Cinnamon Bark Market Revenue to Cross USD 1,689.39 Mn by 2027: The Insight Partners
November 26, 2021
Various Health Benefits Associated with Cinnamon Bark to Escalate Market Growth at 8.0% CAGR during 2020–2027
NEW YORK, UNITED STATES, November 26, 2021 /EINPresswire.com/ -- According to the latest market study on “Cinnamon Bark Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product Type (Chinese Cinnamon, Sri Lanka Cinnamon, and Others)and End Use (Spice and Others),” the market was valued at US$ 922.68million in 2019 and is projected to reach US$ 1,689.39million by 2027; it is expected to grow at a CAGR of 8.0 % during 2020–2027. The report highlights key driving factors and prominent market players along with their developments in the market.
Report Coverage Details
Market Size Value in- US$ 922.68Million in 2019
Market Size Value by- US$ 1,689.39Million by 2027
Growth rate- CAGR of 8.0% from 2020-2027
Forecast Period- 2020-2027
Base Year- 2020
No. of Pages- 131
No. Tables- 56
No. of Charts & Figures- 70
Historical data available- Yes
Segments covered- Product Type and End Use
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Cinnamon bark is mainly used to treat upset gastrointestinal tract, gasses, and diarrhea. Cinnamon bark is used for stimulating appetite; it is also effective against common cold and flu, menstrual cramps, and infections caused by parasitic worms and certain bacteria. Cinnamon bark has antioxidants, antifungal, and antibacterial properties that help fight against acne and skin blemishes. It improves the blood flow back to the skin and removes dead skin cells. It can also be used as a replacement of methylparaben, an emulsifying agent, in the production of cosmetic creams. Personal care products that contain cinnamon can help restrict the degradation of the product when it is exposed to common bacteria present in human body.
The consumption of cinnamon bark products has been on the rise among health-conscious consumers as it provides various health benefits. Cinnamon consists of various antioxidants like polyphenols that basically help in protecting the body from oxidative damage, which is caused by free radicals. Inflammation is a very important aspect of the body as it helps to fights infections and also to repair tissue damage, but inflammations become a problem when it is chronic, and it is directed towards the body tissues.
Effect of COVID-19 on Cinnamon Bark Market
The COVID-19 pandemic first reported in Wuhan, China, in December 2019. As of October2020, the US, Brazil, India, Spain, Russia, South Africa, Mexico, and the UK are among the worst-affected countries by the pandemic. The COVID-19 outbreak is affecting economies and industries in various countries due to imposed lockdowns, travel bans, and business shutdowns. The food & beverages industry is one of the major industries facing serious disruptions in the form of office and factory shutdown and supply chain discontinuation.
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On the basis of product type, the cinnamon bark market is segmented into Chinese cinnamon, Sri Lanka cinnamon, and others. The Chinese cinnamon segment led the market with the largest share in 2019. The growth of the market for Chinese cinnamon is attributed to its wide use as a flavoring agent in the cooking of confectionery, desserts, pastries, and meat. Chinese cinnamon is produced primarily in China’s southern provinces of Guangdong, Guangxi, and Yunnan. It is considered as one of the fifty fundamental herbs in traditional Chinese medicine. Increasing use of Chinese cinnamon in medicinal preparations has bolstered its sale in the past few years.
On the basis of geography, the cinnamon bark market is further segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East and Africa (MEA). In 2019, Asia Pacific held the largest share of the market, followed by North America and Europe. The growth of the market in this region is primarily attributed to the high production and consumption of cinnamon bark in countries such as India, Vietnam, China, and Sri Lanka. Rising demand for healthy and nutritional ingredients among health-conscious consumers drives the growth of the cinnamon bark market in Asia Pacific. Furthermore, there is a significant rise in the procurement of cinnamon bark in the pharmaceutical, cosmetics, and personal care industries in major Asian countries such as Indonesia, China, and Sri Lanka, in the past few years. The cinnamon bark produced in Asian countries is exported to other developed regions such North America, Europe, and South America.
Cinnamon Bark Market: Competitive Landscape and Key Developments
Biofoods Pvt. Ltd.; Goya Foods, Inc.; HDDES Group; The Bart Ingredients Company Ltd; EOAS Organics Pvt Ltd.; The C.F. Sauer Company; First Spice Mixing Company, Inc.; Cino Ceylon; Cassia Co-op; and Frontier Co-op. are among the major players operating in the global cinnamon bark market.
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