ASEAN: Cinnamon Market 2024

Cinnamon Market Size in ASEAN

The ASEAN cinnamon market reduced to $X in 2022, which is down by -5.1% against the previous year. Over the period under review, consumption, however, continues to indicate a prominent expansion. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Cinnamon Production in ASEAN

In value terms, cinnamon production shrank slightly to $X in 2022 estimated in export price. In general, production, however, recorded a prominent increase. The pace of growth was the most pronounced in 2013 with an increase of 37%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Vietnam (X tons) and Indonesia (X tons).

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +10.0%).

In 2022, the average yield of cinnamon (canella) in ASEAN dropped to X kg per ha, with a decrease of -3.9% against 2021 figures. In general, the yield showed a mild shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 10%. The level of yield peaked at X kg per ha in 2014; however, from 2015 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cinnamon (canella) production in ASEAN fell slightly to X ha, remaining stable against the previous year's figure. The harvested area increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the harvested area increased by 5.7% against the previous year. Over the period under review, the harvested area dedicated to cinnamon production reached the peak figure at X ha in 2021, and then shrank in the following year.

Cinnamon Exports

Exports in ASEAN

In 2022, after five years of growth, there was significant decline in overseas shipments of cinnamon (canella), when their volume decreased by -8.7% to X tons. The total export volume increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 31% against the previous year. The volume of export peaked at X tons in 2021, and then contracted in the following year.

In value terms, cinnamon exports reduced to $X in 2022. Overall, exports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of 46% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then declined in the following year.

Exports by Country

Vietnam represented the major exporting country with an export of about X tons, which recorded 72% of total exports. It was distantly followed by Indonesia (X tons), making up a 27% share of total exports.

Vietnam was also the fastest-growing in terms of the cinnamon (canella) exports, with a CAGR of +13.3% from 2012 to 2022. Indonesia (-4.1%) illustrated a downward trend over the same period. Vietnam (+39 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -38.5% from 2012 to 2022, respectively.

In value terms, Vietnam ($X) and Indonesia ($X) appeared to be the countries with the highest levels of exports in 2022.

Vietnam, with a CAGR of +22.1%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, standing approx. at the previous year. Over the period under review, the export price, however, saw resilient growth. The most prominent rate of growth was recorded in 2017 when the export price increased by 32% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then shrank slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Vietnam amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+16.1%).

Cinnamon Imports

Imports in ASEAN

In 2022, the amount of cinnamon (canella) imported in ASEAN reduced rapidly to X tons, declining by -19.8% against the previous year. Overall, imports, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2017 when imports increased by 67% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cinnamon imports shrank significantly to $X in 2022. In general, imports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 112%. Over the period under review, imports attained the maximum at $X in 2021, and then declined remarkably in the following year.

Imports by Country

Vietnam was the major importer of cinnamon (canella) in ASEAN, with the volume of imports reaching X tons, which was near 63% of total imports in 2022. Malaysia (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (9.9%) and Thailand (8.8%). Singapore (X tons) held a minor share of total imports.

Vietnam was also the fastest-growing in terms of the cinnamon (canella) imports, with a CAGR of +28.0% from 2012 to 2022. At the same time, Indonesia (+14.2%) and Malaysia (+5.5%) displayed positive paces of growth. By contrast, Singapore (-2.3%) and Thailand (-2.4%) illustrated a downward trend over the same period. Vietnam (+47 p.p.) and Indonesia (+2 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia, Singapore and Thailand saw its share reduced by -10.1%, -11.2% and -24.8% from 2012 to 2022, respectively.

In value terms, Vietnam ($X) constitutes the largest market for imported cinnamon (canella) in ASEAN, comprising 67% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 12% share of total imports. It was followed by Thailand, with a 9.2% share.

In Vietnam, cinnamon imports expanded at an average annual rate of +50.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+17.6% per year) and Thailand (+10.3% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, increasing by 3% against the previous year. Over the period under review, the import price posted a buoyant increase. The growth pace was the most rapid in 2017 an increase of 27% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Vietnam ($X per ton) and Thailand ($X per ton), while Singapore ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+17.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform