Cinnamon is a spice that is acquired from the Cinnamomum genus from the inner bark of tropical tree species. They are widely used in applications such as medicines, cosmetics, confectionery, soups & sauces, and others. Increasing the use of cinnamon in various ways is expected to drive market growth. As a result, in this post, Vihaba will show you the analysis of the global cinnamon market
Market analysis and insights: Global Cinnamon market
The cinnamon market is expected to grow at a growth rate of 11.15% in the forecast period 2020 to 2027. Increasing usage of cinnamon as flavoring additives is expected to create new opportunities for the market.
Cinnamon, used in different beverages and savory products, is expected to enhance market growth. Some of the other factors such as rising awareness about the health advantages of cinnamon, development of new products using cinnamon. They also have the ability to manage the blood sugar level which is expected to drive the demand for cinnamon in the market in the forecast period of 2020 to 2027.
How has the covid-19 pandemic affected the global cinnamon market?
COVID-19 measures affected cinnamon exports, especially in China and India. India closed its borders completely, making it impossible to export cinnamon. China, a major importer of Indian spices, experienced a sharp decline in demand due to the coronavirus outbreak. This caused a disturbance in market performance. Due to lockdown restrictions, exports and imports staggered across the globe. Though there is an increase in demand for cinnamon, due to restrictions, the market supply and demand are not able to correlate positively.
Sri Lanka Emerges as the Largest Exporter of Cinnamon in the World
Sri Lanka is the largest exporter and fourth-largest producer of cinnamon in the world. The main cinnamon-producing regions in Sri Lanka are Kandy, Matale, Belihull Oya, Haputale, the Horton planes, and the Sinharaja forest range. The major countries that import cinnamon from Sri Lanka are Mexico, the United States, Peru, Colombia, and Ecuador, among others. The demand for Ceylonese cinnamon is increasing in countries like Mexico, the United States, Peru, Bolivia, Chile, and Guatemala. Its cinnamon exports represent 3.3% of the world’s cinnamon exports, and it ranks 7th among the cinnamon exporters in the world. In 2019, the country exported 876.0 metric tons of cinnamon, with the United States and Germany being the top importers. Additionally, there has been a significant rise in the adoption of cinnamon in the pharmaceutical and cosmetics industries in recent years. This increase in market demand is encouraging cinnamon production in major producing countries like Sri Lanka.
Asia-Pacific Leads the Cinnamon Market
Asia-Pacific is the world’s leading producer of cinnamon, with Indonesia alone accounting for nearly 40.0% of the total global output. In 2019, Indonesia was the biggest cinnamon producer with a production of 89,657.0 metric tons. China, Vietnam, and Sri Lanka followed with about 77, 35, and 16 thousand metric tons of production, respectively. In recent years, there has been an increasing demand for spices, including cinnamon, globally. There has also been a significant rise in the adoption of cinnamon in the pharmaceutical and cosmetics industries in recent years. This increase in the market demand is boosting cinnamon production in major producing countries, such as Indonesia, Vietnam, China, and Sri Lanka. The major importers of cinnamon are the United States, Mexico, India, and the Netherlands.
How is the forecast period 2020 to 2027?
Indonesia is the world’s leading producer of cinnamon, accounting for 40.0% of the overall global output, followed by China, Vietnam, and Sri Lanka. In recent years, there has been an increasing demand for spices, including cinnamon, globally due to the increasing adoption of cinnamon in the pharmaceutical and cosmetics industries.
North America dominates the cinnamon market in the forecast period 2020 to 2027 due to increasing demand for herbal & healthy products and rising awareness about the advantages of cinnamon in the region is expected to enhance the market growth.
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