Colombia: Cinnamon Market 2024

Cinnamon Market Size in Colombia

In 2022, after two years of growth, there was significant decline in the Colombian cinnamon market, when its value decreased by -5.1% to $X. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +19.0% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then shrank in the following year.

Cinnamon Exports

Exports from Colombia

In 2022, approx. X tons of cinnamon (canella) were exported from Colombia; waning by -27.2% against 2021. Overall, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 242% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, cinnamon exports fell remarkably to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 462%. As a result, the exports attained the peak of $X, and then fell rapidly in the following year.

Exports by Country

Sri Lanka (X tons) was the main destination for cinnamon exports from Colombia, accounting for a 91% share of total exports. It was followed by Panama (X kg), with a 2.9% share of total exports. The United States (X kg) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sri Lanka amounted to -30.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+19.6% per year) and the United States (-33.0% per year).

In value terms, Sri Lanka ($X) remains the key foreign market for cinnamon (canella) exports from Colombia, comprising 82% of total exports. The second position in the ranking was taken by Spain ($X), with a 6.9% share of total exports. It was followed by Panama, with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sri Lanka totaled -47.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+2.6% per year) and Panama (+38.3% per year).

Export Prices by Country

The average cinnamon export price stood at $X per ton in 2022, with a decrease of -19.1% against the previous year. Over the period under review, the export price saw a perceptible curtailment. The pace of growth was the most pronounced in 2021 when the average export price increased by 162% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+15.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cinnamon Imports

Imports into Colombia

After two years of growth, overseas purchases of cinnamon (canella) decreased by -2.2% to X tons in 2022. The total import volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 25% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, cinnamon imports fell to $X in 2022. Overall, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +23.7% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 27% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, Sri Lanka (X tons) constituted the largest supplier of cinnamon to Colombia, with a 74% share of total imports. Moreover, cinnamon imports from Sri Lanka exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), tenfold. The third position in this ranking was held by China (X tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume from Sri Lanka stood at +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+21.8% per year) and China (+12.6% per year).

In value terms, Sri Lanka ($X) constituted the largest supplier of cinnamon (canella) to Colombia, comprising 89% of total imports. The second position in the ranking was held by China ($X), with a 2.1% share of total imports. It was followed by the United States, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sri Lanka stood at +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.5% per year) and the United States (+11.1% per year).

Import Prices by Country

In 2022, the average cinnamon import price amounted to $X per ton, with a decrease of -4.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2021 when the average import price increased by 12%. As a result, import price attained the peak level of $X per ton, and then shrank slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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