NEW YORK, July 3, 2024 /PRNewswire/ — The global cinnamon market is expected to grow by 20%. $412.9 million from 2024-2028, according to Technavio. The market is expected to grow at a CAGR of around 7.97% during the forecast period. Rising awareness about the health benefits of cinnamon is driving the market growth, with a trend towards increasing application of cinnamon in pharmaceutical products. However, compliance restrictions with international food standards and export regulations pose a challenge. Key market players include Biofoods Pvt. Ltd., Cell Foods, Ceylon Spice Co., Cinnamon Exports Pvt Ltd., EHL Ltd., Elite Spice Inc., EOAS Organics Pvt Ltd., First Spice Mixing Co., Goya Foods Inc., HDDES Group, McCormick and Co. Inc., Organic Spices Inc., Ozone Naturals, Sauer Brands Inc., SDS Spices, Taj Agro International, The Bart Ingredients Co., The Great American Spice Co., True Ceylon Spices, and Vijaya Enterprises.
Technavio has announced its latest market research report titled Global Cinnamon market 2024-2028
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Forecast period |
2024-2028 |
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Basic year |
2023 |
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Historical data |
2018 – 2022 |
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Segment covered |
Product (Cassia Cinnamon and Ceylon Cinnamon), Application (Residential and Commercial), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) |
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Region covered |
APAC, North America, Europe, South America and the Middle East and Africa |
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Key companies profiled |
Biofoods Pvt. Ltd., Cell Foods, Ceylon Spice Co., Cinnamon Exports Pvt Ltd., EHL Ltd., Elite Spice Inc., EOAS Organics Pvt Ltd., First Spice Mixing Co., Goya Foods Inc., HDDES Group, McCormick and Co. Inc., Organic Spices Inc., Ozone Naturals, Sauer Brands Inc., SDS Spices, Taj Agro International, The Bart Ingredients Co., The Great American Spice Co., True Ceylon Spices and Vijaya Enterprises |
Key Market Trends Driving Growth
The global cinnamon market is growing due to the increasing use of cinnamon and cinnamon oil in medicine and pharmaceuticals. Their antimicrobial properties, particularly the ability of cinnamaldehyde to break down bacterial biofilms, make them a potential replacement for antibiotics in the treatment of infections. This development is significant given the increasing number of bacterial species that are resistant to antibiotics. The role of cinnamon in the medical sector is expected to continue to grow.
The cinnamon market is currently experiencing significant growth in demand for its unique and versatile flavors. Minerals, nuts, and almonds are popular ingredients used in cinnamon-based products. These include aromatics, cassis, and seasonings. Diabetic and health-conscious consumers are especially interested in the benefits of cinnamon. Cinnamon is used in various forms, such as sticks, powder, and essential oils. Cosmetics and spice blends also use cinnamon. Brands are focusing on sustainable farming practices and organic production to meet consumer preferences. The future looks bright for the cinnamon industry, with a strong focus on innovation and product development.
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Market challenges
- The global cinnamon market has been facing challenges due to exporting countries such as Sri Lanka not meet the buyer’s specifications. Strict regulations in importing countries, such as Western European countries, require compliance with the European Spice Association’s Quality Minima Document and the General Food Law. Intergovernmental organizations are working to improve product quality standards in Sri Lankabut these rules may initially limit market growth and increase production costs for major exporters.
- The cinnamon market faces several challenges in the production and sourcing process. Condiments like cinnamon are essential in food production, but obtaining high-quality cinnamon can be difficult. The supply chain spans several countries, including China, IndonesiaAnd Sri LankaProducers in these countries must consider factors such as weather conditions, labor availability, and regulatory compliance. Additionally, cinnamon prices can be volatile due to market fluctuations and production issues. To address these challenges, companies must build strong relationships with suppliers and implement effective supply chain management strategies. Additionally, investing in research and development to improve production methods and quality control can help mitigate risk and ensure a consistent supply of cinnamon.
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Segment overview
This cinnamon market report extensively covers the market segmentation based on
- Product
- 1.1 Cassia cinnamon
- 1.2 Ceylon cinnamon
- 2.1 Residential
- 2.2 Commercial
- 3.1 Asia Pacific
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East And Africa
1.1 Cassia cinnamon- The Cassia cinnamon segment, led by Indonesian and Indian varieties, dominates the global cinnamon market due to its affordability and widespread use as flavoring in baked goods and beverages. However, concerns over health risks of coumarin and production challenges may lead to a decline in market share and slower growth compared to the Ceylon cinnamon segment. Saigon Cinnamon, with its unique spiciness and applications in food and medicine, is also contributing to the market. Regulations and quality standards are expected to drive the growth of Cassia cinnamon in the US and Europe.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historical data (2018-2022) – Download a sample report
Research analysis
The global cinnamon market is witnessing significant growth due to its numerous health benefits and versatile applications in various food products and savory cuisines. Cinnamon, a popular spice and culinary ingredient, is rich in minerals, nutrients, and antioxidants. It is known to help regulate blood glucose levels, making it beneficial for people with diabetes. Additionally, cinnamon has anti-inflammatory properties and is believed to help prevent and alleviate medical conditions such as Alzheimer’s disease, infections, colds, stomach cramps, muscle cramps, nausea, vomiting, gas, and diarrhea. Cinnamon consumption can be found in the poultry industry, antibiotic growth promoters, beverages, bakery, confectionery, and organic foods. Healthy eating trends and the need for natural flavor enhancers continue to drive the demand for this savory spice.
Market Research Overview
The cinnamon market encompasses a diverse range of products and services, primarily centered around the versatile and aromatic spice cinnamon. This market includes the production, processing, and distribution of cinnamon in its various forms, such as sticks, powder, and essential oil. Consumers use cinnamon in numerous applications, including culinary applications, traditional medicines, and industrial processes. The market spans multiple regions, with significant production in countries such as Sri Lanka, IndonesiaAnd China. Producers and suppliers use various methods to ensure the quality and consistency of their cinnamon supply. Furthermore, the market experiences fluctuations in demand due to seasonal trends and consumer preferences. Overall, the cinnamon market is a dynamic and intriguing sector that caters to a wide range of industries and applications.
Table of contents:
1. Summary
2 Market landscape
3 Market size
4 Historical market size
5 Five Forces Analysis
6 Market segmentation
- Product
- Cassia Cinnamon
- Ceylon cinnamon
- Application
- Geography
- Asia Pacific
- North America
- Europe
- South America
- Middle East and Africa
7 Customer Landscape
8 Geographic landscape
9 Drivers, Challenges and Trends
10 Business Landscape
11 Business Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends, providing actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 dedicated analysts, Technavio’s report library consists of over 17,000 reports and counting, covering 800 technologies across 50 countries. Their client base consists of enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
