U.S.: Cinnamon Market 2024

Cinnamon Market Size in the U.S.

For the fourth year in a row, the U.S. cinnamon market recorded growth in sales value, which increased by 6.6% to $X in 2022. Overall, consumption, however, posted buoyant growth. Cinnamon consumption peaked in 2022 and is likely to see steady growth in years to come.

Cinnamon Exports

Exports from the U.S.

For the third consecutive year, the United States recorded growth in overseas shipments of cinnamon (canella), which increased by 18% to X tons in 2022. Over the period under review, total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +8.5% 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 +64.2% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 27% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, cinnamon exports rose notably to $X in 2022. Overall, exports enjoyed a resilient increase. The growth pace was the most rapid in 2017 when exports increased by 28% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Canada (X tons) was the main destination for cinnamon exports from the United States, accounting for a 60% share of total exports. Moreover, cinnamon exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), threefold. The third position in this ranking was held by Saudi Arabia (X tons), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada amounted to +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+10.3% per year) and Saudi Arabia (+59.2% per year).

In value terms, Canada ($X) remains the key foreign market for cinnamon (canella) exports from the United States, comprising 58% of total exports. The second position in the ranking was held by Mexico ($X), with a 21% share of total exports. It was followed by Saudi Arabia, with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada amounted to +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+13.6% per year) and Saudi Arabia (+65.6% per year).

Export Prices by Country

In 2022, the average cinnamon export price amounted to $X per ton, with a decrease of -3.8% against the previous year. Over the period under review, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 14%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then fell slightly in the following year.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Mexico ($X per ton) and Canada ($X per ton), while the average price for exports to Vietnam ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Cinnamon Imports

Imports into the U.S.

In 2022, the amount of cinnamon (canella) imported into the United States stood at X tons, approximately equating the previous year. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2017 with an increase of 25%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, cinnamon imports expanded markedly to $X in 2022. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2017 when imports increased by 60% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Indonesia (X tons), Vietnam (X tons) and Sri Lanka (X tons) were the main suppliers of cinnamon imports to the United States, with a combined 95% share of total imports. These countries were followed by India, which accounted for a further 2.3%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +21.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Vietnam ($X) and Sri Lanka ($X) constituted the largest cinnamon suppliers to the United States, with a combined 96% share of total imports.

Among the main suppliers, Vietnam, with a CAGR of +26.9%, 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, growing by 9.5% against the previous year. Overall, the import price saw buoyant growth. The pace of growth was the most pronounced in 2017 when the average import price increased by 28%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for India ($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 (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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