Global Curcumin Market - Growth, Trend and Forecast (2017 - 2022)
The Global Curcumin Market was valued at USD XX million in 2016 and is expected to reach over USD 105 million by 2022, projecting a healthy CAGR of 11.5% over the forecast period.
These yellow colored, fat-soluble polyphenolic pigments are essentially turmeric extracts. Turmeric is a spice derived from the curcuma longa’s rhizomes, which belongs to the ginger family. Indian traditional medicines for ages, recognized turmeric for its health-promoting effects like antiviral, anti-inflammatory, and antifungal properties.
Intense R&D investments to enhance curcumin bioavailability (from 95% at present) is creating opportunity for growth. Many published scientific studies laud the disease-prevention and pain-relief abilities exhibited by curcumin, owing to its anti-inflammatory, anti-oxidation, and anti-cancer traits. This has driven health-conscious consumers to opt for organic ingredients in their production formulation. The consumers are increasingly becoming aware about the artificial ingredients present in medicines, cosmetics and food. Moreover, there is ample evidence related to curcumin benefits for alleviating depression, fighting higher fat levels, and metabolic syndrome; this will be pushing product innovation and development in the near future.
The Global Curcumin Market is segmented based on geography and applications.
North America held the largest market, due to growing demand for curcumin-based supplements in this region. Furthermore, increasing demand for curcumin in cosmetic applications is driving the market. The growth of curcumin market in Europe is attributed to the R&D activities regarding growing applications of curcumin in treatment of cancer and other lifestyle diseases.
Demand for curcumin is expected to be high in Asia- Pacific, owing to the growing demand from skin care and cosmetic manufacturers. . India is a hub of curcumin production. The country accounts for more than 75% of the global output of curcumin. Fluctuating turmeric prices, owing to weather uncertainties, may impact the curcumin market price trend. Despite abundant resources, low consumer awareness and less-commercialized goods in India results in the majority being exported to Europe and North America. The other major risk associated with curcumin is contamination and adulteration.
The Global Curcumin Market by application is segmented into pharmaceuticals, food, cosmetics and others. The pharmaceuticals category dominates the curcumin market, with more than half of total market share. The growth in over the counter drug (OTC) market will lead to curcumin market growth in near future. Globally, the favorable government regulations and growing consumer awareness regarding the medicinal value of curcumin is driving the growth of the pharmaceutical segment.
Cosmetic application is set to have the highest growth rate during forecast period. Increasing consumer preference for herbal skin care products is expected to boost the curcumin demand in such products.
Widened application scope of curcumin in food & beverages, owing to rise in the demand for natural colorant substance with antioxidant property preventing food rancidity, is expected to lead to higher product demand. However, large availability of synthetic colorant substance may restrain the market growth.
The global curcumin market is highly fragmented in nature, due to the presence of several small and large scale manufacturers, mainly concentrated in India.
Global key participants in the curcumin industry include Arjuna Natural Extracts Ltd., Dolphin Organica, Sabinsa, Synthite Industries, Biomax Life Sciences, Hindustan Mint & Agro Products, Star Hi Herbs, Herboveda India, Helmigs Prima Sejahtera, Tri Rahardja PT, Hebei Food Additive, and Konark Herbals & Health Care.
Product innovation and enhancing curcumin bioavailability in the extracts are key strategies adopted for sustenance and growth.
Report on Global Curcumin Market covers the following: