Colombo, Dec 28 The Cinnamon Development Department of Sri Lanka aims to double the country's annual cinnamon export revenue to $500 million in the next few years, up from the current $250 million.
Local media on Saturday quoting Janaka Lindara, chairman of the Department of Cinnamon Development, said that Sri Lanka produces approximately 25,000 metric tonnes of cinnamon annually, with around 19,000 metric tonnes being exported.
To boost production, the country plans to expand cinnamon cultivation into the North Central and North Western provinces, Lindara said.
Sri Lanka also seeks to strengthen its foothold in international markets such as China and the European Union. The department is promoting the production of value-added cinnamon products to maximise foreign exchange earnings, Xinhua news agency reported.
Earlier, on July 10, 2019, Sri Lanka emerged as the largest exporter of cinnamon in the world, according to an international market survey, local media reports said.
According to the survey titled "Cinnamon Market Growth, Trends and Forecast 2019-2024" compiled by ResearchAndMarkets.com, the demand for Sri Lankan cinnamon increased in countries such as Mexico, the United States, Peru, Bolivia, Chile, and Guatemala.
The major countries that imported cinnamon from Sri Lanka were Mexico, the United States, Peru, Colombia, and Ecuador.
The survey stated that Sri Lanka had also emerged as the fourth-largest producer of cinnamon in the world.
The Asia-Pacific region was the world's leading producer of cinnamon, with Indonesia alone accounting for nearly 40 per cent of the total global output.
In 2018, Indonesia was the biggest cinnamon producer, followed by China, Vietnam, and Sri Lanka.
The Sri Lankan government had recently stated that it had taken steps to increase cinnamon production in the island country to target international markets.
Cinnamon is a spice that has been prized for its medicinal properties for thousands of years.
In recent years, modern science has started to confirm many of the potential health benefits associated with cinnamon.
Cinnamon is used mainly as an aromatic condiment and flavouring additive in a wide variety of cuisines, sweet and savoury dishes, breakfast cereals, snack foods, bagels, teas, hot chocolate and traditional foods.
The aroma and flavour of cinnamon derive from its essential oil and principal component, cinnamaldehyde, as well as numerous other constituents including eugenol.
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