Global Cinnamon Market Size, Share & Trends Analysis Report By Application (Commercial, and Residential), By Product (Ceylon, Cassia, Saigon, Korintje, and Other Products), By Distribution Channel, By Regional Outlook and Forecast, 2024 - 2031

Global Cinnamon Market Size, Share & Trends Analysis Report By Application (Commercial, and Residential), By Product (Ceylon, Cassia, Saigon, Korintje, and Other Products), By Distribution Channel, By Regional Outlook and Forecast, 2024 - 2031

The Global Cinnamon Market size is expected to reach $18.8 billion by 2031, rising at a market growth of 12.4% CAGR during the forecast period. In the year 2023, the market attained a volume of 230,854.2 tonnes, experiencing a growth of 9.5% (2020-2023).

Saigon cinnamon, known for its strong flavour and aromatic qualities, is particularly valued in culinary applications and as a health supplement. Its unique characteristics have made it popular among consumers and food manufacturers alike, contributing to its significant presence in the market. Hence, in 2023, the Saigon segment held 12% revenue share in the market. In terms of volume, 49,861.1 tonnes of Saigon cinnamon is expected to be utilized by the year 2031. The growing interest in natural flavours and health benefits associated with cinnamon could further enhance the demand for Saigon cinnamon in the coming years, potentially impacting its market share positively.

As consumers move away from synthetic medications and processed foods, the demand for natural and herbal products, including cinnamon, is growing. The increasing preference for natural health solutions propels cinnamon sales in various forms, including powders, oils, and supplements. Platforms like Instagram and TikTok feature recipes and tips highlighting cinnamon's health advantages, inspiring consumers to try it in their diets. Additionally, the surge in home baking, particularly during events like the COVID-19 pandemic, has spotlighted cinnamon. Popular recipes for cinnamon rolls, spiced cakes, and baked goods have led to increased demand for cinnamon as a key ingredient. The availability of pre-mixed spice blends that include cinnamon encourages home cooks to use it more frequently. Hence, increasing consumer awareness and culinary trends and innovations in spice usage in home cooking propel the market's growth.

However, as consumer preferences shift toward healthier eating and natural products, the demand for cinnamon can fluctuate. Rapid changes in demand can create imbalances in the market, leading to either oversupply or scarcity. Cinnamon is often used more during specific seasons (e.g., holidays), resulting in seasonal spikes in demand. If producers cannot anticipate these trends, they may be unable to adjust supply, accordingly, causing price volatility. Thus, volatility in raw material prices impacting cinnamon production costs is hampering the market's growth.

Product Outlook

Based on product, the market is divided into Ceylon, cassia, Saigon, korintje, and others. The cassia segment witnessed 30% revenue share in the market in 2023. In terms of volume, 228,305.0 tonnes of cassia cinnamon is expected to be utilized by the year 2031. Cassia cinnamon, known for its robust and spicy flavour, is more commonly used in various food products and spice blends due to its affordability and availability.

Application Outlook

On the basis of application, the market is segmented into residential and commercial. In 2023, the commercial segment attained 64% revenue share in the market. In terms of volume, 309,227.6 tonnes of cinnamon would be utilized in commercial by the year 2031. This segment encompasses businesses that utilize cinnamon as a flavouring agent, preservative, or health supplement in their products. The increasing demand for cinnamon-infused products, such as baked goods, beverages, and health supplements, has driven growth in the commercial sector.

Distribution Channel Outlook

By distribution channel, the market is divided into hypermarkets & supermarkets, convenience stores, specialty stores, online, and others. In 2023, the hypermarkets & supermarkets segment attained 40% revenue share in the market. In terms of volume, by the year 2031, 191,375.4 tonnes of cinnamon are expected to be sold through hypermarkets & supermarket. This segment leads the cinnamon market, accounting for a significant share of the revenue. Hypermarkets and supermarkets are large retail outlets that offer a wide variety of products, including spices like cinnamon.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed 42% revenue share in the market in 2023. In terms of volume, 146,779.1 tonnes of cinnamon is expected to be utilized by this region by the year 2031. This region is renowned for its rich tradition of using spices, including cinnamon, in culinary practices, which has contributed to the high demand for cinnamon products. Countries like Indonesia and Sri Lanka significantly produce various cinnamon types, particularly cassia and Ceylon. The growing population and rising disposable incomes in countries such as India and China have fuelled the demand for cinnamon as a spice and a health supplement.

List of Key Companies Profiled

• Goya Foods, Inc.
• McCormick & Company, Inc.
• Sauer Brands Inc.
• Frontier Cooperative
• Ceylon Spice Company
• Elite Spice Inc.
• SDS Spices Pvt Ltd
• Bart Ingredients (Fuchs GmbH & Co. KG)
• HDDES Group

Global Cinnamon Market Report Segmentation

By Application (Volume, Tonnes, USD Billion, 2020-2031)

• Commercial
• Residential

By Product (Volume, Tonnes, USD Billion, 2020-2031)

• Ceylon
• Cassia
• Saigon
• Korintje
• Other Products

By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)

• Hypermarkets & Supermarkets
• Convenience Stores
• Specialty Stores
• Online
• Other Distribution Channels

By Geography (Volume, Tonnes, USD Billion, 2020-2031)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA