Cinnamon Market size is set to grow by USD 412.9 million from 2024-2028, Rising awareness about health benefits of cinnamon to boost the market growth, Technavio

NEW YORK, July 3, 2024 /PRNewswire/ -- The global cinnamon market size is estimated to grow by USD 412.9 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 7.97% during the forecast period. Rising awareness about health benefits of cinnamon is driving market growth, with a trend towards growing application of cinnamon in pharmaceuticals. However, compliance constraints with international food standards and export regulations poses 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.

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Key Market Trends Fueling Growth

The global cinnamon market is experiencing growth due to the increasing use of cinnamon and cinnamon oil in medicine and pharmaceuticals. Their antimicrobial properties, particularly the ability of cinnamaldehyde to break up bacterial biofilms, make them a potential replacement for antibiotics in treating infections. This development is significant given the rising number of bacterial species resistant to antibiotics. Cinnamon's role in the medical sector is expected to continue expanding. 

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, casseis, and condiments. Diabetes and health-conscious consumers are particularly interested in cinnamon's benefits. Cinnamon is used in various forms, such as sticks, powder, and essential oils. Cosmetics and spice blends also utilize cinnamon. Brands are focusing on sustainable farming practices and organic production to cater to 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 faced challenges due to exporting countries like Sri Lanka not meeting buyer specifications. Strict regulations in importing countries, such as Western European nations, require compliance with the European Spice Association's Quality Minima Document and the General Food Law. Intergovernmental organizations are working to enhance product quality standards in Sri Lanka, but these regulations may initially restrict market growth and increase production costs for key exporters.
• The Cinnamon market faces several challenges in the production and procurement process. Condiments like cinnamon are essential in food production, but obtaining high-quality cinnamon consistently can be difficult. The supply chain involves various countries, including China, Indonesia, and Sri Lanka. Producers in these countries must contend with factors such as weather conditions, labor availability, and regulatory compliance. Additionally, the price of cinnamon 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. Furthermore, investing in research and development to improve production methods and quality control can help mitigate risks and ensure a consistent supply of cinnamon.

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Segment Overview 

This cinnamon market report extensively covers market segmentation by

1. Product 
• 1.1 Cassia cinnamon
• 1.2 Ceylon cinnamon
2. Application 
• 2.1 Residential
• 2.2 Commercial
3. Geography 
• 3.1 APAC
• 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 their affordability and widespread use as flavoring agents in baked goods and beverages. However, concerns over health risks from 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, also contributes to the market. Regulations and quality standards are expected to impact Cassia cinnamon's growth in the US and Europe.

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Research Analysis

The global Cinnamon market is experiencing 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 individuals with diabetes. Additionally, cinnamon has anti-inflammatory properties and is believed to aid in the prevention and relief of medical conditions such as Alzheimer's disease, infections, common cold, stomach spasms, muscular spasms, nausea, vomiting, gas, and diarrhea. Cinnamon consumption can be found in poultry industry, antibiotic growth promotors, beverages, bakeries, confectionery, and organic foods. Healthy eating trends and the desire 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 utilize cinnamon in numerous applications, including culinary uses, traditional medicines, and industrial processes. The market spans across multiple regions, with significant production in countries like Sri Lanka, Indonesia, and China. Producers and suppliers employ various methods to ensure the quality and consistency of their cinnamon offerings. Additionally, 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 array of industries and applications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Cassia Cinnamon
• Ceylon Cinnamon
• Application
• Residential
• Commercial
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 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.

Contacts

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SOURCE Technavio