Cinnamon Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cinnamon Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

In terms of volume of production, the cinnamon market accounted for 0.24 million metric ton in 2019. It is expected to reach a volume of 0.25 million metric ton by 2026, witnessing a CAGR of 2.2% over the forecast period, 2021-2026.

COVID-19 measures affected cinnamon exports, especially in China and India. India closed its borders completely, making it impossible to export cinnamon. China, a major importer of Indian spices, including cinnamon, experienced a sharp decline in demand due to the coronavirus outbreak. This caused a disturbance in market performance. Due to lockdown restrictions, the exports and imports staggered across the globe. Though there is an increase in demand for cinnamon, due to restrictions, the market supply and demand are not able to correlate positively.

Indonesia is the world's leading producer of cinnamon, accounting for 40.0% of the overall global output, followed by China, Vietnam, and Sri Lanka. In recent years, there has been an increasing demand for spices, including cinnamon, globally due to the increasing adoption of cinnamon in the pharmaceutical and cosmetics industries.

Key Market TrendsSri Lanka Emerges as the Largest Exporter of Cinnamon in the World

Sri Lanka is the largest exporter and fourth-largest producer of cinnamon in the world. The main cinnamon-producing regions in Sri Lanka are Kandy, Matale, Belihull Oya, Haputale, the Horton planes, and the Sinharaja forest range. The major countries that import cinnamon from Sri Lanka are Mexico, the United States, Peru, Colombia, and Ecuador, among others. The demand for Ceylonese cinnamon is increasing in countries like Mexico, the United States, Peru, Bolivia, Chile, and Guatemala. Its cinnamon exports represent 3.3% of the world’s cinnamon exports, and it ranks 7th among the cinnamon exporters in the world. In 2019, the country exported 876.0 metric ton of cinnamon, with the United States and Germany being the top importers. Additionally, there has been a significant rise in the adoption of cinnamon in the pharmaceutical and cosmetics industries in recent years. This increase in market demand is encouraging cinnamon production in major producing countries like Sri Lanka.

Asia-Pacific Leads the Cinnamon Market

Asia-Pacific is the world's leading producer of cinnamon, with Indonesia alone accounting for nearly 40.0% of the total global output. In 2019, Indonesia was the biggest cinnamon producer with a production of 89,657.0 metric ton. China, Vietnam, and Sri Lanka followed with about 77, 35, and 16 thousand metric ton of production, respectively. In recent years, there has been an increasing demand for spices, including cinnamon, globally. There has also been a significant rise in the adoption of cinnamon in the pharmaceutical and cosmetics industries in recent years. This increase in the market demand is boosting cinnamon production in major producing countries, such as Indonesia, China, and Sri Lanka. The major importers of cinnamon are the United States, Mexico, India, and the Netherlands.

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