The global cinnamon market is expected to post a CAGR of close to 12% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global cinnamon market to post a CAGR of close to 12% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the rising awareness about health benefits of cinnamon. Due to the growing concern about nutrition and healthy food habits, cinnamon has found increased application in the food and beverages sector. Cinnamon is widely used as a preservative for a range of food and beverage products because of its antibacterial and antifungal properties. Cinnamaldehyde, an active component found in cinnamon oil, helps in preventing unwanted clotting of blood platelets. Thus, Cinnamon is classified as an anti-inflammatory food. It is also scientifically proven to regulate blood sugar levels in patients with type-2 diabetes. In addition, it is a rich source of manganese, calcium, and dietary fiber, and is known to reduce the risk of heart disease and colon cancer. Cinnamon is also extensively used in traditional Chinese medicine as an effective treatment for cold and flu. The diverse health benefits of cinnamon are expected to continue to aid the adoption of cinnamon in the food and beverages sector, subsequently driving the growth of the global cinnamon market during the forecast period.
This market research report on the global cinnamon market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing application of cinnamon in pharmaceuticals as one of the key emerging trends in the global cinnamon market:
Global cinnamon market: Growing application of cinnamon in pharmaceuticals
With a rising number of bacterial species studied to have built up a resistance to antibiotics, the effectiveness of antibiotic pills and medicines in treating infections have drastically reduced over the last few years. Cinnamon and cinnamon oil are finding increased application in medicine and pharmaceuticals because of their antimicrobial properties. Cinnamon essential oils are natural antimicrobials and are being studied as a potential replacement for antibiotics. Cinnamaldehyde is an organic compound that is responsible for the flavor and odor of cinnamon. The ability of cinnamaldehyde to break up bacterial layers or biofilms that cause several infections provides huge potential for cinnamon in the medical sector. Overall, the application of cinnamon in pharmaceuticals is expected to increase over the forecast period.
“Although the usage of cinnamon in pharmaceuticals is boosting the growth of the market, there are some other factors like increased application of cinnamon in cosmetics, growing demand for natural food flavors, and the growing adoption of cinnamon products in western countries that are also contributing largely to the growth of the global cinnamon market,” says a senior analyst at Technavio.
Global cinnamon market: Segmentation analysis
This market research report segments the global cinnamon market by distribution channel (hypermarkets, supermarkets, and convenience stores and online retail) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share close to 79%, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to continue dominating the global cinnamon market and also register the highest incremental growth.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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