Cinnamon Market size is set to grow by USD 367.94 million from 2023-2027, Biofoods Pvt. Ltd., Cell Foods and Ceylon Spice Co., and more to emerge as Some of the Key Vendors, Technavio

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Apr 15, 2024, 14:35 ET

NEW YORK, April 15, 2024 /PRNewswire/ -- The global cinnamon market size is estimated to grow by USD 367.94 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of about 7.64% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 75%.

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Technavio has announced its latest market research report titled Global Cinnamon Market 2023-2027

Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

Biofoods Pvt. Ltd., Cell Foods, Ceylon Spice Co., Cinnamon Exports Pvt Ltd., EHL Ltd., Elite Spice Inc., EOAS Organics Pvt Ltd., First Spice Mixing Co., Goya Foods Inc., The Great American Spice Co., HDDES Group, McCormick and Co. Inc., Organic Spices Inc., Ozone Naturals, Sauer Brands Inc., SDS Spices, Taj Agro International, The Bart Ingredients Co., True Ceylon Spices, Vijaya Enterprises

Analyst Review

The global Cinnamon market is experiencing significant growth due to its numerous health benefits and versatile applications in various food products and savory cuisines. Cinnamon, a popular culinary ingredient, is rich in essential minerals, nutrients, and antioxidants. It is known to regulate blood glucose levels, making it beneficial for individuals with diabetes. Additionally, its antioxidant properties make it an effective remedy for combating infections, including the common cold. Cinnamon consumption also helps alleviate symptoms of stomach and muscular spasms, nausea, vomiting, gas, and diarrhea. The market for this versatile spice includes the poultry industry, beverages, bakeries, confectionery, and organic foods. However, the use of antibiotic growth promotors in the poultry industry may pose a threat to the organic and natural cinnamon market. Overall, the demand for healthy eating and the unique taste and flavor of cinnamon continue to drive market growth.

Key Market Drivers

Cinnamon, a versatile spice, has expanded its reach beyond savory cuisines and baking. Its unique properties make it a valuable addition to personal care and nutraceutical products. Cinnamon consumption is not only about taste and flavor but also about health benefits. As an anti-inflammatory food, it regulates blood sugar levels in patients with type-2 diabetes and is scientifically proven to help manage medical conditions. In the food industry, cinnamon is used as a preservative in poultry and a replacement for antibiotic growth promotors. Beverages, bakeries, and confectionery also benefit from its blood sugar regulation and antioxidant properties. Organic foods and health-conscious consumers value cinnamon as a culinary ingredient for its minerals, nutrients, and antioxidants. Cinnamon's anti-inflammatory properties also help alleviate symptoms of Alzheimer's disease, infections, common cold, stomach and muscular spasms, nausea, vomiting, gas, and diarrhea.

Challenges and Opportunities

The global cinnamon market faces challenges due to the inability of key exporting countries like Sri Lanka to meet buyer specifications for this aromatic condiment. Cinnamon is used extensively in various sectors, including food, pharmaceuticals, cosmetics, and personal care products. In the food industry, cinnamon powder is a popular ingredient in bread-based foods, cereals, fruits, and alcoholic beverages. Ceylon cinnamon, Cassia cinnamon, Korintje cinnamon, and Saigon cinnamon are the main types, each with distinct flavors and uses. The residential and commercial sectors also consume cinnamon in large quantities for its taste and health benefits. In the pharmaceutical sector, cinnamon is used for medical conditions such as blood glucose level regulation and anti-inflammatory properties. The poultry industry uses cinnamon as an alternative to antibiotic growth promotors in savory cuisines and beverages. Cinnamon is also a crucial culinary ingredient in bakeries and confectionery, and its organic form is increasingly popular in healthy eating trends. Essential oil and nutraceutical products are other growing markets for cinnamon.

Cinnamon, a versatile spice and aromatic condiment, is gaining significant attention in various sectors due to its rich minerals, nutrients, and antioxidants. In the medical field, cinnamon's antimicrobial properties, particularly from compounds like cinnamaldehyde, are being explored as potential alternatives to antibiotics for treating infections, including those causing the common cold and diabetes-related complications. Cinnamon is also used to alleviate symptoms of Alzheimer's disease, stomach and muscular spasms, nausea, vomiting, gas, and diarrhea. As a flavoring ingredient, cinnamon is widely used in bread-based foods, cereals, fruits, and various cuisines. In the commercial sector, cinnamon is used in alcoholic beverages, cosmetics, personal care products, nutraceutical products, and pharmaceuticals. Cinnamon consumption is increasing in the residential sector as part of healthy eating trends. Varieties like Ceylon cinnamon, Cassia cinnamon, Korintje cinnamon, and Saigon cinnamon are used in the poultry industry as antibiotic growth promotors and in savory cuisines and beverages. Bakeries also use cinnamon powder extensively.

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Market Overview

In the heart of Minals, Nutrients, and Commons lies the Cinnamon Market. This vibrant bazaar is a hub for a diverse range of products, from essential Dietary Supplements and Alzheimer's remedies to aromatic Cinnamon and Spices. The market is a mosaic of colors and scents, where you can find Alcohols, Perfumery, and Cosmetics, as well as essential Oils and Flavors. Here, you can discover a variety of Condiments, such as Honey and Sugars, or purchase essential Minerals and Metals. The market is a bustling hub of activity, where you can find a wide array of products, from basic Nitrates and Acids to advanced Pharmaceuticals and Cosmetics. Whether you're a professional Chef or a home cook, a Beauty Enthusiast or a Health Conscious Individual, the Cinnamon Market has something for everyone. Come and explore the rich offerings of this dynamic marketplace.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio