Name the largest cinnamon export markets of Vietnam

According to preliminary statistics of the Vietnam Pepper Association (VPA), cinnamon exports in June reached 11,333 tons with a turnover of more than 30.6 million USD, up 1.4% over the previous month.

By the end of June 2024, Vietnam exported 44,528 tons of cinnamon with a total export turnover of 126.9 million USD. Compared to the same period in 2023, the export volume increased by 3.9% but the turnover decreased by 1.8%. India is the main export market of Vietnamese cinnamon, accounting for 33.5%, reaching 15,040 tons.

India imports about 11-12 million tons of spices each year. Of which, Vietnam is the largest cinnamon supplier to this market. In the 2022-2023 fiscal year alone, Vietnam exported 32,650 tons of cinnamon, accounting for 85% of India's cinnamon imports.

India is Vietnam's largest cinnamon export market.

According to assessments, Vietnamese cinnamon is popular in India due to its good essential oil content and distinctive flavor. Currently, India imports cinnamon from Vietnam for two purposes, including processing for domestic consumption and processing for export.

Not only possessing cinnamon trees, the Ministry of Industry and Trade said that on the world medicinal map, Vietnam is assessed to have diverse medicinal resources, the proportion of rare natural medicinal materials is still quite rich. According to statistics, our country currently has about 5,100 medicinal plant species, with many potentials and advantages to develop medicinal materials into an economic sector.

The cinnamon essential oil industry has great potential for development, because the demand for cinnamon essential oil in the world is very high, always at a level where supply cannot meet demand, because cinnamon trees are only commonly grown in a few Asian countries.

Experts also predict that, in the next 10 years, the global organic spice market will grow at least 4.6% per year and reach a total value of 15 billion USD. The cinnamon market alone will grow an average of 14% per year from now until 2025. This is clearly a huge opportunity for Vietnam as cinnamon is a very popular spice in many countries.

According to statistics, the cinnamon growing area in Vietnam is up to 180,000 hectares in the northern mountainous provinces and North Central Coast.

Notably, cinnamon trees are commonly grown in Vietnam but there are very few countries in the world that can grow them. Other countries that can grow cinnamon trees include China, Laos, Myanmar, India, Sri Lanka and some countries in South America.

Cinnamon's scientific name is Cinnamomum loureirii Nees; family Lauraceae. The tree is large, 10 - 20m tall, with cracked outer bark and many branches. The tree grows wild in the forest, or is planted from seeds or cuttings. It can be harvested after 5 years, but the best time to peel the cinnamon bark is after 20 - 30 years. Peeling the cinnamon bark in April - May or September - October will be easier because this is the stage when cinnamon produces resin.

Normally, low cinnamon forests can be harvested after only 3-5 years. However, for high quality products, cinnamon trees must be over 15 years old. All parts of the cinnamon tree such as bark, leaves, flowers, wood, and roots can be used. However, people mainly harvest cinnamon bark, branches, or leaves to dry or extract essential oils.

Vietnam's cinnamon bark reserves are estimated at 900,000 - 1,200,000 tons, with an average harvest of 70,000 - 80,000 tons per year. Vietnam is also the world's number 1 cinnamon exporter with a turnover of over 292 million USD by 2022.

Source: https://congthuong.vn/diem-ten-thi-truong-xuat-khau-que-nhieu-nhat-cua-viet-nam-331197.html