Cinnamon Ground Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Ceylon Cinnamon, Cassia Cinnamon, Saigon Cinnamon, and Korintje Cinnamon); Application (Essential Oils & Aroma Therapy, Beverages, Bakery & Processed Foods, Pharmaceutical Cosmetics, and Others); and Region/Country
The global cinnamon ground market is expected to grow at a significant rate of around 4% during the forecast period. Cinnamon is a spice that comes from the bark of Cinnamomum trees. The growing awareness of cinnamon’s health benefits, including its ability to lower blood glucose and cholesterol levels, is fueling the expansion of the global cinnamon market. Cinnamon is a common ingredient in Middle Eastern and Asian cuisines. Cinnamon’s ability to lower fasting glucose levels in type II diabetics has been shown in several studies, so its consumption is becoming increasingly popular. Due to cinnamon’s anti-inflammatory, anti-bacterial, anti-fungal, and anti-carcinogenic properties, pharmaceutical companies are concentrating on the creation of cinnamon-based formulations.
The worldwide growth of several industries, including food and beverage, pharmaceuticals, cosmetics, and personal care is propelling the growth of the cinnamon ground market. Also, a surge in consumer awareness of cinnamon’s nutritional and therapeutic benefits is expected to drive market growth.
EHL Ingredients, First Spice Mixing Company, ACH Food Companies Inc., Biofoods Pvt Ltd, McCormick & Company Inc., Sauer Brands, Elite Spice, HDDES Group, SDS Spices, Ceylon Spice Company are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, Ceylon cinnamon category to witness robust CAGR during the forecast period”
Based on type, the market is segmented into ceylon cinnamon, cassia cinnamon, saigon cinnamon, and korintje cinnamon. The ceylon cinnamon category is to witness higher CAGR during the forecast period owing to its medicinal and antioxidant properties that will be helpful in chronic conditions like heart disease, diabetes, and arthritis. Furthermore, rising product development to match the global demand for ceylon cinnamon will contribute to the growth of the market during the forecast period. For instance, in 2019, Sri Lanka Export Development launched a new brand called ‘Ceylon Spice’ for the production, processing, and branding of Sri Lankan-origin spices such as cinnamon. Also, ceylon cinnamon reduces cholesterol levels & inflammation and improves insulin response.
“Amongst application, the essential oils & aroma therapy to hold a significant share in the market in 2020”
On the basis of application, the market is categorized into essential oils & aroma therapy, beverages, bakery & processed foods, pharmaceutical cosmetics, and others. Among these, essential oils & aroma therapy to hold a significant share of the market in 2020. This is mainly due to the growing awareness of natural and organic foods, beverages, and personal care items. This has had a significant impact on the global cinnamon ground market. It is anticipated that the numerous health benefits of essential oils will drive their demand in pharmaceutical and medical applications.
“APAC to hold a significant share in the market”
For a better understanding of the market adoption of the cinnamon ground market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a considerable CAGR during the forecast period owing to the high demand for cinnamon ground as a spice and in the healthcare sector due to the high prevalence of chronic diseases such as digestive diseases, Alzheimer’s, and diabetes in the region is likely to spur product demand. For instance, as per the International Diabetes Federation (IDF), 90 million adults (20-79) are living with diabetes in the South-East Asia region in 2021. This figure is estimated to increase to 113 million by 2030 and 152 million by 2045. Moreover, Ceylon cinnamon is especially popular in Asian countries due to its extremely low levels of coumarin, a chemical known to result in liver damage.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global cinnamon ground market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Cinnamon Ground Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global cinnamon ground market were the three major steps undertaken to create and analyze the adoption of the cinnamon ground market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the global cinnamon ground market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the cinnamon ground market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the cinnamon ground market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cinnamon ground market. Further, we conducted factor analysis using dependent and independent variables such as various types and applications of the cinnamon ground market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the cinnamon ground market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global cinnamon ground market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the cinnamon ground market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global cinnamon ground market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global cinnamon ground market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global cinnamon ground market.
The Main Objective of the Global Cinnamon Ground Market Study
The current & future market trends of the global cinnamon ground market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the cinnamon ground market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and application.
- Define and analysis of the regulatory framework for the cinnamon ground market.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the cinnamon ground market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the cinnamon ground market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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