Cinnamon is a spice which is acquired from the inner bark of tropical tree species from genus Cinnamomum. Cinnamon is available in two main varieties including Cinnamomum cassia and Cinnamomum zeylanicum. Cinnamomum cassia is a popular spice in North America which has a dark brown color and stronger taste and is most widely used for flavoring various food products. Cinnamon zeylanicum is also known Ceylon cinnamon or true cinnamon which appears in a lighter color along with having a sweeter and delicate flavor than cassia cinnamon. The most used cinnamon varieties are pale and parchment-like in appearance cinnamon species. Cinnamon is primarily used in various bakery products such as cakes, pancakes, and other baked goods along with milk and rice puddings. Cinnamon is also used in fruit desserts and chocolate dishes primarily in pears and apple fruit desserts. Cinnamon can also be used to spice creams, syrups and flavored wines. Cinnamon powder is also used for enhancing a variety of drinks, soups and sweets.
Global Cinnamon: Market Segmentation
The global cinnamon market is segmented on the basis of product type, application and region. The cinnamon market is segmented on the basis of product type such as Ceylon cinnamon, Saigon cinnamon, cassia cinnamon, and korintje cinnamon. In the product type, cassia cinnamon is widely used spice and is dominating the global cinnamon market as it is cheaper than others. The global cinnamon market is segmented on the basis of application in which cinnamon is used in application such as pharmaceuticals, cosmetics, food and beverage, and others. Cinnamon are widely used to flavor bread-based products, cereals and fruit desserts. Cinnamon are used as a spice for flavoring various savory dishes. Hence, the global cinnamon market is expected to significantly increase the revenue contribution over the forecast period.
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Global Cinnamon Market: Regional Outlook
Geographically, the global cinnamon industry can be divided by major regions which include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa. Globally, among all regions, Asia Pacific has developed as the dominant region in global cinnamon market followed by Europe. Increasing demand for spices as a flavoring agent in various food products, has strengthened the growth of global cinnamon market and hence is projected to significantly expand the revenue contribution of the market over the forecast period.
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Global Cinnamon Market: Growth Drivers
The global cinnamon market driving factors are increasing demand for cinnamon in various food products as a flavoring agent in various savory dishes and beverages worldwide. Increasing opportunities in bakery, pharmaceuticals, and cosmetics industries is also another factor in driving the cinnamon market. Manufacturers are focusing on providing healthier product offerings by using cinnamon in various products such as bakery products and confectionery. Cinnamon helps consumers in managing their blood sugar levels, which is another major factor for driving the cinnamon seed market worldwide. Cinnamon is also used in various cereals, and meals, coupled with increasing consumer demand for cinnamon, in ground format and whole quills, has also raised among UK food producers, wholesalers, bakers, and retailers. Hence, the global Cinnamon market is expected to observe robust growth over the forecast period.
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Global Cinnamon Market: Key Players
Some of the key players identified across the value chain of the global cinnamon market include Pure Ceylon Cinnamon, Adam Group, Bio Foods (Pvt) Ltd., HDDES Group, SDS SPICES (PVT) LTD., Ceylon Spice Company, Elite Spice, First Spice Mixing Company, C.F. Sauer Company, EHL Ingredients, and Bart Ingredients. The companies are expected to expand their business by enhancing their product portfolio in global cinnamon market. The companies are projected to frame certain strategies in future in order to gain the competitive advantage in global cinnamon market till 2025.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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