According to preliminary statistics from the Vietnam Pepper and Spice Association (VPSA), in September 2024, Vietnam imported 216 tons of cinnamon worth 0.5 million USD, down 14.6% compared to the previous month. Indonesia was the main cinnamon supplier to Vietnam in September 2024 with 107 tons, accounting for nearly 50% of the market share.
In the first 9 months of the year, cinnamon imports to Vietnam reached 3,448 tons with a turnover of 8.3 million USD, down 74% in volume and 76% in value compared to the same period last year.
On the other hand, in terms of export, after 9 months of 2024, Vietnam exported 69,350 tons of cinnamon, with a total export turnover of more than 194.2 million USD, up 2.7% in volume but down 2.8% in value compared to the same period in 2023. The leading exporter is Prosi Thang Long with 9,999 tons, accounting for 14.4% of the market share.
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| Indonesia is Vietnam's largest cinnamon import market. Photo: Khanh Linh |
Cinnamon is a woody plant, easy to care for and the cinnamon growing area in Vietnam is up to 180,000 hectares in the northern mountainous provinces and North Central Coast.
Vietnam's cinnamon bark reserves are estimated at 900,000 - 1,200,000 tons, with an average harvest of 70,000 - 80,000 tons/year. Vietnam is also the world's number 1 cinnamon exporter with a turnover of over 292 million USD in 2022.
In 2023, Vietnam's cinnamon export output accounted for about 34.4% of the world's export market share with major consumer markets such as India, China, Bangladesh, the United States, etc. In 2023, Vietnam exported nearly 90,000 tons of cinnamon, with a total export turnover of more than 260 million USD, an increase of 14.6% in output but a decrease of 10.7% in value compared to 2022.
According to VPSA, cinnamon is mainly grown in Vietnam, China, Indonesia, the Casia variety, and in Madagascar, Sri Lanka, the Ceylon variety. Cinnamon cultivation is currently the livelihood of hundreds of thousands of ethnic minority households in remote provinces, while contributing to the socio-economic development of many localities.
VPSA said that the potential of cinnamon raw material areas in our country is very large due to suitable climate and soil conditions, especially in the northern mountainous provinces such as Yen Bai, Lao Cai and some places such as Thanh Hoa, Nghe An, Quang Ninh, Quang Nam... The world's demand for spices remains high, not only in the food industry but also continues to be researched and developed for application in the pharmaceutical, cosmetic, and functional food industries... Vietnam has dozens of companies investing in modern cinnamon processing lines, producing ground cinnamon and cinnamon powder to meet market demands.
Currently, Vietnam has exported cinnamon to nearly 100 countries in the world, accounting for 95% of the market share in the Indian market, 36.5% in the US market and 35% in the European market. Our cinnamon products have dominated most of the major markets in the world, however, the export rate of processed cinnamon only accounts for 18.6%, reaching 18,659 tons, of which 70% is exported to the US, the export rate to Europe accounts for only 12%.
Therefore, in the future, the Vietnamese cinnamon industry needs to continue to improve post-harvest and processing quality to increase exports to demanding markets in Europe, the United States, etc.
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