The global demand for Ceylon spices, particularly cinnamon, is projected to experience significant growth leading up to 2030. This trend is driven by increasing consumer awareness of the health benefits associated with these spices and a rising preference for natural and organic food products.
Economic variables strongly influence the cinnamon market. Market dynamics have changed as a result of consumers seeking cinnamon goods from ethically maintained farms due to the global emphasis on sustainability and ethical sourcing. Additionally, the demand for processed goods with cinnamon flavors has been fueled by the growing middle class, which favors quick and prepared meals.
In 2023, Ceylon held a 36.7% revenue share, dominating the market. The demand for Ceylon cinnamon has been fueled by growing knowledge of the health advantages of cinnamon, including its anti-inflammatory and antioxidant properties. Ceylon cinnamon’s high oil content, delicate flavor, and several health advantages have earned it a devoted following. Furthermore, the Ceylon cinnamon sector has been driven by the rising demand for natural and organic ingredients in food and beverages.
Cinnamon Market Size and Growth Rate: The global cinnamon market was valued at approximately USD 1.00 billion in 2023 and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 6.0% from 2024 to 2030, reaching around USD 1.50 billion by 2030.
Overall Market Growth
The global spices and seasonings market is expected to expand from USD 24.79 billion in 2023 to USD 35.35 billion by 2030, reflecting a CAGR of 5.2% during the forecast period.
Sri Lanka’s Position in the Global Spice Market:
Sri Lanka remains the primary producer of Ceylon cinnamon, renowned for its superior quality, distinct flavor, and health benefits. The global shift towards natural and health-promoting ingredients is expected to bolster demand for Ceylon cinnamon and other Sri Lankan spices.
Currently, the emphasis on organic farming and sustainable practices positions it favorably to meet the rising global demand for high-quality spices.
Sources – https://www.grandviewresearch.com ; https://www.globenewswire.com