According to a new report, published by KBV research, 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).
The Residential segment is experiencing a CAGR of 12.9% during (2024 - 2031). The growing trend of health-conscious consumers seeking natural flavourings and spices has propelled the demand for cinnamon in residential kitchens. Moreover, the increasing popularity of home baking, especially during the post-pandemic period, has significantly boosted the consumption of cinnamon in residential applications. As more consumers experiment with flavours and seek to enhance their culinary experiences, the residential segment's prominence in the cinnamon market continues to rise.
The Ceylon segment is leading the Global Cinnamon Market by Product in 2023; thereby, achieving a market value of $7.7 billion by 2031. Ceylon cinnamon, often called "true cinnamon," is prized for its delicate flavour. Its premium quality, distinctive aroma, and higher price point than other cinnamon types have made it a preferred choice among consumers and food manufacturers. The growing consumer awareness regarding the health advantages associated with Ceylon cinnamon, such as its anti-inflammatory and antioxidant properties, has further bolstered its market presence. As a result, the Ceylon segment has solidified its status as a dominant force in the cinnamon market.
The Convenience Stores segment is expected to witness a CAGR of 13.1% during (2024 - 2031). These stores cater to consumers looking for quick and easy shopping experiences. Convenience stores often stock essential items like spices, making them a go-to option for last-minute purchases. Their strategic locations in residential and urban areas contribute to steady sales of cinnamon.
Full Report: https://www.kbvresearch.com/cinnamon-market/
The Asia Pacific region dominated the Global Cinnamon Market by Region in 2023; thereby, achieving a market value of $8.1 billion by 2031. The Europe region is expected to witness a CAGR of 11.6% during (2024 - 2031). Additionally, The North America region would capture a CAGR of 12.1% during (2024 - 2031).
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)
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