon market with a substantial 43% share.

Driving Factors

Demand for Natural Ingredients

Cinnamon, with its perception as a healthy, natural flavor, has become increasingly popular in various food and beverage products. The global sales of organic foods, surpassing $100 billion, with North America as a leading contributor, reflect a consumer shift towards natural products. This trend towards natural ingredients positions cinnamon as an essential flavouring agent, influencing its market growth.

Consumption of Spices

The key component in popular spice blends, including pumpkin spice and chai, cinnamon’s foundational role underlines its market significance. For example, its use in Starbucks’ Cinnamon Dolce Latte and other flavoured beverages illustrates its widespread appeal. This growing consumer inclination towards flavourful spice combinations, with cinnamon at their core, is a crucial factor in the market’s expansion.

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Restraining Factors

Challenge in Volatility in Production and Prices

Major exporting countries like Indonesia and Vietnam often experience fluctuations in cinnamon production, impacted by factors such as weather conditions, pests, and political instability. This volatility leads to inconsistencies in supply and cost, making it challenging for buyers and manufacturers to predict and plan for pricing. Such unpredictability can deter businesses from relying on cinnamon as a stable ingredient, especially in large-scale production, thereby restraining the market’s growth and stability.

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Report Attribute Details
Market Value (2023) US$ 800.74 Million
Market Size (2033) US$ 2047.7 Million
CAGR (from 2024 to 2033) 10.11 % from 2024 to 2033
Asia Pacific Region Revenue Share 43%
Historic Period 2016 to 2023
Base Year 2023
Forecast Year 2024 to 2033

Growth Opportunities

Development of Cinnamon-Based Preservatives

There is a significant opportunity to harness cinnamon’s natural properties to create preservatives that can be used in food products. The potential to develop natural cinnamon-derived compounds as antimicrobial preservatives opens a new avenue in the cinnamon market, particularly for consumers who prefer to avoid conventional preservatives. This innovation aligns with the growing trend towards clean labels and natural ingredients in the food industry. By offering a natural alternative to traditional preservatives, cinnamon-based compounds can help food brands meet consumer demands for natural and clean-label products, thus driving growth in this segment of the cinnamon market.

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Regional Analysis

Asia Pacific, commanding 43% of the global cinnamon market, benefits from ideal geographical and climatic conditions for cinnamon cultivation. Key players like Indonesia, China, and Vietnam, leverage their longstanding expertise in cinnamon farming and processing. This dominance is driven by the spice’s cultural significance in local cuisines and growing global demand, particularly in health and wellness. Enhanced by global trade, Asia Pacific’s market leadership is further bolstered by the rising demand for natural products in Western countries. In Europe, the cinnamon market is expanding, driven by a preference for premium, organic varieties, particularly in culinary and wellness sectors.

Segment Analysis

By product type, Ceylon Cinnamon rules the market segment due to ultra-low coumarin levels, which are safer for consumption compared to other varieties. This variety is particularly popular among health-conscious consumers and in markets where quality and authenticity are highly valued. Cassia Cinnamon, known for its stronger flavor, is seeing the highest growth rate in the market. Cassia’s robust flavor and lower cost make it a popular choice in many commercial food applications. Saigon and Korintje cinnamon varieties also contribute to the market, each with unique flavor profiles and regional preferences.

By form type, powder form leads the market segment due to convenience and ease of use of cinnamon powder make it a popular choice for both culinary and non-culinary applications. It allows for easy incorporation into recipes and products, making it a versatile and user-friendly option.

By end-use type, Food & Beverage is the predominant in the market segment used in many beverages and food products due to its distinctive flavor and aroma. Its use in drinks, ranging from coffee and tea as well as seasonal beverages, further increases its popularity. Pharmaceuticals and cosmetics segments are also important, taking advantage of the medicinal properties of cinnamon and its use in products for personal care.

By distribution type, distributors or wholesalers rules the market segment due to its crucial role in bridging the gap between cinnamon producers and various market segments, including food and beverage manufacturers, retailers, and other end users. Direct Sales allow producers to sell directly to consumers or businesses, often at a lower cost. Online Retail is growing rapidly, offering consumers the convenience of purchasing a wide range of cinnamon products from anywhere in the world.

Segments covered in this report

By Product

  • Ceylon
  • Cassia
  • Saigon
  • Korintje

By Form

  • Quills
  • Chips
  • Powder
  • Oil
  • Others

By End-Use Application:

  • Food & Beverage
  • Pharmaceuticals
  • Cosmetics

By Distribution Channel:

  • Direct Sales
  • Distributors/Wholesalers
  • Online Retail

By Geography

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

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Competitive Landscape Analysis

In the dynamic Cinnamon Market, industry leaders like McCormick & Co. Inc. and B.G. Foods, Inc. wield influence through extensive distribution networks and a diverse spice product range. Ceylon Spice Company and Pure Ceylon Cinnamon, rooted in Sri Lanka, prioritize authentic Ceylon cinnamon production, emphasizing heritage and quality. Elite Spice and First Spice Mixing Company cater to diverse retail and industrial needs, showcasing market adaptability. HDDES Group and EOAS International play pivotal roles in cinnamon’s global availability through their significant contributions to the export market.

Key Player Analysis

  • Ceylon Spice Company
  • Elite Spice
  • First Spice Mixing Company
  • B.G. Foods, Inc.
  • HDDES Group
  • Rongxian Ruifeng
  • MDH Spices
  • C.F Saucer Company
  • Organic Spices Inc.
  • Penzeys Spices
  • The Spice Merchants
  • C.F. Sauer Company
  • PT Mitra Ayu Adi Pratama
  • Dong Duong
  • McCormick & Co. Inc.
  • EOAS International
  • Watkins
  • Nature’s Way
  • Fuchs Gewürze
  • Taj Agro Products Ltd.
  • Guangxi Jinggui
  • Pure Ceylon Cinnamon
  • Everest Spices
  • Goya Foods Inc.
  • Bio Foods Pvt. Ltd.
  • Rathna Ceylon Cinnamon
  • Frontier Co-op
  • Bart Ingredients
  • Guangxi Pengbo
  • Biofoods

Recent Developments

  • In January 2024, Egglife Foods introduces an exclusive variety pack at Sam’s Club featuring two packs of original and one pack of sweet cinnamon egg white wraps. The expansion aligns with the company’s growth strategy to cater to health-conscious consumers and broaden its product range.
  • In January 2024, BJ’s Restaurant expanded its dessert menu with the limited-time Cinnamon Roll Pizookie, featuring four freshly baked cinnamon rolls piled high with vanilla bean ice cream, cream cheese icing, and caramel sauce.
  • In December 2023, Taylor Swift prepared homemade cinnamon rolls for Travis Kelce before a Kansas City Chiefs game, according to former NFL player Bernie Kosar. The two were having a pregame meal at Kelce’s house, and Swift’s gesture was praised by Kosar, who called her a great role model.

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