Cinnamon Market to Attain US$ 1.89 Billion at 6.4% CAGR by 2034: Fact.MR Report
Growing Awareness of Health Benefits of Cinnamon Consumption Main Factor Driving Global Cinnamon Market Growth
Rockville , Dec. 19, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Cinnamon Market is estimated to account for a value of US$ 1.02 billion in 2024 and is forecasted to reach US$ 1.89 billion at 6.4% CAGR by the end of 2034. Increasing focus on health and fitness coupled with growing awareness of the benefits of cinnamon consumption are projected to drive market growth over the coming years.
Growing popularity of organic products, evolving consumer preferences, and extensive use of cinnamon in the formulation of different food products are other prospects that could create new opportunities for cinnamon companies across the study period. The South Asia & Oceania region is projected to account for a significant market share over the next 10 years owing to the presence of key cinnamon producers and high consumption of cinnamon.
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Key Segments of Cinnamon Industry Research Report
| By Type | By Nature | By Application | By Form | By Distribution Channel |
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An increasing number of cinnamon-flavored food products being launched around the world is also projected to drive cinnamon demand in the long run. This study by Fact.MR, a market research and competitive intelligence provider, suggests that East Asia and South Asia & Oceania will collectively account for a leading cinnamon market share by the end of 2034.
Key Takeaways from Market Study
- The global cinnamon market is valued at US$ 1.02 billion in 2024.
- Demand for cinnamon is projected to rise at a CAGR of 6.4% from 2024 to 2034.
- The market is forecasted to attain a valuation of US$ 1.89 billion by the end of 2034.
- Rising awareness regarding the benefits of cinnamon, high demand for natural flavors and ingredients, its growing use in the food processing industry, and increasing use of blended spices are key market drivers.
- Disruptions in the supply chain and the availability of cinnamon alternatives are estimated to impede market growth going forward.
- Cinnamon demand in the North American region is set to bring in a revenue value of US$ 349 million by 2034-end.
- Sales of Korintje cinnamon are projected to rise at 6.6% CAGR from 2024 to 2034.
- Cinnamon sales in China are forecasted to reach US$ 205.8 million in 2024.
- Utilization of cinnamon in commercial applications is projected to account for 70.5% of the global market by 2034.
“Cinnamon-producing companies should start the production and sales of organic cinnamon to stay ahead of the competition going forward,” says a Fact.MR analyst
Winning Strategy
Cinnamon suppliers should focus on supplying their products to different industry verticals to diversify their business. Cinnamon companies can also focus on supplying organic cinnamon as the trend of clean labeling and organic ingredients gains prominence on a global level.
Market Dynamics
To leverage the increasing demand for cinnamon-flavored food items and enhance future sales, suppliers of cinnamon are strategically positioning themselves in the competitive landscape.
In April 2022, Krispy Kreme, a well-known American coffeehouse chain recognized for its delectable doughnuts, disclosed a collaborative venture with Cinnamon Toast Crunch. This partnership resulted in the introduction of a novel Cinnamon Milk Glazed doughnut collection, exclusively offered at selected Krispy Kreme outlets in the United States for a limited duration.
Key Companies Profiled
- Risun Bio-Tech Inc.
- Cinnatopia
- Monterey Bay Spice Company
- The Organic Cinnamon
- Ceylon Spice Company
- Elite Spice
- Natural Spices of Grenada
- McCormick & Company
- Lemur International Inc.
- New Lanka Cinnamon Pvt. Ltd.
- G.P. de Silva & Sons International (Pvt.) Ltd.
- FutureCeuticals
- Kahawatte Plantations PLC
- High Plains Spice Company
- Great American Spice Co.
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| Report Attribute | Details |
| Value Projection (2034) | USD 1.89 Billion |
| Growth Rate (2024-2034) | 6.4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 30 Tables |
| No. of Figures | 127 Figures |
Ceylon and Cassia Cinnamon Dominate Global Sales Due to Their Robust Flavors
Ceylon cinnamon enjoys widespread popularity worldwide due to its exceptional taste, surpassing other cinnamon varieties. The appeal of this cinnamon type lies in its low concentration of Coumarin, a compound linked to potential liver damage. Notably, Ceylon cinnamon has gained significant usage in Mexico, where it is a key ingredient in various Mexican culinary preparations. Originating from Sri Lanka, the majority of Ceylon cinnamon is sourced from this region.
Similarly, Cassia cinnamon is widely adopted globally, primarily due to its cost-effectiveness compared to other cinnamon varieties. Its economical nature and robust flavor make Cassia cinnamon a preferred choice in numerous commercial applications.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cinnamon market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on type (Cassia cinnamon, Ceylon cinnamon, Saigon cinnamon, Korintje cinnamon), nature (organic conventional), distribution channel (business-to-business, business-to-consumer), and application (residential, commercial), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA).
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