Hong Kong SAR, China: Cinnamon Market 2024

Cinnamon Market Size in Hong Kong SAR, China

The Hong Kong cinnamon market declined dramatically to $X in 2022, reducing by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded resilient growth. Over the period under review, the market attained the peak level at $X in 2021, and then shrank dramatically in the following year.

Cinnamon Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of cinnamon (canella) decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, exports faced a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, cinnamon exports rose slightly to $X in 2022. Over the period under review, exports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2016 when exports increased by X%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for cinnamon exports from Hong Kong SAR, with a X% share of total exports. Moreover, cinnamon exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), fivefold. Australia (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Australia (X% per year).

In value terms, the United States ($X) remains the key foreign market for cinnamon (canella) exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was held by Canada ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Australia (X% per year).

Export Prices by Country

In 2022, the average cinnamon export price amounted to $X per ton, surging by X% against the previous year. Overall, the export price enjoyed a strong increase. The most prominent rate of growth was recorded in 2015 an increase of X%. The export price peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cinnamon Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of cinnamon (canella) were imported into Hong Kong SAR; waning by X% compared with the year before. Over the period under review, imports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2016 when imports increased by X%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, cinnamon imports dropped sharply to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Imports peaked at $X in 2021, and then fell rapidly in the following year.

Imports by Country

China (X tons), Vietnam (X tons) and Malaysia (X tons) were the main suppliers of cinnamon imports to Hong Kong SAR, with a combined X% share of total imports. The United States and Indonesia lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest cinnamon suppliers to Hong Kong SAR were China ($X), Vietnam ($X) and the United States ($X), together accounting for X% of total imports. Malaysia and Indonesia lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average cinnamon import price amounted to $X per ton, surging by X% against the previous year. In general, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cinnamon import price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2017 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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