Global Cinnamon Market 2017-2021
Cinnamon is one of the most widely traded spices in the world since ancient times. Today, cinnamon is used all around the world as a valued ingredient in many of the food items like bakery products, tea, and as a flavoring agent in a variety of Asian cuisines like curry. Cinnamon is obtained from distinct species of the same plant and is known by different names like Ceylon cinnamon, Cassia cinnamon etc.
Technavio’s analysts forecast the global cinnamon market to grow at a CAGR of 16.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global cinnamon market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cinnamon Market 2017-2021
Technavio recognizes the following companies as the key players in the global cinnamon market: Adam Group, Bio Foods (PVT) LTD, First Spice Mixing Company, Goya Foods, and HDDES GROUP.
Other Prominent Vendors in the market are: ACH Food Companies, Adams Extract & Spice, Bart Ingredients, The C.F. Sauer Company, and EOAS International.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is sustainability is a key factor in the global cinnamon market. Sustainability is a major trend in the production process, especially for products that are to be exported. Cinnamon, being one of the highly-exported product, faces sustainability issues. The issues are regarding whether the working conditions are hygienic or not, safety standards are followed or not, inclusion of child labor during production process, impact on the environment, and others.”
According to the report, one driver in the market is health benefits of cinnamon. Cinnamon has been in use for its medicinal properties and health benefits for a long time. It has a copious amount of manganese, fiber, calcium and has antioxidant, antifungal, and antibacterial properties. Cinnamaldehyde in cinnamon has an anti-clotting action, which prevents coagulation of blood platelets. Owing to its antimicrobial properties, it is also used as a preservative in several types of food and beverages. Cinnamon is also used to control blood sugar levels and reduce risks of cardiovascular diseases by maintaining the cholesterol levels.
Further, the report states that one challenge in the market is stringent regulations and scrutiny for exports. The export of cinnamon is facing a challenge due to inferior quality or not meeting the quality standards. Recently, a consignment of cinnamon exported by Sri Lanka to the EU (European Union) was rejected for not being able to comply with the quality standards due to the presence of residual sulfur dioxide. The World Trade Organization (WTO) supported the program that the Standard Trade Development Facility (STDF) is trying to enforce to help local farmers meet the standards and get benefitted by export earnings.
Adam Group, Bio Foods (PVT) LTD, First Spice Mixing Company, Goya Foods, HDDES GROUP, CH Food Companies, Adams Extract & Spice, Bart Ingredients, The C.F. Sauer Company, and EOAS International