Vietnamese cinnamon may account for half of the Canadian market

Published 2023년 2월 2일

Tridge summary

In 2022, the export of Vietnamese products to Canada saw a significant increase, with tea, coffee, and spice products, including cinnamon, experiencing a notable surge. Canadian supermarkets like Costco and Walmart imported Vietnamese cinnamon by a factor of 43.3%, amounting to $8.6 million, and it is on track to dominate 50% of Canada's cinnamon market in the future. This growth is attributed to Canada's high consumption and increased import rate, facilitated by the CPTPP Agreement, which has piqued Canadian interest in Vietnamese products and production capabilities. Vietnam's stability, predictability, and consistent pricing have made it a favorable supplier for Canada.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to Ms. Tran Thu Quynh, Trade Counselor, Vietnam Trade Office in Canada, in 2022, a number of Vietnamese products that have strengths in Canada such as tea, coffee and spice products have a sudden increase compared to that of Canada. with 2021. Particularly for cinnamon, in the past year, large Canadian supermarkets such as Costco, Walmart have imported a lot of Vietnamese cinnamon with a turnover of $ 8.6 million, up 43.3% compared to 2021. Quynh said, with such strong growth momentum, Vietnamese cinnamon can completely occupy 50% of the cinnamon market share in Canada in the coming years. According to Ms. Tran Thu Quynh, Canada is a country with high consumption, high import growth rate, reaching 17.5% in 2022. With the incentives brought by the ...

Source: Agriculture