Asia Pacific Cinnamon Market was valued at USD XX million. With a CAGR of XX%, it is expected to reach USD XX million by 2027.
Spices are essential for producing the taste and flavor of food products, and they also have several health benefits. As a result, demand for healthy and tasty spices like cinnamon is on the rise. Cinnamon is well-known for its sweet flavor, which enhances the flavor and taste profile of food. Cinnamon is a popular spice that comes from the interior bark of numerous Cinnamon trees. It's used in a variety of foods and beverages, including bakery goods, sweets, teas, etc. Cinnamon acts both as an aromatic agent and has medicinal value. It is an important aspect of Ayurveda. Cinnamon has antioxidants that help to combat free radicals and prevent cell damage. Cinnamon also aids in the control of blood sugar and cholesterol levels. All these reasons are contributing to the Asia Pacific Cinnamon Market expansion.
Growing demand for cinnamon in various food items for flavor, expanding scope in bakery, pharmaceuticals, and cosmetics industries, and increased awareness about the health advantages of cinnamon are all driving the Asia Pacific Cinnamon Market.
The Asia Pacific Cinnamon Market is primarily driven by the rise of the spices and condiments sector. The industry is predicted to develop due to rising demand for spices like cinnamon in essential oils and aromatherapy. Cinnamon's health benefits, such as its ability to reduce blood glucose levels, are likely to fuel market growth among insulin-sensitive and type II diabetic customers around the world. Cinnamon's antimicrobial properties are predicted to drive growing demand in the pharmaceutical and cosmetic industries. Consumers have been inspired by the "go organic" trend to include more organic foods in their diets. Cinnamon growers are also affected by this trend. Furthermore, food producers are increasingly focusing on health-conscious customers and are requesting organic cinnamon from their suppliers. Organic cinnamon cultivation and use have expanded because of this. Organic cinnamon is grown in a variety of conditions without the use of pesticides. This is another reason fueling the growth of the Asia Pacific cinnamon market.
The Asia Pacific Cinnamon Market expansion is projected to be hampered by price fluctuations of cinnamon. Cinnamon is a wetland plant. Cinnamon prices are rising due to changes in rainfall. Another cause for increased cinnamon costs is the extended time between planting and harvesting. Cinnamon, on the other hand, is still regarded as a luxury and expensive ingredient, limiting market expansion in the lower socioeconomic level.
Sri Lanka Export Development introduced the 'Ceylon Spice' brand in September 2019 for the manufacture, processing, and branding of Sri Lankan origin spices including cinnamon.
Asia Pacific Cinnamon Market Segmentation:
The Asia Pacific Cinnamon Market is divided into Ceylon cinnamon, Cassia cinnamon, Saigon cinnamon, Korintje cinnamon, and other types of cinnamon. Due to its superior safety profile related to low quantities of coumarin present in it, Ceylon cinnamon is predicted to be one of the top product categories in the Asia Pacific market.
Ceylon cinnamon had a leading market share of more than 35.0 per cent in 2021 and will continue to do so through the forecast period. This kind is mostly found in Sri Lanka, where most of the spices are produced and it is also grown commercially in Seychelles and Madagascar.
Cassia has a strong flavour and several therapeutic characteristics due to which it has found use in the culinary sector as well as in traditional Chinese medicine. This spice variation is now used all over the world to cure stomach and muscle spasms, infections and the common cold, nausea and vomiting among others.
Food & Beverages
In terms of application, the food and beverage sector dominated the Asia Pacific Cinnamon Market in 2021, accounting for over 50.0 per cent of the total. Consumer knowledge of the many benefits of cinnamon has resulted in increased demand in nations such as China and India.
This spice is utilized in the creation of numerous medicines and medical supplements due to its medicinal qualities, which include benefits as an antioxidant, anti-inflammatory and anti-microbial agent.
By Distribution Channel:
Based on the distribution channel, the hypermarkets dominate the Asia Pacific Cinnamon Market in this segment due to the easy availability, on the shelf display and wide access to a larger network of people.
The Asia Pacific market is divided into four regions based on geography:
During the projection period, the Asia Pacific Cinnamon Market is expected to grow at the fastest rate. Asia Pacific area has the biggest utilization of cinnamon in the international market, particularly in countries like India and China. Cinnamon is used to enhance the overall aroma of foods and to increase awareness of the health benefits of this spice in practically all Indian cuisines. This region is predicted to have the highest CAGR in the next years.
China has now become the world's largest exporter of cinnamon. China is the world's leading exporter and the second-largest producer of cinnamon. A few southeastern Chinese provinces, such as Guangdong and Guangxi, and other regulated cultural landscapes are the principal cinnamon-producing locations in China. Vietnam, Bangladesh, Pakistan, Saudi Arabia, and the United Arab Emirates are among the biggest importers of cinnamon from China. In nations like Vietnam, Iraq, and Turkey, demand for Chinese Cinnamon (Cinnamomum cassia) is rising. Its cinnamon exports account for 28.4 per cent of global cinnamon exports, and it is the world's top cinnamon exporter. In 2021, the country exported 86,549 metric tons of cinnamon, with Vietnam accounting for 49.2% of the total. Cinnamon has also seen a huge increase in popularity in the pharmaceutical and cosmetics industries in recent years. Cinnamon output in key producing countries like China is benefiting from the increase in market demand.
Cinnamon is used in almost all Indian cuisines to enhance the overall aroma of foods and to raise awareness of the health benefits of this spice.
In 2021, the CSIR's Institute of Himalayan Bioresource Technology (IHBT) will pilot cinnamon cultivation in Himachal Pradesh, India. If the pilot project is successful, the product will be introduced on a commercial basis. This could gradually reduce India's imports of cinnamon, which total $909 million per year.
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