April 13, 2024
Cinnamon Bark Oil Market

Cinnamon Bark Oil Market Estimated To Witness High Growth Owing To Rising Adoption In Flavour And Fragrance Industry

Cinnamon bark oil is extracted from the inner bark of cinnamon tree through steam distillation. It has woody, sweet and warm spicy scent. Cinnamon bark oil is widely used in aromatherapy due to its various therapeutic properties. It helps in relieving stress, anxiety, dental issues, respiratory problems, muscular pain and improves cognitive functions.

The Global Cinnamon Bark Oil Market Is Estimated To Be Valued At US$ 119.6 Mn In 2024 And Is Expected To Exhibit A CAGR Of 3.6% Over The Forecast Period 2024 To 2031.

Key Takeaways

Key players operating in the Cinnamon Bark Oil market are Living Essential Oils, Mountain Rose Herbs, Eden Botanicals, The Plant Guru, Mountain Rose Herbs, Plant Therapy, Health Group Inc., Bulk Apothecary, Nature’s Alchemy, Aromatics International, Florinama. Key Players Are Focusing On Strategic Partnerships, New Product Launches, And Expansion Of Manufacturing Facilities To Cater To Growing Demand For Cinnamon Bark Oil. The increasing adoption of cinnamon bark oil in food & beverage industry for flavouring bakery products and beverages is expected to create new growth opportunities over the forecast period. Major companies are expanding their geographical presence in Asian countries to tap the growing demand for cinnamon bark oil in Traditional Chinese Medicine and Ayurveda.

Market Drivers

The prominent driver for cinnamon bark oil market is its increasing usage in flavor and fragrance industry across the globe. Cinnamon bark oil provides warm and spicy flavor and aroma. It is extensively used in manufacturing of perfumes, soaps, candles and air fresheners. Growing personal care and home care industry is thus fueling the demand for cinnamon bark oil. Other key driver is its rising adoption in food & beverage industry for flavoring bakery products, cereals, smoothies, tea and spice mixes. Escalating demand for natural and organic ingredients is propelling the demand for cinnamon bark oil significantly.

Pest Analysis 

Political: The key political factor is favorable government regulations governing essential oil production and trade. Regulations influence operational costs and ease of doing business in different countries and regions.

Economic: Steady rise in global GDP and economic growth drives demand for premium products in food and cosmetic industries which use cinnamon bark oil. However, inflation and currency fluctuations impact costs.

Social: Changing lifestyle and focus on health, wellness and natural ingredients augments demand for cinnamon bark oil. Growing population leads to larger consumer base. However, social perceptions regarding prices impact affordability of premium products.

Technological: Advanced extraction technologies help produce high quality cinnamon bark oil and develop new useful applications in different industries. Automation reduces production costs but significant R&D is required for new product development

Geographical Regions With High Market Concentration

South Asia and East Asia account for over 70% of global cinnamon bark oil market in terms of value due to lower production costs and abundant availability of raw materials. Countries like Sri Lanka, Indonesia, China and India are the major producers and exporters. Europe and North America are other lucrative markets driven by high consumption and purchasing power.

Fastest Growing Region

Middle East and Africa region is witnessing fastest growth in cinnamon bark oil market owing to rising disposable incomes, growing population, increasing health awareness and expanding application industries. Countries like UAE and South Africa offer immense untapped market potential and sustain double digit CAGR during the forecast period.

*Note:
1.       Source: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it.