Hong Kong SAR, China: Cinnamon Market 2025

Cinnamon Market Size in Hong Kong SAR, China

The Hong Kong cinnamon market contracted significantly to $X in 2022, with a decrease of -39.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, enjoyed a prominent increase. Over the period under review, the market reached the maximum level at $X in 2021, and then declined rapidly in the following year.

Cinnamon Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of cinnamon (canella) decreased by -21.2% to X tons, falling for the second year in a row after two years of growth. Overall, exports saw a deep setback. The pace of growth appeared the most rapid in 2016 when exports increased by 323%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, cinnamon exports stood at $X in 2022. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2016 when exports increased by 180% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for cinnamon exports from Hong Kong SAR, accounting for a 64% share of total exports. Moreover, cinnamon exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), fivefold. Australia (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+1.1% per year) and Australia (+1.8% per year).

In value terms, the United States ($X) remains the key foreign market for cinnamon (canella) exports from Hong Kong SAR, comprising 41% of total exports. The second position in the ranking was taken by Canada ($X), with a 20% share of total exports. It was followed by Australia, with a 17% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +13.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+10.1% per year) and Australia (+9.1% per year).

Export Prices by Country

The average cinnamon export price stood at $X per ton in 2022, surging by 30% against the previous year. In general, the export price enjoyed a resilient increase. The pace of growth was the most pronounced in 2015 an increase of 97%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to the United States ($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 Saudi Arabia (+15.4%), while the prices for the other major destinations experienced more modest paces of growth.

Cinnamon Imports

Imports into Hong Kong SAR, China

In 2022, the amount of cinnamon (canella) imported into Hong Kong SAR declined sharply to X tons, shrinking by -39.4% against the year before. Overall, imports showed a abrupt downturn. The pace of growth appeared the most rapid in 2016 when imports increased by 99% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, cinnamon imports declined remarkably to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when imports increased by 39%. Imports peaked at $X in 2021, and then fell markedly in the following year.

Imports by Country

China (X tons), Vietnam (X tons) and Malaysia (X tons) were the main suppliers of cinnamon imports to Hong Kong SAR, with a combined 91% share of total imports. The United States and Indonesia lagged somewhat behind, together comprising a further 6.8%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +0.5%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Vietnam ($X) and the United States ($X) were the largest cinnamon suppliers to Hong Kong SAR, with a combined 83% share of total imports. Malaysia and Indonesia lagged somewhat behind, together accounting for a further 9.7%.

Among the main suppliers, Malaysia, with a CAGR of +13.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cinnamon import price stood at $X per ton in 2022, picking up by 11% against the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cinnamon import price increased by +100.1% against 2016 indices. The pace of growth was the most pronounced in 2017 an increase of 42%. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+50.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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