As per Fact.MR, a provider of market research and competitive intelligence, the global cinnamon market is estimated to account for a value of $ 1.02 billion in 2024 and is forecasted to reach $ 1.89 billion at 6.4% CAGR by the end of 2034. Increasing focus on health and fitness coupled with growing awareness of the benefits of cinnamon consumption are projected to drive market growth over the coming years.
Growing popularity of organic products, evolving consumer preferences, and extensive use of cinnamon in the formulation of different food products are other prospects that could create new opportunities for cinnamon companies across the study period. The South Asia & Oceania region is projected to account for a significant market share over the next 10 years owing to the presence of key cinnamon producers and high consumption of cinnamon.
An increasing number of cinnamon-flavoured food products being launched around the world is also projected to drive cinnamon demand in the long run. This study by Fact.MR, a market research and competitive intelligence provider, suggests that East Asia, South Asia & Oceania will collectively account for a leading cinnamon market share by the end of 2034.
Cinnamon suppliers should focus on supplying their products to different industry verticals to diversify their business. Cinnamon companies can also focus on supplying organic cinnamon as the trend of clean labeling and organic ingredients gains prominence on a global level.
To leverage the increasing demand for cinnamon-flavored food items and enhance future sales, suppliers of cinnamon are strategically positioning themselves in the competitive landscape.
In April 2022, Krispy Kreme, a well-known American coffeehouse chain recognised for its delectable doughnuts, disclosed a collaborative venture with Cinnamon Toast Crunch. This partnership resulted in the introduction of a novel Cinnamon Milk doughnut collection, exclusively offered at selected Krispy Kreme outlets in the United States for a limited duration.
Ceylon cinnamon enjoys widespread popularity worldwide due to its exceptional taste, surpassing other cinnamon varieties. The appeal of this cinnamon type lies in its low concentration of coumarin, a compound linked to potential liver damage. Notably, Ceylon cinnamon has gained significant usage in Mexico, where it is a key ingredient in various Mexican culinary preparations. Originating from Sri Lanka, the majority of Ceylon cinnamon is sourced from this region.
Similarly, Cassia cinnamon is widely adopted globally, primarily due to its cost-effectiveness compared to other cinnamon varieties. Its economical nature and robust flavour make Cassia cinnamon a preferred choice in numerous commercial applications.
Fact.MR, in its new offering, presents an unbiased analysis of the global cinnamon market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on type (Cassia cinnamon, Ceylon cinnamon, Saigon cinnamon, Korintje cinnamon), nature (organic conventional), distribution channel (business-to-business, business-to-consumer), and application (residential,
commercial), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA).
(GLOBE NEWSWIRE)