Vietnam: Cinnamon Market 2025

Cinnamon Market Size in Vietnam

In 2022, the Vietnamese cinnamon market decreased by -5.3% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption posted a prominent expansion. Cinnamon consumption peaked at $X in 2021, and then reduced in the following year.

Cinnamon Production in Vietnam

In value terms, cinnamon production rose modestly to $X in 2022 estimated in export price. In general, production, however, posted resilient growth. The pace of growth appeared the most rapid in 2013 with an increase of 90%. Cinnamon production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In 2022, the average cinnamon yield in Vietnam shrank slightly to X kg per ha, waning by -1.6% compared with the year before. In general, the yield indicated a temperate increase from 2012 to 2022: its figure increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cinnamon yield increased by +54.1% against 2018 indices. The pace of growth was the most pronounced in 2014 when the yield increased by 28% against the previous year. The cinnamon yield peaked at X kg per ha in 2021, and then shrank slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cinnamon harvested area in Vietnam shrank to X ha in 2022, waning by -2.3% compared with the previous year. Overall, the total harvested area indicated strong growth from 2012 to 2022: its figure increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cinnamon harvested area increased by +71.6% against 2012 indices. The pace of growth was the most pronounced in 2017 with an increase of 16%. Over the period under review, the harvested area dedicated to cinnamon production attained the maximum at X ha in 2021, and then contracted in the following year.

Cinnamon Exports

Exports from Vietnam

After five years of growth, overseas shipments of cinnamon (canella) decreased by -3.3% to X tons in 2022. In general, exports, however, enjoyed strong growth. The growth pace was the most rapid in 2014 when exports increased by 87% against the previous year. The exports peaked at X tons in 2021, and then reduced slightly in the following year.

In value terms, cinnamon exports contracted to $X in 2022. Over the period under review, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2013 with an increase of 50% against the previous year. The exports peaked at $X in 2021, and then reduced in the following year.

Exports by Country

India (X tons) was the main destination for cinnamon exports from Vietnam, with a 47% share of total exports. Moreover, cinnamon exports to India exceeded the volume sent to the second major destination, the United States (X tons), threefold. South Korea (X tons) ranked third in terms of total exports with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India stood at +12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+18.5% per year) and South Korea (+6.0% per year).

In value terms, India ($X), the United States ($X) and Canada ($X) appeared to be the largest markets for cinnamon exported from Vietnam worldwide, with a combined 63% share of total exports. South Korea, Brazil, Mexico, Germany, the Dominican Republic and the Netherlands lagged somewhat behind, together comprising a further 15%.

In terms of the main countries of destination, Brazil, with a CAGR of +220.3%, saw the highest rates of growth with regard to 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 average cinnamon export price amounted to $X per ton, dropping by -6.1% against the previous year. Over the period under review, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +7.8% 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 increased by +22.3% against 2013 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 73%. The export price peaked at $X per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to India ($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 Taiwan (Chinese) (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cinnamon Imports

Imports into Vietnam

In 2022, supplies from abroad of cinnamon (canella) was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports showed a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 232% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cinnamon imports fell slightly to $X in 2022. Overall, imports recorded significant growth. The pace of growth was the most pronounced in 2017 with an increase of 391% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X tons) was the main cinnamon supplier to Vietnam, accounting for a approx. 97% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +78.6%.

In value terms, China ($X) constituted the largest supplier of cinnamon (canella) to Vietnam.

From 2012 to 2022, the average annual growth rate of value from China amounted to +101.7%.

Import Prices by Country

The average cinnamon import price stood at $X per ton in 2022, declining by -13.6% against the previous year. Over the period under review, the import price, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 48%. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then declined in the following year.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for Indonesia amounted to +15.3% per year.

Source: IndexBox Platform

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