Two products from Vietnam exported to Canada have increased dramatically since the CPTPP Agreement
Regulation & Compliances
Market & Price Trends
Published Oct 5, 2023
Since the implementation of the CPTPP, Vietnam has seen a significant increase in cinnamon exports to Canada, surpassing competitors and capturing nearly half of the market share. The demand for cinnamon products in Canada is steadily increasing, estimated to reach 22-25 million USD per year by 2025. However, the export of anise products has decreased slightly, reflecting a decline in overall demand in the Canadian market, although Vietnam's anise exports have still increased since the implementation of the CPTPP.
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Potential market The Vietnam Trade Office in Canada said that since the CPTTP, Vietnam's cinnamon exports to the area have increased dramatically. Before 2018, Vietnam was in third place, behind Indonesia and the United States in terms of market share, but since 2019, Vietnam has surpassed first place in terms of export value to the area, maintaining its position. Up to now and accounts for nearly half of the cinnamon market share in the Canadian market. Within 5 years after implementing CPTPP, Vietnam's cinnamon products have nearly tripled in turnover value at a rate of up to 179%. The Canadian trade office informed that every year, Canada has a need to import about 20 million USD for cinnamon products. The Canadian market has an average consumption scale of this product that is steadily increasing, estimated at 22-25 million USD/year from now to 2025. Vietnam's main competitors are Indonesia, India, and the United States. , China and Sri Lanka, are exporters of cinnamon stick ...