Global Cinnamon Market Size, Share, Growth Analysis, By Type(Ceylon Cinnamon, Cassia Cinnamon), By End-Use(Residential, Commercial) - Industry Forecast 2022-2028

Global Cinnamon Market size was valued at USD 0.801 billion in 2021, and it is expected to reach a value of USD 1.28 billion by 2028, at a CAGR of 7.6% over the forecast period (2022-2028).

Cinnamon is well known for having several beneficial properties that aid in the treatment and prevention of certain medical conditions. As a result, it has applications in a number of industries, including those of food and drink, medicine, and cosmetics. Consumer awareness of healthy meals and ingredients is growing, which is a major market driver.

Cinnamon has been associated to a lower incidence of HIV-1, diabetes, and Alzheimer's disease and is a rich source of several minerals and nutrients, antioxidants, and inflammation-reducing compounds. In the following years, product demand will likely rise as a result of these benefits. The Cassia variety is used to treat illnesses including the flu and infections, relax tight muscles, reduce nausea and vomiting, and treat diarrhoea and gas.

Cinnamon is a flavouring agent and fragrant condiment used in the food and beverage industry. In the US, cereals, fruits, and a range of bread-based dishes are all flavoured with the condiment. The popular holiday drink eggnog is flavoured with cinnamon powder throughout North America. In both savoury and sweet dishes, Turkish cuisine uses a lot of spices. It is also an ingredient in some alcoholic drinks as flavouring. For instance, cinnamon whisky is well-liked in the US and some parts of Greece.

Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Cinnamon Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The global cinnamon market is segmented based on type, end-use, and region. Based on type the market is segmented into ceylon cinnamon, cassia cinnamon, korintje cinnamon, saigon cinnamon, and others. Based on end-use the market is segmented into residential and commercial. Based on the region it is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Driver

The sector for Cassia is anticipated to grow at the fastest rate during the projection period. This variation is indigenous to southern China, while some of its subspecies are grown in southern and eastern Asia. The product form is regarded to be of lower quality and costs substantially less than Ceylon cinnamon. It is the food that is therefore most widely consumed worldwide. Cassia has applications in both the culinary and traditional Chinese medicine industries because of its powerful flavour and several health advantages. This specific spice is currently used all over the world to cure illnesses including the common cold and infections, soothe muscle and stomach cramps, prevent nausea and vomiting, and control gas and diarrhoea.

In the cosmetics industry, a range of personal care products contain cinnamon essential oil extract as an ingredient. Cinnamon-based essential oil is one of the greatest all-natural remedies for numerous ailments, including cough, cold, and constipation. The oil also helps to promote blood circulation, ease discomfort, reduce stress, prevent infections, improve digestion, and function as an insect repellent. Because of these factors, it is anticipated that more cinnamon will be used as a functional ingredient in the production of different nutraceutical goods.

Restraint

The fluctuation in cinnamon prices is anticipated to impede the market's growth. Cinnamon can only be grown in the rain. The fluctuation in rainfall is to blame for the rise in cinnamon prices. The lengthy period between planting and harvest is another factor influencing the increased price of cinnamon.

Market Trends

China is the world's second-largest producer of cinnamon and exporter of it. The majority of China's cinnamon is produced in a few south-eastern provinces including Guangdong and Guangxi, as well as other agricultural regions. In addition, the global pharmaceutical and cosmetics industries have seen a huge surge in the usage of cinnamon. Large manufacturers like China are increasing their output as a result of the rise in demand for cinnamon.