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Cinnamon market report transcript
Cinnamon Global Market Outlook
- The global cinnamon market is expected to grow at a CAGR of 8.08 percent and show a growth of $452.47 million by 2024. Indonesia and China are the top two producers, Sri Lanka and Vietnam are the major export destinations.
Impact of COVID-19 on Cinnamon Industry
Prices of cinnamon had traded high, due to rising demand from major import markets, like the US, Europe, and India. Demand for cinnamon has also increased from end-use industries, like personal care, pharmaceuticals, and food & beverages. However, prices are expected to witness a slight decrease, with increase in acreage and production in the coming months.
Although major supply countries, Indonesia and Sri Lanka have relaxed restrictions, supply disruptions can be expected as the shortage for shipping containers continue to remain a major concern in SE Asia.
Major suppliers in the South East Asia are facing challenges, owing to labor shortage. However, most suppliers are focusing on restoring their supply chain activities, thus supply can be expected to revive starting from Q4 2021 onwards.
Most FMCG companies are working on their supply chains to restrict shortage of supplies. Relaxation of lockdown and easing of supply chains, supplies are expected to be moderate.
Porter’s Five Forces Analysis on Cinnamon Industry
The suppliers have better negotiation power, as they are fragmented players and volume could be at risk. The intensity of rivalry is medium to high in the cinnamon industry, as the product differentiation is less.
As the demand for cinnamon is high due to rising health benefits, suppliers have a higher negotiation power than buyers
Supply is based on favorable weather conditions to harvest and process cinnamon in facilities
The suppliers are fragmented and volume is small from each buyer
Barriers to New Entrants
- Cinnamon processing facilities require capital, equipment, and labor. Hence, the barriers to new entrants are medium to high
Intensity of Rivalry
Cinnamon is mainly used in domestic consumption and food industries. The supply of cinnamon depends on the yield related to weather conditions.
The rivalry in the cinnamon industry is medium to high, as there are alternate substitutes, such as nutmeg, allspice etc.
Threat of Substitutes
Cinnamon can be easily substituted by allspice, nutmeg or apple pie spice, based on the recipe, as these are the closest to the flavor of cinnamon
Health benefits provided by cinnamon cannot be matched by its substitutes
The buyers of cinnamon are the food and beverage companies and pharmaceutical and personal care industries
Buyers do not influence the prices as much as the suppliers, due to prices being driven by seasonal and fundamental factors
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