Increasing demand for healthy food products has led to an upsurge in demand for cinnamon globally. Moreover, prevalence of various diseases is also projected to impact the global market growth during the forecast period. Persistence Market Research states that the global cinnamon market is projected to reflect a CAGR of 10.3% over the forecast period, 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global cinnamon market is mainly bound by various macro-economic and micro-economic factors. With the growing prevalence of various diseases such as respiratory illness, digestive illness and gynecological illness, demand for cinnamon is projected to rev up in the global market. Moreover, growing population of diabetic patients is also projected to impact the global market growth of cinnamon positively. Attributed to various antifungal, antiviral, anti-carcinogenic and anti-bacterial properties, manufacturers in the food and beverage, medicinal, and cosmetic industry are witnessing significant demand. Increasing consumption of cinnamon enables the end users to maintain their blood and sugar levels. Due to various health related benefits, consumption of cinnamon will continue to remain high among patients with type II diabetes in the global market.
Demand for cinnamon will also remain bounded by increasing demand for healthy food products. Customers increasingly prefer food products that enable the end users to lower their cholesterol level. Attributed to various health benefits, cinnamon continue to witness significant demand in the bakery products, sweets and chocolate dishes. Surge in consumption of cinnamon in the food and beverage industry is projected to contribute towards the global market growth.
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Manufacturers in the cosmetic industry are also increasingly opting for cinnamon during the production of various cosmetic products. Application of cinnamon in the cosmetic products enables the end users to heal dermal problems such as acne, pimples and eczema. Increasing demand for dermal and facial cosmetic products has revved up demand for cinnamon among the cosmetic manufacturers globally. Cinnamon continues to witness significant demand in the treatment solution for hair growth, face scrubs and face masks. Bound to these factors, the global market growth of cinnamon is projected to gain momentum during the forecast period.
Sales to Remain High through Bakery Application
As the need to improve the immunity arises, consumption of the cassia cinnamon continues to remain high globally. Based on product type, the cassia segment is projected to witness the highest growth in terms of revenue, recording for more than US$ 600 Mn by 2026-end. In contrary to this, the saigon product type segment is projected to reflect the highest CAGR during the forecast period. In terms of revenue, the quills form segment is projected to represent the highest growth, represent a value of more than US$ 200 Mn by 2017-end. On the other hand, the powder form segment is projected to reflect significant CAGR through 2026.
By the end of 2026, the bakery application type segment is projected to reflect the highest CAGR. However, the culinary uses application type segment is projected to witness significant growth in terms of revenue, accounting for more than US$ 500 Mn during the forecast period. On the basis of distribution channel, the online channels segment is projected to reflect a robust CAGR throughout the forecast period. The modern trade distribution channel segment is projected to witness the robust growth in terms of revenue, recording more than US$ 200 Mn by 2017-end.
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Major players in the global market of cinnamon are Adam Group, Pure Ceylon Cinnamon, HDDES Group, Bio Foods (Pvt) Ltd., Ceylon Spice Company, SDS SPICES (PVT) LTD., Elite Spice, Ceylon Spice Company, C.F. Sauer Company, First Spice Mixing Company, Mc Cormick Spices and EHL Ingredients.