Cinnamon Legends opens boutique for value added products; mulls global entry

George Stuart & Company Chairman Dilith Jayaweera lighting the traditional oil lamp. Cinnamon Legends Joint Managing Directors Nihal De Silva and Upuli de Silva look on -Pix by Upul Abayasekara

By Charumini de Silva

Cinnamon Legends, the country’s first value-added and branded cinnamon products company, was launched last week in a move to make Sri Lanka a global hub for the specialty products.

The firm, an investment of Rs. 15 million, has received ISO 9001:2008 Quality Management System Certificate and provides a range of products varying from beverages, personal care, handmade chocolates, spices and gift packs.

“We have been in the cinnamon export market for decades and it was high time we graduated into the value addition market,” Cinnamon Legends Joint Managing Director Nihal De Silva said.

He said that the company was currently negotiating with a few international supermarket chains in their existing export markets to promote Cinnamon Legends products. 

“The Cinnamon Legends Handmade Chocolates, which is an innovation of Upuli De Silva, will sail to a new taste in the world market to claim an undisputed market leadership in the value added segment in this century,” he added

The first boutique with value added cinnamon products was opened at the Lotus Road, Colombo 1 by George Steuart & Company Chairman Dilith Jayaweera as the Chief Guest.

During the inauguration Joint Managing Director Upuli De Silva said their vision was to be the most admired and preferred cinnamon brand in the world. Cinnamon Legends is committed to be the most admired and caring provider of value added cinnamon products that add vitality, enjoyment and health benefits to the day-to-day life of people around the world. 

She added: “Cinnamon is feel-good spice with lot of nutrition and it has a lot of health benefits; it helps you to control your blood sugar regulation. Recently, in a research led by US Department of Agriculture, scientists found that antioxidant-rich cinnamon extract helped to reduce risk factors associated with diabetes and heart disease.”

Cinnamon Legends is a sister company of G.P. De Silva and Sons International Ltd., which holds a 22% market share of Sri Lanka’s total cinnamon bulk exports of 14,000 tons. The firm caters to the demand of entire South America, Europe and Middle Eastern markets. It has been ranked the world’s largest cinnamon exporter for over 15 years.

G.P. De Silva and Sons International Ltd. Chairman Lal De Silva pointed that if Sri Lanka could capitalise on the potential of value added cinnamon products, it could generate 2,000 times more revenue. Ceylon Cinnamon is exported to over 40 countries, annually bringing over $ 100 million turnover to the country. In 2014, cinnamon exports were worth Rs. 18.25 billion, up from Rs. 11 billion in 2010.

“The value added cinnamon market is new, emerging and challenging. As a result, many exporters are afraid to enter this small market and continue to rely on bulk shipments, which are more established,” he said. However, De Silva pointed out that there is room for around 25% value addition in the 14,000 tons of bulk cinnamon exports from Sri Lanka.

Commenting on possibilities of Cinnamon Legends entering the American healthcare market, De Silva’s brother Dr. Anura De Silva, who is practicing medicine in the US, said that although it is not a Food and Drug Administration (FDA) approved product, many consumers were using it and there was a billion dollar market that they could tap into.

“There are many medicinal properties in cinnamon, but it is still not a FDA approved product in the US. The chemical in Ceylon cinnamon is less than 0.04% and it has medicinal benefits, especially for cardio vascular, diabetes and high blood pressure. Hence, some doctors recommend research-proven products,” he said.