Costa Rica: Cinnamon Market 2024

Cinnamon Market Size in Costa Rica

The Costa Rican cinnamon market declined to $X in 2022, which is down 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). In general, consumption, however, saw a resilient expansion. Cinnamon consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Cinnamon Exports

Exports from Costa Rica

Cinnamon exports from Costa Rica dropped to X tons in 2022, which is down by X% against the previous year's figure. Overall, exports recorded a noticeable reduction. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, cinnamon exports expanded remarkably to $X in 2022. In general, exports, however, saw noticeable growth. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

El Salvador (X tons), Guatemala (X tons) and Panama (X tons) were the main destinations of cinnamon exports from Costa Rica, together comprising X% of total exports. Nicaragua and the United States lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cinnamon exported from Costa Rica were Guatemala ($X), El Salvador ($X) and Nicaragua ($X), together accounting for X% of total exports. Panama and the United States lagged somewhat behind, together comprising a further X%.

The United States, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average cinnamon export price amounted to $X per ton, jumping by X% against the previous year. Overall, export price indicated a resilient 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 export price increased by X% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to Panama ($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 the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cinnamon Imports

Imports into Costa Rica

In 2022, approx. X tons of cinnamon (canella) were imported into Costa Rica; waning by X% against the previous year's figure. In general, total imports indicated a pronounced increase from 2012 to 2022: its volume 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, imports decreased by X% against 2019 indices. The growth pace was the most rapid in 2013 when imports increased by X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, cinnamon imports contracted to $X in 2022. Overall, imports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of cinnamon to Costa Rica, with a X% share of total imports. Moreover, cinnamon imports from the United States exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The third position in this ranking was held by Vietnam (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Vietnam (X% per year).

In value terms, the United States ($X) constituted the largest supplier of cinnamon (canella) to Costa Rica, comprising X% of total imports. The second position in the ranking was held by Sri Lanka ($X), with a X% share of total imports. It was followed by Indonesia, with an X% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (X% per year) and Indonesia (X% per year).

Import Prices by Country

In 2022, the average cinnamon import price amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the import price posted a strong increase. The growth pace was the most rapid in 2017 an increase of X%. The import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for India ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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