
Philippines - Cinnamon (Canella) - Market Analysis, Forecast, Size, Trends and Insights
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Philippines: Cinnamon Market Overview 2021
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Cinnamon Market Size in the Philippines
In 2019, the Philippine cinnamon market decreased by -X% to $X, falling for the second year in a row after two years of growth. In general, consumption enjoyed a measured expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Cinnamon consumption peaked at $X in 2012; however, from 2013 to 2019, consumption remained at a lower figure.
Cinnamon Exports
Exports from the Philippines
In 2019, approx. X tonnes of cinnamon (canella) were exported from the Philippines; with a decrease of -X% compared with the previous year. In general, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2010 with an increase of X% against the previous year. Over the period under review, exports reached the maximum at X tonnes in 2018, and then shrank notably in the following year.
In value terms, cinnamon exports dropped dramatically to $X in 2019. Over the period under review, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2010 when exports increased by X% y-o-y. Over the period under review, exports hit record highs at $X in 2018, and then fell rapidly in the following year.
Exports by Country
South Africa (X tonnes) was the main destination for cinnamon exports from the Philippines, with a X% share of total exports. It was followed by Singapore (X tonnes), with a X% share of total exports.
From 2007 to 2019, the average annual growth rate of volume to South Africa stood at +X%.
In value terms, South Africa ($X) remains the key foreign market for cinnamon exports from the Philippines, comprising X% of total exports. The second position in the ranking was occupied by Singapore ($X), with a X% share of total exports.
From 2007 to 2019, the average annual growth rate of value to South Africa amounted to +X%.
Export Prices by Country
In 2019, the average cinnamon export price amounted to $X per tonne, flattening at the previous year. Over the period under review, export price indicated a noticeable increase from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, cinnamon export price increased by +X% against 2010 indices. The growth pace was the most rapid in 2012 when the average export price increased by X% year-to-year. Over the period under review, average export prices attained the peak figure in 2019 and is likely to continue growth in years to come.
There were significant differences in the average prices for the major external markets. In 2019, the country with the highest price was Singapore ($X per tonne), while the average price for exports to South Africa amounted to $X per tonne.
From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Singapore.
Cinnamon Imports
Imports into the Philippines
In 2019, approx. X tonnes of cinnamon (canella) were imported into the Philippines; with an increase of X% against the previous year. In general, imports recorded prominent growth. The most prominent rate of growth was recorded in 2014 when imports increased by X% y-o-y. Imports peaked at X tonnes in 2017; however, from 2018 to 2019, imports failed to regain the momentum.
In value terms, cinnamon imports skyrocketed to $X in 2019. Overall, imports showed a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.
Imports by Country
Indonesia (X tonnes), Singapore (X tonnes) and China (X tonnes) were the main suppliers of cinnamon imports to the Philippines, together comprising X% of total imports.
From 2007 to 2019, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (+X% per year), while imports for the other leaders experienced more modest paces of growth.
In value terms, Indonesia ($X) constituted the largest supplier of cinnamon to the Philippines, comprising X% of total imports. The second position in the ranking was occupied by Singapore ($X), with a X% share of total imports. It was followed by China, with a X% share.
From 2007 to 2019, the average annual growth rate of value from Indonesia totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+X% per year) and China (+X% per year).
Import Prices by Country
In 2019, the average cinnamon import price amounted to $X per tonne, jumping by X% against the previous year. Over the period under review, import price indicated a buoyant increase from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, cinnamon import price increased by +X% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by the country of origin; the country with the highest price was the U.S. ($X per tonne), while the price for India ($X per tonne) was amongst the lowest.
From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Indonesia, while the prices for the other major suppliers experienced mixed trend patterns.
Source: IndexBox AI Platform
Frequently Asked Questions (FAQ) :
What are the largest markets for cinnamon (canella) in the world?+
The country with the largest volume of cinnamon consumption was Indonesia (53K tonnes), accounting for 21% of total volume. Moreover, cinnamon consumption in Indonesia exceeded the figures recorded by the second-largest consumer, the U.S. (26K tonnes), twofold. India (23K tonnes) ranked third in terms of total consumption with a 9.2% share.
What are the largest producers of cinnamon (canella) in the world?+
The countries with the highest volumes of cinnamon production in 2019 were Indonesia (90K tonnes), China (83K tonnes) and Viet Nam (41K tonnes), together comprising 88% of global production.
What are the leading suppliers of cinnamon (canella) to the Philippines?+
In value terms, Indonesia ($255K) constituted the largest supplier of cinnamon to the Philippines, comprising 57% of total imports. The second position in the ranking was occupied by Singapore ($86K), with a 19% share of total imports. It was followed by China, with a 13% share.
What are the leading importers of cinnamon (canella) from the Philippines?+
In value terms, South Africa ($234K) remains the key foreign market for cinnamon exports from the Philippines, comprising 94% of total exports. The second position in the ranking was occupied by Singapore ($9.9K), with a 4% share of total exports.
What is the average export price for cinnamon (canella) in the Philippines?+
The average cinnamon export price stood at $2,202 per tonne in 2019, remaining constant against the previous year.
What is the average import price for cinnamon (canella) in the Philippines?+
The average cinnamon import price stood at $2,867 per tonne in 2019, surging by 37% against the previous year.
This report provides an in-depth analysis of the cinnamon market in the Philippines. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Import Supplying Countries
The Largest Destinations for Exports
The Largest Producers on The Market and Their Profiles
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