Vietnam Curcumin Market- Trend Analysis & Forecasts
Description
Vietnam Curcumin Market Overview:
Vietnam’s curcumin market, valued at approximately US$ ** million in 2024, is witnessing strong growth driven by increasing global and domestic demand for natural health products. The country produces over ** thousand tonnes of turmeric annually, primarily in provinces such as Dak Lak and Nghe An, and extracts around ** thousand tonnes of curcumin from this supply. Curcumin is used in various applications including nutraceuticals, food, cosmetics, and pharmaceuticals. With post-pandemic health consciousness rising, Vietnamese curcumin exports and domestic consumption are projected to grow steadily, pushing the market size to nearly US$ ** million by 2032 at a CAGR of **%.
Primary Areas/ Elements of Research & Analysis
The report provides comprehensive and valuable insights into the supply and demand dynamics of the Vietnam curcumin market. Below are the variables considered and analyzed in the report:
• Supply-demand trends, market growth, and trade
• Market structure, conduct, and performance analysis
• Historical and forecasted market size (volume & value)
• Trade analysis (export & import), including key partners, quantities, values, and price trends
• Supply chain mapping, pricing, and regulatory framework
• Competitive landscape profiling of key players
• Factors influencing market performance, including sustainability trends
Market Growth Factors
Key growth drivers include rising demand for natural nutraceuticals, especially in export markets such as Japan, Germany, and South Korea. Vietnam offers curcumin at 8–12% lower prices compared to India, enhancing its global competitiveness. Domestically, **% of consumers actively seek herbal supplements, boosting demand for curcumin-infused health products. Government support through initiatives like the OCOP program has led to a 22% increase in small-scale curcumin processors between 2020 and 2023. Innovations such as nano-curcumin, which has 5x greater bioavailability, are accelerating market growth, with Hanfimex reporting a **% rise in nano-curcumin sales in 2023.
Market Restraints & Challenges
Vietnam’s curcumin sector faces issues including fragmented farming, with turmeric farms averaging less than 1 hectare, limiting consistent raw material supply. In 2023, **% of processors reported seasonal shortages. Quality standardization is another concern, with about **% of export shipments in 2022 facing issues related to contamination or substandard quality. Vietnam also lacks widespread adoption of high-curcumin-yield turmeric varieties due to limited farmer awareness and technical support. Infrastructure gaps, especially in cold storage and logistics in rural regions, continue to affect cost efficiency and product shelf life.
Market Segmentation
In 2024, standard curcumin powder made up **% of the market, driven by cost-efficiency and traditional use. However, nano-curcumin is growing rapidly, expected to reach a **% market share by 2032 with a CAGR of **%. Application-wise, nutraceuticals accounted for **% of total demand, followed by food and beverages at **%, and cosmetics at **%. Over **% of curcumin sales are B2B, primarily for export or use by pharmaceutical companies. E-commerce channels grew **% in 2023, driven by direct-to-consumer sales of supplements through platforms like Shopee and Lazada.
Price & Trade
Vietnamese curcumin extract (95%) is priced at US$ **–**/kg, while nano-curcumin commands a premium at US$ **–**/kg as of 2024. Export prices rose by **% in 2023 due to growing demand and limited supply. Vietnam exported over US$ ** million worth of curcumin in 2023, up from US$ ** million in 2020, with Japan, South Korea, and Germany being top buyers. Trade agreements like EVFTA and CPTPP have eliminated tariffs for many export markets, with curcumin shipments to Europe growing **% YoY in 2023. Imports remain minimal, under US$ ** million, mostly for specialized processing inputs.
Competitive Landscape
Vietnam’s curcumin market is moderately consolidated, with companies like Hanfimex, Vietlife, and Nagaileben Biotech controlling over **% of the market in 2024. Hanfimex expanded its nano-curcumin capacity to 120 tons/year, targeting Japanese and Korean buyers. Vietlife launched new curcumin beverages in 2023 and saw a **% rise in quarterly sales. While local competition is increasing, barriers such as capital costs for extraction and certification requirements (GMP, HACCP) protect more established players. Success in this space increasingly depends on R&D, branding, and adherence to international standards.
Outlook
Vietnam’s curcumin market is forecasted to nearly double by 2032, reaching US$ ** million, with strong demand growth in both domestic and export segments. Export volumes are expected to double, especially to Asia and Europe, supported by favorable trade agreements and rising global health trends. Domestic consumption will rise as consumer awareness and retail channels expand. Continued investment in technology, farmer training, and supply chain efficiency will be essential to unlock the sector’s full potential and position Vietnam as a major curcumin hub in the Asia-Pacific region.
Scope of the Report:
• Historical Years: 2018-2023
• Base Year: 2024
• Forecast Period: 2025-2032
• Units: Value (US$ Million) and Volume (Thousand Tonnes)
• Report Coverage: Production, Consumption, Export, and Import
• Segments Covered:
By Form (Powder-based Curcumin and Liquid Curcumin)
By Nature (Organic and Conventional)
By Application (Dietary Supplements, Pharmaceuticals, Cosmetics & Personal Care, and Food & Beverages)
By Sales (Domestic Sales and Exports/Imports)
• Companies Profiled: The market players include, Hanfimex Group, Vietlife, Nagaileben Biotech, Tien Thinh Group, GNC Vietnam, Sao Thai Duong, Tan Hung Agriculture, Vinamas Herbal, BioTrade Vietnam, Phyto Pharma, Traphaco, HAPLAST, Vietnam Natural Products Co., Truong Sinh Group, Mediplantex, and Others.
