“Global Cinnamon Market to reach a market value of USD 18.8 Billion by 2031 growing at a CAGR of 12.4%”
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.
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.
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.
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.
Free Valuable Insights: Global Cinnamon Market size to reach USD 18.8 Billion by 2031
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 7.6 Billion |
| Market size forecast in 2031 | USD 18.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 12.4% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 361 |
| Number of Tables | 749 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Distribution Channel, Application, Region |
| Country scope |
|
| Companies Included | 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 |
By Application (Volume, Tonnes, USD Billion, 2020-2031)
By Product (Volume, Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 