USD 0.85 billion
Report ID: SQMIG30H2036 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 64 | Figures: 75
Cinnamon Market size was valued at USD 0.85 billion in 2021 and is poised to grow from USD 0.92 billion in 2022 to USD 1.68 billion by 2030, growing at a CAGR of 7.83% in the forecast period (2023-2030).
Cinnamon is well known for having various advantageous qualities that help in the treatment and prevention of a variety of medical disorders. It consequently finds use in a variety of sectors, such as food and beverage, pharmaceuticals, and cosmetics. The market is being driven in large part by rising consumer awareness of healthy foods and ingredients.
Cinnamon is a rich source of many minerals and nutrients, is high in antioxidants, reduces inflammation, and has been linked to a reduction in the risk of HIV-1, diabetes, and Alzheimer's disease. These advantages will probably increase product demand in the upcoming years. The Cassia variety is used to cure infections and the common cold, ease stomach and muscular spasms, stop nausea and vomiting and manage gas and diarrhea.
In the food and beverage sector, cinnamon is used as a flavoring ingredient and aromatic condiment. The condiment is used to flavor a variety of bread-based foods, cereals, and fruits in the United States. In North America, cinnamon powder is used to flavor eggnog, a typical and well-liked holiday beverage. Turkish cuisine likewise makes extensive use of spice, both in savory and sweet dishes. Additionally, it is a flavoring in some alcoholic beverages. In the US and some regions of Greece, for example, cinnamon whiskey is popular.
US Cinnamon Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 0.85 billion
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Cinnamon Market is segmented based on type, end-use, and region. Based on type the Cinnamon Market is segmented into ceylon cinnamon, cassia cinnamon, korintje cinnamon, saigon cinnamon, and others. Based on end-use the Cinnamon Market is segmented into residential and commercial. Based on the region Cinnamon Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Cinnamon Market Analysis by Type
In 2021, Ceylon cinnamon commanded a significant market share of more than 35.0%, a position it will hold through 2028. This kind, which is originally from Sri Lanka, where the majority of the spice is grown, is also grown for trade-in Madagascar and Seychelles. Mexico has become one of the world's top consumers of Ceylon cinnamon due to the fact that many Mexican dishes incorporate this spice. Due to its extremely low Coumarin concentration, consumers like it over other kinds. Due to its distinctive flavor and advantageous health benefits, consumers in nations like Belgium, the UK, and Italy have been wanting the same product in Europe.
Over the projection period, the Cassia sector is expected to increase at the fastest rate. Though several of its subspecies are grown throughout southern and eastern Asia, this variety is native to southern China. The product form is significantly less expensive than Ceylon cinnamon and is thought to be of poorer quality. As a result, it is the food that is consumed the most globally. Due to its potent flavor and many health benefits, cassia has found use in both the culinary sector and traditional Chinese medicine. This particular spice is now used all over the world to treat infections and the common cold, ease stomach and muscular cramps, stop nausea and vomiting and manage gas and diarrhea.
Cinnamon Market Analysis by End-Use
In terms of end-use, the residential sector accounted for more than 50% share of the global cinnamon market. Due to its sweet and spicy flavor, this spice has become more popular in the residential sector and is a major driver of increased product demand in this market. One of the essential elements in many Mexican meals is cinnamon, and as Mexican food gains popularity around the world, there will likely be an increase in demand for this seasoning during the projection period.
Cinnamon is expected to have strong demand from several commercial sectors, including the pharmaceutical, cosmetics, and food and beverage industries. This market is expected to grow at the highest CAGR of 14.2%. This spice is employed in the creation of numerous medications and health supplements because of its therapeutic qualities, which include its advantages as an antioxidant, anti-inflammatory, and antimicrobial.
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North America dominated the industry, with 35.5% of the total revenue generated globally. The primary driver of the industry is a shift in customer preference for herbal and healthful products. The region's high prevalence of illnesses such as Alzheimer’s, diabetes, and HIV-1 is projected to increase product demand. Due to its extremely low concentrations of Coumarin, a chemical proven to affect liver disease, Ceylon cinnamon is especially sought after in the United States.
Due to the greater manufacturing and sales rates of cinnamon in these areas, Asia Pacific held a sizable share of the global cinnamon market with the greatest market value share. Cinnamon has traditionally been consumed in nations like Indonesia, Sri Lanka, and India. Cinnamon's high intake in South Asia is mostly due to the use of spice in meals and tea. Cinnamon is among the main spices produced in China, and the country also consumes a large amount of it.
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Cinnamon Market Driver
Cinnamon Market Restraint
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Businesses have relied on mergers and acquisitions to broaden their product offerings and boost their position in the market. To meet consumer demand for ground and powdered cinnamon, they are also concentrating on new product launches, increasing their manufacturing capacity, and implementing cutting-edge technology. For instance, in June 2021, a new Carnation Breakfast Essentials Cinnabon Bakery Inspired Flavored Nutritional Drink was released in collaboration with Cinnabon by Nestlé Health Science. This 240-calorie nutritious drink offers users the well-known cinnamon roll flavors of Cinnabon together with 10 grams of protein.
Cinnamon Market Top Players Company Profiles
Cinnamon Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the residential sector held the largest market share of cinnamon in 2021 and is expected to maintain its dominance throughout the forecast period. The residential sector accounted for more than 50% share of the global cinnamon market. In 2021, North America dominated the global cinnamon market owing to the region's highly aware and economically stable population, as well as a significantly higher number of procedures conducted.
|Market size value in 2021||USD 0.85 billion|
|Market size value in 2030||USD 0.92 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Cinnamon Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cinnamon Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cinnamon Market:
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