cinnamon bark Market

The global cinnamon bark market was valued at US$ 922.68 million in 2019 and is projected to reach US$ 1,689.39 million by 2027; it is expected to grow at a CAGR of 8.0% from 2020 to 2027.

Cinnamon bark is mainly used to treat upset gastrointestinal tract, gasses, and diarrhea. Cinnamon bark is used for stimulating appetite; it is also effective against common cold and flu, menstrual cramps, and infections caused by parasitic worms and certain bacteria. Cinnamon bark has antioxidants, antifungal, and antibacterial properties that help fight against acne and skin blemishes. It improves the blood flow back to the skin and removes dead skin cells. It can also be used as a replacement of methylparaben, an emulsifying agent, in the production of cosmetic creams. Personal care products that contain cinnamon can help restrict the degradation of the product when it is exposed to common bacteria present in human body.

On the basis of product type, the cinnamon bark market issegmented into Chinese cinnamon, Sri Lanka cinnamon, and others. The Chinese cinnamon segment led the market with the largest share in 2019. The growth of the market for Chinese cinnamon is attributed toits wide use as a flavoring agent in the cooking of confectionery, desserts, pastries, and meat. Chinese cinnamon is produced primarily in China’s southern provinces of Guangdong, Guangxi, and Yunnan. It is considered as one of the fifty fundamental herbs in traditional Chinese medicine. Increasing use of Chinese cinnamon in medicinal preparations has bolsteredits sale in the past few years.

On the basis of geography, the cinnamon barkmarket is further segmented into North America, Europe, AsiaPacific (APAC), South America (SAM), andthe Middle East and Africa (MEA). In 2019, Asia Pacific held the largest share of the market, followed by North America and Europe. The growth of the market in this region is primarily attributed to the high production and consumption of cinnamon bark in countries such as India, Vietnam, China, and Sri Lanka. Rising demand for healthy and nutritional ingredients among health-conscious consumers drives the growth ofthe cinnamon bark market in Asia Pacific. Furthermore, there is a significant rise in the procurement of cinnamon bark in the pharmaceutical, cosmetics, and personal care industries in major Asian countries such as Indonesia, China, and Sri Lanka, in the past few years. The cinnamon bark produced in Asian countries is exported to other developed regions such North America, Europe, and South America.

The COVID-19 pandemicwas first reportedin Wuhan, China, in December 2019. As of October2020, the US, Brazil, India, Russia, Spain, South Africa, Mexico, and the UK are among the worst-affected countries by the pandemic. The COVID-19 outbreak is affecting economies and industries in various countries due to imposed lockdowns, travel bans, and business shutdowns. Food and beveragesis one of the major industries facing serious disruptions in the form of shutdowns of offices and factories, and restrictions onsupply chain activities.

Biofoods Pvt. Ltd.;Goya Foods, Inc.;HDDES Group;The Bart Ingredients Company Ltd;EOAS Organics Pvt Ltd.;The C.F. Sauer Company;First Spice Mixing Company, Inc.;Cino Ceylon;Cassia Co-op;and Frontier Co-op.are among the major players operating in the global cinnamon bark market.

The overall global cinnamon barkmarket size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. Participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global cinnamon barkmarket.