Latin America and the Caribbean: Cinnamon Market 2024

Cinnamon Market Size in Latin America and the Caribbean

The Latin American cinnamon market expanded notably to $X in 2022, with an increase of 11% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 +22.3% against 2019 indices. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Cinnamon Production in Latin America and the Caribbean

In value terms, cinnamon production amounted to $X in 2022 estimated in export price. Overall, production, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 297% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Dominica (with a CAGR of +1.3%).

The average cinnamon yield reached X kg per ha in 2022, approximately equating 2021. Overall, the yield, however, continues to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2013 with an increase of 291% against the previous year. Over the period under review, the cinnamon yield attained the peak level at X tons per ha in 2014; however, from 2015 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the cinnamon harvested area in Latin America and the Caribbean dropped modestly to X ha, approximately mirroring the previous year's figure. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the harvested area increased by 5.1% against the previous year. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Cinnamon Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of cinnamon (canella) were exported in Latin America and the Caribbean; with an increase of 56% compared with the previous year's figure. Over the period under review, exports, however, continue to indicate a noticeable descent. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, cinnamon exports soared to $X in 2022. Total exports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +108.0% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Guatemala (X tons) and Mexico (X tons) represented roughly 59% of total exports in 2022. Costa Rica (X tons) ranks next in terms of the total exports with an 8.5% share, followed by the Dominican Republic (8%). The following exporters - Brazil (X tons), El Salvador (X tons), Peru (X tons), Colombia (X tons), Ecuador (X tons) and Dominica (X tons) - together made up 20% of total exports.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +39.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Guatemala ($X) and El Salvador ($X) constituted the countries with the highest levels of exports in 2022, with a combined 70% share of total exports. Costa Rica, Colombia, Peru, the Dominican Republic, Ecuador, Brazil and Dominica lagged somewhat behind, together comprising a further 24%.

In terms of the main exporting countries, Colombia, with a CAGR of +32.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 4% against the previous year. Overall, the export price enjoyed a prominent increase. The most prominent rate of growth was recorded in 2018 an increase of 50% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while Dominica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+17.0%), while the other leaders experienced more modest paces of growth.

Cinnamon Imports

Imports in Latin America and the Caribbean

In 2022, imports of cinnamon (canella) in Latin America and the Caribbean was estimated at X tons, surging by 9.6% on 2021 figures. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -7.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 30% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, cinnamon imports reached $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +29.1% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 30% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Mexico was the largest importer of cinnamon (canella) in Latin America and the Caribbean, with the volume of imports finishing at X tons, which was approx. 49% of total imports in 2022. Brazil (X tons) took the second position in the ranking, followed by Peru (X tons), the Dominican Republic (X tons), Ecuador (X tons) and Colombia (X tons). All these countries together held near 34% share of total imports. Guatemala (X tons) took a minor share of total imports.

Imports into Mexico increased at an average annual rate of +5.8% from 2012 to 2022. At the same time, Ecuador (+8.7%), the Dominican Republic (+6.8%), Peru (+5.8%), Brazil (+4.1%), Colombia (+3.4%) and Guatemala (+3.3%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +8.7% from 2012-2022. From 2012 to 2022, the share of Mexico increased by +2.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported cinnamon (canella) in Latin America and the Caribbean, comprising 52% of total imports. The second position in the ranking was held by Peru ($X), with an 11% share of total imports. It was followed by Brazil, with a 5.9% share.

In Mexico, cinnamon imports increased at an average annual rate of +4.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Peru (+17.0% per year) and Brazil (+16.2% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 2.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2021 when the import price increased by 20% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Guatemala ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+11.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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