Portugal: Cinnamon Market 2024

Cinnamon Market Size in Portugal

The Portuguese cinnamon market rose sharply to $X in 2022, with an increase of 8.6% 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 showed a strong increase. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Cinnamon Exports

Exports from Portugal

In 2022, after six years of growth, there was significant decline in shipments abroad of cinnamon (canella), when their volume decreased by -10.2% to X tons. Overall, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 39% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then declined in the following year.

In value terms, cinnamon exports dropped to $X in 2022. In general, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 52% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Spain (X tons), Angola (X tons) and Luxembourg (X tons) were the main destinations of cinnamon exports from Portugal, with a combined 81% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +29.5%), while the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) remains the key foreign market for cinnamon (canella) exports from Portugal, comprising 62% of total exports. The second position in the ranking was held by Angola ($X), with a 22% share of total exports. It was followed by Mozambique, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value to Spain amounted to +50.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+4.7% per year) and Mozambique (+12.5% per year).

Export Prices by Country

In 2022, the average cinnamon export price amounted to $X per ton, with a decrease of -3.3% against the previous year. Over the period under review, export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cinnamon export price decreased by -15.4% against 2020 indices. The pace of growth was the most pronounced in 2016 an increase of 27% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Belgium ($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 Spain (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Cinnamon Imports

Imports into Portugal

Cinnamon imports into Portugal expanded significantly to X tons in 2022, surging by 12% against the previous year's figure. The total import volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 28%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cinnamon imports stood at $X in 2022. Over the period under review, imports recorded a buoyant expansion. The growth pace was the most rapid in 2018 when imports increased by 56% against the previous year. Over the period under review, imports attained the maximum at $X in 2020; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of cinnamon to Portugal, with a 41% share of total imports. Moreover, cinnamon imports from Indonesia exceeded the figures recorded by the second-largest supplier, Spain (X tons), twofold. The third position in this ranking was held by France (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+16.2% per year) and France (-4.1% per year).

In value terms, Indonesia ($X), Poland ($X) and France ($X) appeared to be the largest cinnamon suppliers to Portugal, together comprising 77% of total imports.

Among the main suppliers, Poland, with a CAGR of +128.2%, saw 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

In 2022, the average cinnamon import price amounted to $X per ton, declining by -10.2% against the previous year. Overall, the import price, however, enjoyed prominent growth. The growth pace was the most rapid in 2018 when the average import price increased by 46% against the previous year. The import price peaked at $X per ton in 2021, and then fell 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 Poland ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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