Please note: It will take 4-5 business days to deliver the report upon receipt the order.
Vietnam’s curcumin market, valued at approximately US$ ** million in 2024, is witnessing strong growth driven by increasing global and domestic demand for natural health products. The country produces over ** thousand tonnes of turmeric annually, primarily in provinces such as Dak Lak and Nghe An, and extracts around ** thousand tonnes of curcumin from this supply. Curcumin is used in various applications including nutraceuticals, food, cosmetics, and pharmaceuticals. With post-pandemic health consciousness rising, Vietnamese curcumin exports and domestic consumption are projected to grow steadily, pushing the market size to nearly US$ ** million by 2032 at a CAGR of **%.
Primary Areas/ Elements of Research & Analysis
The report provides comprehensive and valuable insights into the supply and demand dynamics of the Vietnam curcumin market. Below are the variables considered and analyzed in the report:
• Supply-demand trends, market growth, and trade
• Market structure, conduct, and performance analysis
• Historical and forecasted market size (volume & value)
• Trade analysis (export & import), including key partners, quantities, values, and price trends
• Supply chain mapping, pricing, and regulatory framework
• Competitive landscape profiling of key players
• Factors influencing market performance, including sustainability trends
Market Growth Factors
Key growth drivers include rising demand for natural nutraceuticals, especially in export markets such as Japan, Germany, and South Korea. Vietnam offers curcumin at 8–12% lower prices compared to India, enhancing its global competitiveness. Domestically, **% of consumers actively seek herbal supplements, boosting demand for curcumin-infused health products. Government support through initiatives like the OCOP program has led to a 22% increase in small-scale curcumin processors between 2020 and 2023. Innovations such as nano-curcumin, which has 5x greater bioavailability, are accelerating market growth, with Hanfimex reporting a **% rise in nano-curcumin sales in 2023.
Market Restraints & Challenges
Vietnam’s curcumin sector faces issues including fragmented farming, with turmeric farms averaging less than 1 hectare, limiting consistent raw material supply. In 2023, **% of processors reported seasonal shortages. Quality standardization is another concern, with about **% of export shipments in 2022 facing issues related to contamination or substandard quality. Vietnam also lacks widespread adoption of high-curcumin-yield turmeric varieties due to limited farmer awareness and technical support. Infrastructure gaps, especially in cold storage and logistics in rural regions, continue to affect cost efficiency and product shelf life.
Market Segmentation
In 2024, standard curcumin powder made up **% of the market, driven by cost-efficiency and traditional use. However, nano-curcumin is growing rapidly, expected to reach a **% market share by 2032 with a CAGR of **%. Application-wise, nutraceuticals accounted for **% of total demand, followed by food and beverages at **%, and cosmetics at **%. Over **% of curcumin sales are B2B, primarily for export or use by pharmaceutical companies. E-commerce channels grew **% in 2023, driven by direct-to-consumer sales of supplements through platforms like Shopee and Lazada.
Price & Trade
Vietnamese curcumin extract (95%) is priced at US$ **–**/kg, while nano-curcumin commands a premium at US$ **–**/kg as of 2024. Export prices rose by **% in 2023 due to growing demand and limited supply. Vietnam exported over US$ ** million worth of curcumin in 2023, up from US$ ** million in 2020, with Japan, South Korea, and Germany being top buyers. Trade agreements like EVFTA and CPTPP have eliminated tariffs for many export markets, with curcumin shipments to Europe growing **% YoY in 2023. Imports remain minimal, under US$ ** million, mostly for specialized processing inputs.
Competitive Landscape
Vietnam’s curcumin market is moderately consolidated, with companies like Hanfimex, Vietlife, and Nagaileben Biotech controlling over **% of the market in 2024. Hanfimex expanded its nano-curcumin capacity to 120 tons/year, targeting Japanese and Korean buyers. Vietlife launched new curcumin beverages in 2023 and saw a **% rise in quarterly sales. While local competition is increasing, barriers such as capital costs for extraction and certification requirements (GMP, HACCP) protect more established players. Success in this space increasingly depends on R&D, branding, and adherence to international standards.
Outlook
Vietnam’s curcumin market is forecasted to nearly double by 2032, reaching US$ ** million, with strong demand growth in both domestic and export segments. Export volumes are expected to double, especially to Asia and Europe, supported by favorable trade agreements and rising global health trends. Domestic consumption will rise as consumer awareness and retail channels expand. Continued investment in technology, farmer training, and supply chain efficiency will be essential to unlock the sector’s full potential and position Vietnam as a major curcumin hub in the Asia-Pacific region.
Scope of the Report:
• Historical Years: 2018-2023
• Base Year: 2024
• Forecast Period: 2025-2032
• Units: Value (US$ Million) and Volume (Thousand Tonnes)
• Report Coverage: Production, Consumption, Export, and Import
• Segments Covered:
By Form (Powder-based Curcumin and Liquid Curcumin)
By Nature (Organic and Conventional)
By Application (Dietary Supplements, Pharmaceuticals, Cosmetics & Personal Care, and Food & Beverages)
By Sales (Domestic Sales and Exports/Imports)
• Companies Profiled: The market players include, Hanfimex Group, Vietlife, Nagaileben Biotech, Tien Thinh Group, GNC Vietnam, Sao Thai Duong, Tan Hung Agriculture, Vinamas Herbal, BioTrade Vietnam, Phyto Pharma, Traphaco, HAPLAST, Vietnam Natural Products Co., Truong Sinh Group, Mediplantex, and Others.
Please note: It will take 4-5 business days to deliver the report upon receipt the order.
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