Cinnamon is obtained from the branches of the Cinnamomum tree family, native to South America, the Caribbean, and Southeast Asia. Followed by black pepper, cinnamon is among one of the popular foods & beverage ingredients across the European and American regions. The global cinnamon market is projected to grow at a CAGR of 2.7% during the forecast period (2021-2027). Increased demand for cinnamon from the food & beverages, pharmaceutical, and cosmetics industry is the major aspect that drives the market growth during the forecast period. On the other hand, cinnamon also possesses various medicinal properties due to which it is widely accepted traditionally as an ingredient for the treatment of cough, arthritis, and sore throat. The application scope of the spice has expanded significantly, hence, contributing to the growth of the global cinnamon market during the forecast period

Segmental Outlook

The global cinnamon market is segmented on the basis of applications as food & beverages, pharmaceutical, and cosmetics. The food & beverages segment of the market is projected to hold the most substantial share in the market. The segmental growth of the market is attributed to the increased use of cinnamon in the food & beverage industry as a food ingredient in various applications. Food products ranging from bakery products, spices, cold drinks, tea, coffee, and many others. Whereas, the pharmaceutical segment of the market is also projected to grow at a significant CAGR during the forecast period, attributed to the various medicinal benefits of cinnamon for the treatment of mild symptoms. 

Global Cinnamon Market, by Application 2020 (%)

Regional Outlook

The global cinnamon market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is projected to hold a significant market share. China, India, Japan, and the Rest of the Asia-Pacific are the major economies primarily contributing to the growth of the cinnamon market in the region. The regional growth of the market is accredited to the major countries importing cinnamon in the region. The key economies such as Vietnam, India, Bangladesh, Pakistan, Sri Lanka, China, and others are some of the major importers of cinnamon. Increased use of cinnamon in tea beverages is one of the major aspects that encourages the demand for cinnamon across the region. On the other hand, cinnamon is widely accepted as a key spice ingredient in the food industry which further creates wide scope for the growth of the market. Also, the key companies are expanding their businesses to emerging economies such as India, China, Vietnam in the region which further supports the growth of the market.

Further, the North American region is also estimated to witness a significant value for the market, attributing to the presence of key players across the region. Besides, the US is also considered as one of the major importers of cinnamon as a key food & beverage ingredient. Hence, such aforementioned factors are likely to drive the regional growth of the cinnamon market during the forecast period.

Global Cinnamon Market, by Region 2020 (%)

Market Players Outlook

The prominent players functioning in the global cinnamon market include Pure Ceylon Cinnamon, HDDES Group, C.F. Sauer Co., First Spice Mixing Co., Elite Spice, Biofoods Pvt. Ltd., Ceylon Spice Co., EHL Ingredients, McCormick & Co., Inc., and SDS Spices (Pvt) Ltd. among others. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others in order to thrive in a competitive environment. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global cinnamon market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.