Global Curcumin Market - Growth, Trends, Industry Analysis, and Forecast (2018 - 2023)
The market is expected to reach over USD 85 million by 2023, projecting a healthy CAGR of 12.1% over the forecast period, 2018-2023. It has high applications in pharmaceutical segment due to its number of health-promoting effects like antiviral, anti-inflammatory, and antifungal properties.
Rising consumer health consciousness due to presence of artificial ingredients in food, medicines, and cosmetics are key aspects influencing the industry manufacturers to adopt for organic ingredients such as curcumin in the product formulation. Presence of anti-cancer, anti-inflammatory and anti-oxidation properties in medicines and cosmetics will drive curcumin market growth.
Curcumin based supplements have a huge market as they are easily available over the counter without the existence of government regulations. In addition, curcumin is also gaining popularity as an ingredient in cosmetic and herbal skin care products. Therefore, growing demand for ayurvedic and herbal skin care products is expected to drive the market during the forecast period.
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.
Developed markets such as North America has significant demand for the curcumin due to its high usage as a supplements. These supplements are broadly available on over-the-counter (OTC) without the existence of any specific norm and thus, have a huge growth potential in the region.
Asia-Pacific market was valued over USD 7.3 million in 2016. The region is an emerging area for the product market owing to the growing demand from cosmetics skin care manufacturers whose herbal and natural ingredient products are gaining fast penetration and one among the prominent ingredient used is curcumin. The region also accounts for 85% of the total global production of curcumin. Major PLAYERS: 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, KONARK HERBALS & HEALTH CARE, WACKER-CHEMIE, VERDURE and OMNI-ACTIVE., amongst others.
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