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China - Cinnamon (Canella) - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Nov 1, 2024

China - Cinnamon (Canella) - Market Analysis, Forecast, Size, Trends and Insights

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Mar 28, 2023

China's Cinnamon Price Experiences Volatility, Reaching $4,331 per Ton

China Cinnamon Exports

After two months of decline, overseas shipments of cinnamon (canella) increased by 20% to 7.2K tons in February 2023. Over the period under review, total exports indicated a noticeable increase from February 2022 to February 2023: its volume increased at an average monthly rate of +4.0% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on February 2023 figures, exports increased by +19.5% against January 2023 indices. The pace of growth appeared the most rapid in June 2022 with an increase of 58% m-o-m. As a result, the exports reached the peak of 8.5K tons. From July 2022 to February 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, cinnamon exports soared to $31M (IndexBox estimates) in February 2023. In general, exports enjoyed buoyant growth. The pace of growth was the most pronounced in June 2022 when exports increased by 85% against the previous month. The exports peaked at 37K tons in September 2022; however, from October 2022 to February 2023, the exports remained at a lower figure.

Exports by Country

Vietnam (3.2K tons) was the main destination for cinnamon exports from China, accounting for a 44% share of total exports. Moreover, cinnamon exports to Vietnam exceeded the volume sent to the second major destination, Bangladesh (792 tons), fourfold. The third position in this ranking was taken by the United Arab Emirates (399 tons), with a 5.6% share.

From February 2022 to February 2023, the average monthly growth rate of volume to Vietnam totaled +10.1%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Bangladesh (+1.9% per month) and the United Arab Emirates (+0.0% per month).

In value terms, Vietnam ($22M) remains the key foreign market for cinnamon exports from China, comprising 72% of total exports. The second position in the ranking was taken by Bangladesh ($1.6M), with a 5.1% share of total exports. It was followed by Saudi Arabia, with a 2.6% share.

From February 2022 to February 2023, the average monthly growth rate of value to Vietnam amounted to +10.0%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Bangladesh (+0.1% per month) and Saudi Arabia (-3.7% per month).

Export Prices by Country

In February 2023, the cinnamon price stood at $4,331 per ton (FOB, China), with an increase of 24% against the previous month. Overall, export price indicated a mild expansion from February 2022 to February 2023: its price increased at an average monthly rate of +1.4% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on February 2023 figures, cinnamon export price increased by +23.8% against January 2023 indices. The growth pace was the most rapid in May 2022 an increase of 38% m-o-m. Over the period under review, the average export prices reached the peak figure at $5,054 per ton in September 2022; however, from October 2022 to February 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In February 2023, the country with the highest price was Vietnam ($7,067 per ton), while the average price for exports to Egypt ($1,590 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (-0.1%), while the prices for the other major destinations experienced a decline.

Growing Demand and Supply Chain Disruptions Drive Up Cinnamon Prices in China

Cinnamon is a valuable commodity that has been traded for centuries, prized for its sweet, warm flavor and medicinal properties. One of the main reasons behind the price hike is the growing demand for cinnamon in China and other countries. Cinnamon is widely used in the food industry, particularly in baked goods, desserts, and beverages. It is also a popular ingredient in traditional medicine, cosmetics, and perfumes.

Another factor influencing the cinnamon price is the supply chain disruptions caused by the COVID-19 pandemic. Border closures, travel restrictions, and reduced workforce have all contributed to the fluctuations in cinnamon prices.

In addition, climate change and natural disasters such as floods and droughts, have impacted the cinnamon harvest in China, affecting both the quality and quantity of the spice. This, in turn, has affected the cinnamon price as well.

Although the cinnamon price has fluctuated wildly, it is expected to remain high in the near future due to the persisting high demand and supply chain challenges. This poses a challenge for cinnamon traders and producers in China, who have to adapt to the changing market conditions and ensure the availability of high-quality cinnamon at competitive prices.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the cinnamon market in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 693 - Cinnamon (canella)

Country coverage:

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in China
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. COUNTRIES WITH TOP YIELDS
    4. TOP EXPORTING COUNTRIES
    5. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION, HARVESTED AREA AND YIELD

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Yield And Growth
    16. Exports And Growth
    17. Export Prices And Growth
    18. Market Size And Growth
    19. Per Capita Consumption
    20. Imports And Growth
    21. Import Prices
    22. Production, In Physical Terms, 2012–2023
    23. Production, In Value Terms, 2012–2023
    24. Area Harvested, 2012–2023
    25. Yield, 2012–2023
    26. Imports, In Physical Terms, 2012–2023
    27. Imports, In Value Terms, 2012–2023
    28. Imports, In Physical Terms, By Country, 2023
    29. Imports, In Physical Terms, By Country, 2012–2023
    30. Imports, In Value Terms, By Country, 2012–2023
    31. Import Prices, By Country Of Origin, 2012–2023
    32. Exports, In Physical Terms, 2012–2023
    33. Exports, In Value Terms, 2012–2023
    34. Exports, In Physical Terms, By Country, 2023
    35. Exports, In Physical Terms, By Country, 2012–2023
    36. Exports, In Value Terms, By Country, 2012–2023
    37. Export Prices, By Country Of Destination, 2012–2023

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