Growing Awareness of Health Benefits of Cinnamon Consumption Main Factor Driving Global Market Growth: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, August 2, 2024 /
EINPresswire.com/ -- The global
cinnamon market is estimated to account for a value of US$ 1.02 billion in 2024 and is forecasted to reach US$ 1.89 billion 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.
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An increasing number of cinnamon-flavored 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 and South Asia & Oceania will collectively account for a leading cinnamon market share by the end of 2034.
Key Takeaways from Market Study:
The global cinnamon market is valued at US$ 1.02 billion in 2024.
Demand for cinnamon is projected to rise at a CAGR of 6.4% from 2024 to 2034.
The market is forecasted to attain a valuation of US$ 1.89 billion by the end of 2034.
Rising awareness regarding the benefits of cinnamon, high demand for natural flavors and ingredients, its growing use in the food processing industry, and increasing use of blended spices are key market drivers.
Disruptions in the supply chain and the availability of cinnamon alternatives are estimated to impede market growth going forward.
Cinnamon demand in the North American region is set to bring in a revenue value of US$ 349 million by 2034-end.
Sales of Korintje cinnamon are projected to rise at 6.6% CAGR from 2024 to 2034.
Cinnamon sales in China are forecasted to reach US$ 205.8 million in 2024.
Utilization of cinnamon in commercial applications is projected to account for 70.5% of the global market by 2034.
“Cinnamon-producing companies should start the production and sales of organic cinnamon to stay ahead of the competition going forward,” says a Fact.MR analyst
Country -wise Insights:
In order to bolster their position in the international market, cinnamon suppliers should concentrate on nations like Mexico, China, the United States, the United Kingdom, France, and Saudi Arabia in addition to South Asia and Oceania.
Which nation in North America need to be the focus of cinnamon suppliers?
Cinnamon is extensively utilized in Mexican cuisine, finding its way into nearly all dishes in some form or another. This substantial integration of cinnamon into Mexican culinary traditions presents lucrative prospects for cinnamon companies operating within the country. In Mexico, the preferred variety of cinnamon is Ceylon cinnamon, which is mainly imported from Sri Lanka, its country of origin. In Mexico, Ceylon cinnamon is alternatively referred to as true cinnamon or Mexican cinnamon.
Why Would Manufacturers of Cinnamon Products Invest in China?
The main factor luring cinnamon producers to China is the country's status as a major supplier of the spice. Other significant cinnamon market trends that could generate opportunities in China through 2034 are the spice's cultural significance, its widespread use in culinary applications, and the rising demand for traditional medicines. It is also anticipated that China's burgeoning food processing sector would increase demand for seasonings and spices in the future, potentially boosting shipments of cinnamon.
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Winning Strategy:
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.
More Valuable Insights on Offer:
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).
FAQ’S:
What is the projected sales value of cinnamon for 2034?
Worldwide sales of cinnamon are forecasted to reach US$ 1.89 billion by 2034-end.
Who are the top cinnamon suppliers?
Cinnatopia, Monterey Bay Spice Company, The Organic Cinnamon, Ceylon Spice Company, Elite Spice, and McCormick & Company are leading cinnamon manufacturers.
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