As per the current market research conducted by the CMI Team, the global Cinnamon Syrup Market size is expected to record a CAGR of 7.5% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 251.2 Million. By 2032, the valuation is anticipated to reach USD 563.9 Million.
Cinnamon Syrup Market: Growth Factors and Dynamics
- Mounting Health Consciousness: Discerning consumers are increasingly gravitating toward natural sweetening agents, recognizing their inherent health benefits. Cinnamon Syrup, hailing from the cinnamon spice, is perceived as a wholesome, all-natural alternative to conventional sugars.
- Diversifying Culinary Utility: Cinnamon Syrup has transcended its traditional role as a sweetener and is being creatively incorporated into an extensive array of culinary applications, such as lavish drizzles over pancakes, waffles, and as a pivotal component in glazes and marinades.
- Surging Demand in Beverage Industry: The burgeoning trend of flavor-infused beverages has precipitated a heightened demand for Cinnamon Syrup, utilized to elevate the flavor profile of coffee, tea, cocktails, and non-alcoholic beverages.
- Expansive Bakery Sector: The bakery industry’s continuous expansion is acting as a catalyst for the demand surge in Cinnamon Syrup. It’s a fundamental ingredient in many baked goods, including delectable cinnamon rolls, pastries, and muffins.
- Thriving Functional Food Landscape: Cinnamon’s acclaimed potential health benefits, encompassing blood sugar regulation and anti-inflammatory attributes, have paved the way for its integration into functional food and dietary products.
- Escalating Organic Preference: The growing emphasis on organic and naturally derived ingredients has resulted in a remarkable uptick in demand for organic Cinnamon Syrup. Consumers are willing to invest in products devoid of synthetic additives.
- Packaging Innovations: Innovative packaging solutions, such as user-friendly squeezable bottles and single-serve sachets, are augmenting the accessibility and portability of Cinnamon Syrup, thereby amplifying market growth.
- Global Trade and Export Prospects: As the demand for Cinnamon Syrup continues its upward trajectory, it presents lucrative export prospects for countries renowned for cinnamon production, such as Sri Lanka and Indonesia.
- Influence of Celebrity Endorsements: Notable celebrity chefs and influencers frequently endorse and integrate Cinnamon Syrup into their culinary creations, contributing significantly to its popularity among consumers.
- Enhanced Flavor and Aroma Profile: Cinnamon Syrup not only functions as a sweetening agent but also imparts a distinctive flavor and aromatic dimension to dishes and beverages, rendering it a compelling choice for chefs and mixologists.
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Cinnamon Syrup Market: Partnership and Acquisitions
- In 2018, Diageo Plc divested 19 of its budget liquor brands, such as Canadian Seagrams VO whiskey and Goldschlager cinnamon brandy, by selling them to Sazerac, a United States-based company, for $550 million. This strategic move allows Diageo to concentrate its efforts on promoting premium labels like Johnnie Walker in the United States.
- In 2019, Nestle introduced a line of Starbucks-inspired creamers, offering three delightful flavors, one of which is Cinnamon Dolce.
Cinnamon Syrup Market: COVID-19 Analysis
The COVID-19 pandemic has had a profound impact on various industries, and the Cinnamon Syrup market is no exception. As the world grappled with the challenges posed by the pandemic, this sector witnessed a series of significant developments and adaptations.
- Initial Disruption in Supply Chains: At the onset of the pandemic, global supply chains experienced disruptions due to lockdowns and restrictions. This impacted the sourcing of essential ingredients for Cinnamon Syrup production, leading to uncertainties and delays in production.
- Fluctuating Consumer Demand: The uncertain and ever-evolving pandemic situation influenced consumer behavior. While there was an initial spike in pantry stocking, demand for Cinnamon Syrup in food service establishments and non-essential retail channels plummeted as lockdowns and restrictions were imposed.
- Shift to E-Commerce: With in-person shopping limited, e-commerce became a vital channel for consumers to access their favorite products, including Cinnamon Syrup. Manufacturers and retailers had to adapt to this shift and optimize their online presence.
- Health and Immunity Trends: Health-conscious consumers sought products with potential health benefits, including those associated with cinnamon. Cinnamon Syrup, perceived for its health attributes, witnessed increased interest, aligning with the consumer focus on immunity-boosting products.
- Increased Home Cooking: As restaurants and cafes faced closures or restrictions, consumers turned to home cooking. Cinnamon Syrup found a place in the kitchens of many, as it could be used in a wide range of culinary creations.
- Production Safety Measures: Manufacturers had to implement stringent safety measures to protect their workforce. This included adapting production lines, reducing staff on-site, and ensuring compliance with health guidelines.
- Rise in Bulk Packaging: With families spending more time at home, there was a growing demand for bulk packaging of Cinnamon Syrup to accommodate increased usage in home-cooked meals and recipes.
- Export and Import Challenges: The global nature of the cinnamon supply chain led to export and import challenges as countries imposed varying restrictions and regulations. This impacted international trade.
List of the prominent players in the Cinnamon Syrup Market:
- The Hershey Company
- Monin
- Torani
- DaVinci Gourmet
- Jordan’s Skinny Syrups
- Maple Guild
- Butterworth’s
- Log Cabin
- Aunt Jemima
- Smucker’s
- Starbucks
- Nestlé
- Stonewall Kitchen
- Sonoma Syrup Co.
- Trader Joe’s
- Tazo Tea
- Ghirardelli
- Wholesome Sweeteners
- Hidden Springs Maple
- Bissinger’s
- Others
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