Cinnamon Oil Market Size, Share, Growth, and Industry Analysis, By Type (Cinnamon Leaf Oil and Cinnamon Bark Oil), By Application (Chemical, Cosmetic, Food & Beverage, and Others), Regional Insights, and Forecast From 2024 To 2032

Updated On: 15 April 2024

Cinnamon Oil Market Report Overview

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The global cinnamon oil market size was USD 117.1 million in 2022. As per our research, the market is expected to reach USD 144.8 million by 2028, exhibiting a CAGR of 3.6% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with Cinnamon Oil Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The family of trees known as Cinnamomum, which is indigenous to South America, the Caribbean, and Southeast Asia, produces the spice known as cinnamon. In Europe and the United States, it is second only to black pepper in terms of popularity. The spice's traditional uses for treating sore throat, arthritis, and cough have all been greatly broadened as a result of in-depth research in the area. In addition to being a rich source of antioxidants, anti-inflammatory compounds, and numerous minerals and nutrients, cinnamon has been shown to be effective in treating conditions like diabetes, Alzheimer's disease, and HIV-1. Over the approaching years, product demand is probably going to increase due to these advantages.

The Cassia variety is used to cure infections and the common cold, ease stomach and muscular spasms, stop nausea and vomiting, and manage gas and diarrhea. In the food and beverage sector, cinnamon is used as an aromatic condiment and flavoring addition. The condiment is used to flavor a variety of bread-based foods, cereals, and fruits in the United States. In North America, cinnamon powder is used to flavor eggnog, a typical and well-liked holiday beverage. Turkish cuisine likewise makes extensive use of the spice, both in savory and sweet dishes. Additionally, it is a flavouring in several alcoholic beverages, including whisky flavored with cinnamon in the United States and the popular cinnamon brandy in various regions of Greece. These factors are augmenting the cinnamon oil market share and revenue

COVID-19 Impact: Pandemic to Affect the Cinnamon Oil Market Growth

The COVID-19 restrictions had an effect on cinnamon exports, especially to China and India. India has completely closed its borders, making the export of cinnamon impossible. China, a significant importer of Indian spices, particularly cinnamon, had a sharp decline in demand as a result of the COVID-19 pandemic. As a result, the market's performance was hampered. Due to restrictions imposed by the closure, exports and imports were spaced out around the globe. Despite an increase in demand for cinnamon, market restrictions prevent supply and demand from lining up favorably.

Latest Trends

"Commercial Sector to Fuel the Cinnamon Oil Market Growth"

Numerous commercial sectors, including the pharmaceutical, cosmetic, food, and beverage industries, are predicted to have a substantial demand for cinnamon oil. The greatest CAGR over the projection period is anticipated for this market category. Due to its therapeutic qualities, including its advantages as an antioxidant, anti-inflammatory, and antimicrobial, this spice is utilized in the creation of numerous medications and health supplements.

Cinnamon Oil Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Cinnamon Leaf Oil and Cinnamon Bark Oil amongst which the leading segment is cinnamon leaf oil.

• By Application Analysis

Based on application, the market can be divided into Chemical, Cosmetic, Food & Beverage, and Others amongst which the leading segment is chemical.

Driving Factors

"Cassia Cinnamon Oil to Dominate the Cinnamon Oil Market Growth"

The Cassia market is anticipated to develop at the fastest rate during the forecast period. This variety comes from southern China, while several of its subspecies are grown in southern and eastern Asia. Compared to Ceylon cinnamon, the product form is thought to be of poorer quality and cost less. As a result, it is the food that is most commonly consumed worldwide. Due to its powerful flavor and many health benefits, cassia has been used in both traditional Chinese medicine and the culinary sector. Today, this particular spice variety is used all over the world to relieve stomach and muscle spasms, heal illnesses and the common cold, stop nausea and vomiting, and manage gas and diarrhea.

"Cosmetics Sector to Surge the Cinnamon Oil Market Growth"

Cinnamon oil extract is utilized as an essential oil in the cosmetics sector and can be found in many different types of personal care products. One of the greatest all-natural treatments for a number of illnesses, including constipation and the common cold and cough, is essential oil with a cinnamon oil basis. Additionally, the oil promotes blood circulation, eases pain, lowers tension, prevents infections, enhances digestion, and works as an insect repellent in addition to all of the above. These elements are anticipated to broaden the use of cinnamon as a functional component in the creation of different nutraceutical goods.

Restraining Factors

"High Cost of the Product to Affect the Cinnamon Oil Market Growth"

The market is fiercely competitive. In order to extend their product options and solidify their position in the market, businesses have been turning to mergers and acquisitions. To fulfill the demand for ground and powdered cinnamon from consumers, they are also concentrating on increasing their production capacity and implementing cutting-edge technology. These have been raising a commotion among product users, and they are being diverted to accommodate new options. The market for cinnamon oil is further constrained by its unstable prices, which are expected to rise more throughout the projection period.

Cinnamon Oil Market Regional Insights

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"North America to Dominate the Cinnamon Oil Market Growth Worldwide "

In the global market, North America was dominant. The primary force behind market growth is a shift in consumer preference towards herbal and healthful products. Cinnamon is an important source of many vitamins and minerals, acts as an anti-inflammatory, is high in antioxidants, and is proven to help people lose weight. The spice has also demonstrated protective properties against conditions like Alzheimer's, diabetes, and HIV-1. The high prevalence of these illnesses in the area is probably going to increase demand for products.

Asia Pacific is anticipated to be following the region of North America in terms of Contribution to the overall revenue of the global cinnamon oil market owning to its rapid development and urbanization all over the region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Cassia Co-op (Netherlands)
• Guangxi Jingui (China)
• Guangxi Pengbo (China)
• Rongxian Ruifeng (China)
• PT Mitra Ayu Adi Pratama (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.