(COLOMBO, LANKAPUVATH) –Sri Lanka is the largest exporter and fourth-largest producer of cinnamon in the world, a recently released market report says.
“Cinnamon Market Growth, Trends, and Forecast 2019-2024” by ResearchAndMarkets.com says the demand for Ceylon cinnamon is increasing in countries, like Mexico, the United States, Peru, Bolivia, Chile, and Guatemala.
The major countries that import cinnamon from Sri Lanka are Mexico, the United States, Peru, Colombia, and Ecuador, among others.
According to the report, the global market for cinnamons was valued at 0.23 million metric ton, in terms of volume of production, in 2018, and it is expected to reach a volume of 0.25 million metric ton by 2024, witnessing a CAGR of 2.21% over the forecast period, 2019-2024.
Indonesia is the world’s leading producer of cinnamon, accounting for 40% of the total global output.
Asia-Pacific is the world’s leading producer of cinnamon, with Indonesia alone accounting for nearly 40% of the total global output. In 2018, Indonesia was the biggest cinnamon producer with a production of 1,021 thousand metric tons. China, Vietnam, and Sri Lanka followed with about 77, 35, and 16 thousand metric tons of production, respectively.
The report presents a wide-ranging analysis of the market size of the cinnamon market, globally. Production, consumption, import, and export analysis have been included for each country, under the study.