Cinnamon Market Size, and Growth Rate Analysis:
Cinnamon Market size was valued at USD 760.2 million in 2018 and is likely to extend at a compound annual growth rate (CAGR) of about 14% and will reach the value of approximately USD 2 billion by the end of the year 2025. Cinnamon is a kind of spice that is obtained from the inner bark of tropical tree species of genus Cinnamomum. It is available mainly in two varieties, namely Cinnamomum cassia and Cinnamomum zeylanicum. Of which, Cinnamomum cassia is a popular spice in North America that has a dark brown color and stronger flavor and is more widely used to flavor various food products. Cinnamon zeylanicum is also known as Ceylon cinnamon or real cinnamon, which appears in a lighter color with a milder and more delicate flavor than cassia cinnamon. The most widely used cinnamon varieties are pale-looking, parchment-looking cinnamon.
Cinnamon is primarily used in various baked goods, such as cakes, pancakes, and other baked goods, as well as milk and rice pudding. It is also used in fruit desserts and chocolate dishes, mainly in pears and apple desserts. Cinnamon can also be used to flavor creams, syrups, and wines. Cinnamon powder is also used to enhance a variety of drinks, soups, and sweets.
Impact of COVID-19:
The COVID-19 pandemic has affected markets all around the world. Although, most of the markets have experienced a sharp decline in growth rate, the market for cinnamon is predicted to experience a spike in growth rate in some sectors as food and beverage, pharmaceuticals because of the associated health benefits. The call for cinnamon functional foods is likely to witness a surge due to the consumers’ preference for immunity boosting supplements during the pandemic of coronavirus. Consumption of cinnamon is expected to increase but because of the associated downfall in supply sector, the market will overall have a moderate growth. Moreover, the pandemic has raised more awareness about the importance of a healthy life style and healthy food amongst consumers, which would lead to an increase in demand for cinnamon
Recent Developments in Cinnamon Market:
Cinnamon Market Drivers and Restraints:
As people become more aware of healthy attributes, cinnamon is expected to experience significant demand in the food and beverage industry. With the increasing need to flavor various food products, the demand for cinnamon is supposed to remain high. Cinnamon sales are assumed to primarily increase demand for different food products on the world market. The increasing demand for chocolate dishes and sweets contributed to the growth of the world market during the review period. To take advantage of the benefits of cinnamon, its consumption continues to spread to tea and coffee. The preference for cinnamon flavor has led the food industry to use cinnamon in various baked goods increasingly. The growth of the world market is anticipated to accelerate due to these factors.
Cinnamon Market Demand Analysis:
The demand for cinnamon continues to accelerate, linked to the growing need to control blood pressure and improve diabetes conditions. Furthermore, the prevalence of various digestive diseases is also presumed to have a positive impact on the growth of the world market. Parkinson's disease, Alzheimer's disease, chronic wounds, multiple sclerosis, and HIV are some of the common medical conditions that can be kept at bay with cinnamon consumption. Its consumption continues to lower cholesterol levels in patients with type I and type II diabetes. As cinnamon consumption increases, the blood sugar level will allow diabetic patients to lose weight. Linked to these factors, the demand for cinnamon remains high in the world market.
Cinnamon is rich in antioxidants, antifungal, anticancer, and anti-inflammatory properties. Attributed to the anti-inflammatory and antifungal properties, cinnamon is increasingly used by manufacturers for the production of drugs such as felbinac, ibuprofen, piroxicam, diclofenac and ketoprofen. The increasing prevalence of skin disorders, infections and diseases have led to an increased demand for cinnamon in the pharmaceutical industry. The need for cinnamon is expected to accelerate due to the increasing prevalence of eczema, acne, and pimples. Cosmetics manufacturers are increasingly using cinnamon for the production of acne masks, facial scrubs and treatment solutions for hair growth. The increase in the production of facial cosmetics will continue to have a positive impact on the growth of the world cinnamon market.
Cinnamon Market Segmentation and Sub segmentation:
Based on Type:
Based on Application:
Based on Distribution Channel:
Market Geographical Classification and Regional Insights:
The global Cinnamon Market based on the region is segmented in North America (the U.S. and Canada), Europe (U.K., France, Germany and Rest of Europe), Asia Pacific (Japan, China, India and Rest of APAC), Latin America (Brazil, Mexico and Rest of Latin America), and Middle-East & Africa (GCC and Rest of MEA).
North America Cinnamon Market:
North America cinnamon market dominated the global business, accounting for 35.5% of total revenue in 2018. Shifting consumer preferences towards herbal and healthy products is the primary driver of the market. Cinnamon is a vital source of a number of nutrients and minerals, it is an anti-inflammatory, and it is rich in antioxidants and is known to aid in weight loss. The spice has also shown beneficial effects against diseases such as Alzheimer's disease, diabetes, and HIV-1. The high prevalence of these health problems in the region should stimulate demand for products. Ceylon cinnamon is particularly in need in the United States because of its ultra-low levels of coumarin, a substance known to cause liver damage. According to a study published in the journal Gastroenterology in 2009, liver disease is the second leading cause of death among all digestive disorders in the United States. The number of liver cancer cases diagnosed in the country will reach an annual figure of almost 40,000. These alarming statistics have forced consumers to be more aware of coumarin consumption, leading to increased demand for Ceylon cinnamon.
Asia Pacific Cinnamon Market:
The Asia Pacific is the prominent region in the world market that has the highest usage of cinnamon, especially in nations like India, China, etc. The majority of Indian cuisines inculcate cinnamon to enhance the overall aroma of foods, along with the awareness of health benefits associated with this spice. This region is foreseen to register the highest CAGR in the coming years.
Leading Key Companies covered in this Cinnamon Market report are:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Introduction
5.1.2 Ceylon Cinnamon
5.1.3 Cassia Cinnamon
5.1.4 Saigon Cinnamon
5.1.5 Korintje Cinnamon
5.1.5 Y-o-Y Growth Analysis, By Type
5.1.6 Market Attractiveness Analysis, By Type
5.1.7 Market Share Analysis, By Type
5.2 Application
5.2.1 Introduction
5.2.2 Food & Beverages
5.2.3 Medicines
5.2.4 Cosmetics
5.2.5 Y-o-Y Growth Analysis, By Application
5.2.6 Market Attractiveness Analysis, By Application
5.2.7 Market Share Analysis, By Application
5.3 Distribution Channel
5.3.1 Introduction
5.3.2 Hypermarkets
5.3.3 Supermarkets
5.3.4 Online Retailers
5.3.5 Convenience Stores
5.3.6 Specialty Stores
5.3.7 Y-o-Y Growth Analysis, By Distribution Channel
5.3.8 Market Attractiveness Analysis, By Distribution Channel
5.3.9 Market Share Analysis, By Distribution Channel
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Application
6.1.3.4 By Distribution Channel
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Application
6.1.4.4 By Distribution Channel
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Application
6.1.5.4 By Distribution
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Pure Ceylon Cinnamon
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Adam Group
8.3 Bio Foods (Pvt) Ltd.
8.4 HDDES Group
8.5 SDS SPICES (PVT) LTD
8.6 Ceylon Spice Company
8.7 Elite Spice
8.8 First Spice Mixing Company
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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Feb 2020
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