Cinnamon Market Size, Share, Industry Analysis, Trends, Growth, 2032

Cinnamon Industry Prospective:

The global cinnamon market size was evaluated at $1,000 million in 2023 and is slated to hit $6,000 million by the end of 2032 with a CAGR of nearly 8.7% between 2024 and 2032.

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Cinnamon Market: Overview

Cinnamon is the most popular spice extracted from trees belonging to the Cinnamomum family. Moreover, these products possess excellent anti-oxidant and anti-inflammatory properties. In addition to this, it helps in reducing bad cholesterol and regulates the proportion of sugar in the blood. Reportedly, the product comprises magnesium, potassium, and calcium.  

Key Insights

• As per the analysis shared by our research analyst, the global cinnamon market is projected to expand annually at the annual growth rate of around 8.7% over the forecast timespan (2024-2032)
• In terms of revenue, the global cinnamon market size was evaluated at nearly $1,000 million in 2023 and is expected to reach $6,000 million by 2032.
• The global cinnamon market is anticipated to grow rapidly over the forecast timeline owing to a surge in the need for improving health & fitness.
• In terms of type, the Ceylon segment is slated to register the highest CAGR over the forecast period.
• Based on application, the residential segment is predicted to contribute majorly towards the global industry profits in the upcoming years.
• Region-wise, the Asia-Pacific cinnamon industry is projected to register the fastest CAGR during the projected timespan.

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Cinnamon Market: Growth Factors

Surging use of cinnamon in various food products will spike the expansion of market over 2024-2032

Humungous penetration of cinnamon in food & beverages, cosmetics, personal care, and pharmaceuticals is predicted to spur the growth of the global cinnamon market. A surge in the need for improving health & fitness is predicted to propel the expansion of the market globally. Additionally, product innovations and liberalization of trade & commerce activities across the globe will scoop up the global market elevation in the foreseeable future. A rise in the focus on manufacturing new products will prop up the global market demand.

Cinnamon Market: Restraints

Low availability of cultivable land can hinder the growth of the industry globally over the forecast timespan

Oscillating costs of cinnamon and restricted availability of arable land needed for harvesting can hinder the expansion of the global cinnamon industry. Disruptions in the supply chain activities can impede the growth of the global industry.

Cinnamon Market: Opportunities

New product launches will generate a plethora of opportunities for the global market in the years to come

Growing need for products offering medicinal benefits along with a rise in awareness about the health benefits offered by cinnamon is expected to provide new growth avenues for the global cinnamon market. Large-scale application of cinnamon in the food & beverages sector will escalate the growth of the market in the coming years.

Cinnamon Market: Challenges

Easy access to alternate products can create obstacles in the growth path of the industry across the globe

A surge in environmental sustainability and stringent implementation of regulations can pose a huge challenge to the growth of the global cinnamon industry. Huge competition from substitute products can further pose a huge threat to the expansion of the global industry.

Cinnamon Market: Segmentation

The global cinnamon market is divided into product, application, and region.                                          

In terms of product, the cinnamon market across the globe is bifurcated into cassia, Korintje, Ceylon, and Saigon segments. Additionally, the Ceylon segment, which gained approximately 52.8% of the global market earnings in 2023, is projected to record the highest cumulative annual rate of growth in the analysis period. The expansion of the segment in the coming couple of years can be due to an increment in the cultivation of cinnamon for commercial utilization in countries such as Madagascar and Seychelles. Moreover, countries such as Mexico, Italy, and Belgium are the largest consumers of the product.

Based on the application, the global cinnamon industry is divided into commercial and residential segments. Furthermore, the residential segment, which accrued approximately 75% of the global industry profitability in 2023, is set to make major contributions towards the global industry proceeds in the coming eight years. The expansion of the segment in the forecast timeline can be credited to the huge intake of the product by people due to its spicy and sweet taste.

Cinnamon Market: Report Scope

Cinnamon Market: Regional Insights

North America is expected to maintain leading position in the global market during the forecast timeframe

North America, which accounted for half of the global cinnamon market revenue in 2023, is expected to establish a leading position in the global market in the upcoming years. In addition to this, the regional market surge during the forecast timeline can be credited to humungous customer demand for herbal items in countries such as the U.S. Apart from this, a rise in product import in countries such as Canada and the U.S. will drive the regional market growth. Moreover, the beneficial effects of spices against HIV-1 and Alzheimer’s have promoted the market demand in the region.

Asia-Pacific cinnamon industry is anticipated to register the highest growth rate annually in the coming few years. The growth of the industry in the sub-continent can be a result of the growing use of the product in preparing various kinds of foods as a part of tradition & culture in the countries of Asia. Many farmers in APAC harvest and cultivate cinnamon and sell them either directly to customers or sell them through wholesalers or retailers as well as through supermarket or hypermarket stores to customers.

Key Developments

• In the last quarter of 2017, Fuchs Group, a key spice manufacturer based in Germany, made an acquisition of The Bart Ingredients Company Limited, a UK-based spice & herbs manufacturer.
• In the first half of 2023, Mainland introduced a sweet cinnamon spread. Such moves will boost the production and sale of cinnamon globally.
• In May 2024, All Things Butter launched Cinnamon Bun with butter flavor and thus created a new category in the supermarket.

Cinnamon Market: Competitive Space

The global cinnamon market profiles key players such as:

• Mountain Rose Herbs
• Ceylon Spice Company
• Goya Foods
• Olam International
• Greenfield Bio Plantations
• Watkins
• Tone's Spices
• Badia Spices
• Burlap and Barrel
• Taj Agro International
• McCormick & Company
• Frontier Co-op
• Spice Jungle
• The Cinnamon Hill
• P.F. Cusack (Spices) Ltd
• Bio Foods (Pvt) Limited
• Diaspora Co.
• Saigon Cinnamon
• British Supermarket
• Simply Organic.

 The global cinnamon market is segmented as follows:

By Product

• Cassia
• Korintje
• Ceylon
• Saigon

By Application

• Commercial
• Residential

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa