The global cinnamon market size is anticipated to reach USD 1.9 billion by 2025, according to a new report by Grand View Research, Inc., registering a 13.8% CAGR during the forecast period. Growing awareness among consumers related to the health benefits of cinnamon is a key factor driving the market. Cinnamon is a rich source of various minerals and nutrients, is loaded with anti-oxidants, acts as an anti-inflammatory, and has been known to have beneficial effects against diseases like diabetes, Alzheimer’s, and HIV-1. These benefits are likely to spur product demand over the coming years.
Based on product type, Ceylon dominated market in 2018, accounting for more than 35.0% of the global revenue in 2018. The segment is expected to retain its dominance throughout the forecast period. This variety is native to Sri Lanka, which produces a majority of the spice. It is also cultivated for commercial use in Madagascar and Seychelles. Mexico is one of the leading consumers of Ceylon in the world, where the spice is used in several local dishes. Its ultra-low Coumarin content makes it a preferred variant among consumers. Ceylon cinnamon has also been witnessing significant demand in European countries like U.K., Belgium, and Italy owing to its unique flavor as well as beneficial health properties.
In terms of application, the cinnamon market has been segmented into residential and commercial. The residential segment held a share of more than 50.0% in the global market in 2018. Increasing use of cinnamon in various dishes owing its sweet and spicy taste is the primary factor driving demand in this segment. Moreover, product demand is growing in various countries, including U.S., U.K., Italy, Belgium, and India, due to increased awareness pertaining to its health benefits among consumers. Cinnamon is one the key ingredients added in a number of Mexican dishes and rising popularity of Mexican cuisine across the globe is expected to fuel demand over the forecast period.
The global production and consumption volume of cinnamon is steadily increasing. North America dominated the global market, accounting for 35.5% of the overall revenue in 2018. Most of the product supply in the region comes from Sri Lanka and Indonesia. Europe is also projected to exhibit strong demand for Ceylon cinnamon, with U.K., Belgium, and Italy emerging as key markets. Growing awareness related to the health benefits of cinnamon has driven consumers to turn to this spice for weight loss and diabetes, which is fueling product demand in the region.
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Further key findings from the report suggest:
By product, the Ceylon segment is expected to reach USD 684.5 million by 2025. Its ultra-low Coumarin content makes it a preferred variant among consumers
Based on application, the commercial segment is anticipated to register a CAGR of 14.2% over the forecast period owing to rising product usage in the pharmaceutical, cosmetics, and food and beverages industries
North America is the largest market, which can be attributed to increased health awareness among consumers and growing demand for natural and nutritious ingredients in various cuisines
Top players operating in the cinnamon market include Pure Ceylon Cinnamon, Biofoods Pvt Ltd., and Ceylon Spice Company. Some of the other prominent players are HDDES Group; C.F. Sauer Company; First Spice Mixing Company; Elite Spice; EHL Ingredients; McCormick & Company, Inc.; and SDS SPICES (PVT) LTD.
Grand View Research has segmented the global cinnamon market by product, application, and region:
Cinnamon Product Outlook (Revenue, USD Million, 2015 - 2025)
Cinnamon Application Outlook (Revenue, USD Million, 2015 - 2025)
Cinnamon Region Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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