Asia-Pacific: Cinnamon Market 2024

Cinnamon Market Size in Asia-Pacific

The Asia-Pacific cinnamon market rose notably to $X in 2023, growing by X% against the previous year. Over the period under review, consumption posted perceptible growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Cinnamon Production in Asia-Pacific

In value terms, cinnamon production declined to $X in 2023 estimated in export price. The total production indicated a prominent increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2016 with an increase of X%. The level of production peaked at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

The countries with the highest volumes of production in 2023 were China (X tons), Indonesia (X tons) and Vietnam (X tons), with a combined X% share of total production.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

The average cinnamon yield reached X kg per ha in 2023, with an increase of X% compared with the previous year's figure. In general, the yield, however, recorded a mild descent. The most prominent rate of growth was recorded in 2017 when the yield increased by X% against the previous year. As a result, the yield attained the peak level of X tons per ha. From 2018 to 2023, the growth of the cinnamon yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cinnamon harvested area reduced slightly to X ha in 2023, standing approx. at 2022 figures. The harvested area increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2022, and then contracted in the following year.

Cinnamon Exports

Exports in Asia-Pacific

In 2023, after two years of decline, there was growth in shipments abroad of cinnamon (canella), when their volume increased by X% to X tons. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2018 to 2023, the growth of the exports failed to regain momentum.

In value terms, cinnamon exports dropped to $X in 2023. In general, exports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

The biggest shipments were from Vietnam (X tons), China (X tons), Indonesia (X tons) and Sri Lanka (X tons), together recording X% of total export. The following exporters - Nepal (X tons) and India (X tons) - each finished at a X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for Nepal (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sri Lanka ($X), Indonesia ($X) and Vietnam ($X) appeared to be the countries with the highest levels of exports in 2023, with a combined X% share of total exports. China, India and Nepal lagged somewhat behind, together comprising a further X%.

India, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Asia-Pacific amounted to $X per ton, dropping by X% against the previous year. In general, the export price, however, recorded a buoyant increase. The growth pace was the most rapid in 2016 when the export price increased by X%. The level of export peaked at $X per ton in 2021; however, from 2022 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced more modest paces of growth.

Cinnamon Imports

Imports in Asia-Pacific

In 2023, cinnamon imports in Asia-Pacific expanded sharply to X tons, with an increase of X% compared with 2022 figures. Total imports indicated strong growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of X%. The volume of import peaked in 2023 and is likely to see gradual growth in the near future.

In value terms, cinnamon imports reduced modestly to $X in 2023. Overall, imports recorded prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports hit record highs at $X in 2022, and then declined slightly in the following year.

Imports by Country

India was the largest importer of cinnamon (canella) in Asia-Pacific, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2023. Vietnam (X tons) took the second position in the ranking, followed by Pakistan (X tons) and Bangladesh (X tons). All these countries together took near X% share of total imports. The following importers - Indonesia (X tons), South Korea (X tons) and Japan (X tons) - together made up X% of total imports.

Imports into India increased at an average annual rate of X% from 2012 to 2023. At the same time, Vietnam (X%), Indonesia (X%), Pakistan (X%), Japan (X%) and South Korea (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2023. Bangladesh experienced a relatively flat trend pattern. India (X p.p.), Vietnam (X p.p.), Indonesia (X p.p.) and Pakistan (X p.p.) significantly strengthened its position in terms of the total imports, while Japan, South Korea and Bangladesh saw its share reduced by X%, X% and X% from 2012 to 2023, respectively.

In value terms, India ($X) constitutes the largest market for imported cinnamon (canella) in Asia-Pacific, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by Bangladesh, with a X% share.

In India, cinnamon imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Bangladesh (X% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2023, falling by X% against the previous year. In general, the import price, however, continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2021; however, from 2022 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform