Cinnamon Market Size

Cinnamon Market Analysis

The Cinnamon Market size is estimated at USD 1.68 billion in 2024, and is expected to reach USD 2.35 billion by 2029, growing at a CAGR of 7% during the forecast period (2024-2029).

• Consumers are increasingly looking for a combination of nutrition and taste in every food product, as the preference for healthy eating is growing, without compromising on the taste of food products. This further fueled the demand for healthy food ingredients, including spices like Cinnamon, which are the major ingredients that impart flavor and taste to food products. Cinnamon is known for its sweet taste that enhances the taste and flavor of food products.
• Additionally, cinnamon has been known to possess several beneficial properties that aid in the treatment and prevention of several medical conditions. As a result, it finds application in different types of industries, including food and beverages, pharmaceuticals, and cosmetics. It possesses health-beneficial properties, such as antioxidants that fight against free radicals and prevent damage to cells. The consumption of cinnamon is gaining significance as various studies have proved its capability in lowering blood glucose levels in type II diabetic patients. Pharmaceutical companies are focusing on developing cinnamon-based formulations as cinnamon has anti-bacterial, anti-fungal, anti-inflammatory, and anti-carcinogenic properties. The manufacturers are focusing on developing innovative products to cater to the growing demand for cinnamon across the world.
• The demand for cinnamon is also increasing in the poultry industry, rising consumer awareness towards health and food safety concerns and increased bacterial resistance to synthetic antibiotics led to a ban on the use of antibiotic growth promotors (AGPs) in the poultry industry. The poultry sector has been forced to seek safe alternatives to AGPs and develop sustainable feed management strategies to enhance the intestinal health and growth performance of poultry. In recent years, cinnamon gained much attention as a natural product with several health benefits to poultry. The essential oils present in cinnamon carry anti-microbial, anti-inflammatory, antioxidant, hypocholesterolaemic, and antifungal properties, and the ability to stimulate digestive enzymes in the gut.
• Furthermore, increasing research and development activities and initiatives taken by players and the government related to cinnamon are also expected to drive the growth of the cinnamon market. For instance, in September 2022, in a major initiative to boost the cultivation of medicinal plants like cinnamon, the state government of Kerala (India) decided to start plantations on unused plots in various government offices in Kerala.