Curcumin Market

Curcumin Market Growth, Size, Forecast (2023-2028):

The Global Curcumin Market size is estimated to increase at a CAGR of 9.95 percent, from $79.94 million in 2022 to $155.24 million in 2028.

Curcumin Market Scenario:

Curcumin, popularly known as turmeric, is a bioactive chemical found in the root of the Curcuma longa plant. Curcumin has anti-inflammatory and antioxidant characteristics, making it a good choice for a variety of medicinal and dietary uses. The curcumin industry is predicted to rise significantly due to increased consumer knowledge of its medicinal qualities.

Furthermore, factors such as leading a healthy lifestyle, increasing demand for organic-based foods and ayurvedic medicinal formulations, and developments in pharmaceutical and cosmetics products containing Curcumin have aided the worldwide curcumin market. However, curcumin-based products' expansion is hampered by the advent of cheaper synthetic food colorants and formulation problems. Curcumin's popularity and demand are projected to rise in the next years as it is included in ayurvedic and herbal nutritional supplements and cosmetic products.

Curcumin Market Growth:

Curcumin demand has been propelled by rising health consciousness, many health advantages of Curcumin, and increased demand for natural and organic supplements in recent years, driving the curcumin market forward.

Recent Developments in the Curcumin Industry:

• Wacker Chemie AG created a novel product design for CAVACURMIN in April 2020, which helped boost bioavailability by 40 times. As a result, they're employed to make a variety of human health supplements.
• Synthite Industries Ltd. continues to extend its market presence by opening new offices and forming partnerships with distributors throughout the globe. In 2017, for example, the firm increased its presence in Europe to better serve clients in that region. In addition, the firm has headquarters in India, China, and the United States, as well as sales agents in 11 countries across the world. 

REPORT COVERAGE:

Curcumin Market Drivers:

Consumers throughout the world have made health and wellbeing a top priority. In recent years, there has been a substantial surge in demand for natural products with immune-boosting characteristics. Various natural extracts have recently acquired popularity after proving useful against a variety of diseases. Turmeric has been used in many medical and cosmetic compositions in many nations, including India, since ancient times, and the substance is still in demand today. Curcumin has been proven to have antioxidant and anti-inflammatory qualities in various clinical investigations done across the world, making it appropriate for generating therapeutic supplements and cosmetic formulations. As a result, demand has risen dramatically.

Consumers throughout the world are becoming increasingly aware of the negative repercussions of animal food consumption, as well as the environmental ramifications. As a result, consumer tastes are altering, with customers opting for vegetarian and turmeric-based food products. Furthermore, turmeric extracts, being a plant-based food, are ideal for generating novel food compositions. This is predicted to be one of the primary reasons driving the worldwide growth rate of this industry.

Curcumin Market Restraints:

Other low-cost curcumin replacements include natural spices such as mustard powder, which may be utilized as natural food additives. Other chemical compounds can also be used to produce medications and colors. As a result, producers may use less expensive raw materials, slowing the market's development. In addition, the strain on the turmeric supply chain to obtain raw ingredients and deliver them to companies for further processing has intensified. To accommodate this rising demand, some firms adulterate turmeric species or dyes, lowering the quality of the finished product. This negatively influences brand perception, resulting in slow market expansion in the region.

The Asia Pacific area has the bulk of turmeric-growing countries, including India, China, Bangladesh, and Myanmar. Because Europe and America rely largely on these nations for raw material supplies, any change in the region's geopolitical situation may strain the curcumin supply chain and stifle market growth.

Curcumin Market Segmentation Analysis:

By Nature:

• Organic
• Conventional

Based on nature, the worldwide market is divided into organic and conventional varieties. Curcumin is produced from turmeric, mostly grown in Southeast Asia and India. India is the world's largest producer of turmeric, accounting for roughly 80% of global production, followed by China, Myanmar, Nigeria, and Bangladesh. Farmers in these nations want agricultural goods that are available inexpensively and conveniently since their yearly revenue is smaller than that of European and North American farmers. Because conventional goods are readily available and inexpensive compared to organic products, conventional farming is the predominant method in many nations. As a result, the traditional category will have the majority of the market share in 2021 and will continue to do so in the future.

By Application:

• Food & Beverages
• Cosmetics
• Pharmaceutical
• Others

The market is split into medicines, food and drinks, cosmetics, and other applications. In the application category, the pharmaceutical segment has the largest market share. Curcumin has been used as a spice, preservative, pigment for fabric dyeing, and in traditional medicine since ancient times. It's one of three primary colorants produced from the roots of the Curcuma longa plant, which is grown in Asian nations.

Turmeric has been utilized in Indian cuisine for a long time. However, its demand for the food and beverage business has gradually increased in recent years as western nations become more conscious of natural herbs and spices. Curcumin is a popular ingredient in Ayurvedic medicine, cosmetics, functional foods, and natural additives because of its antioxidant, anti-inflammatory, and anti-cancer qualities. The market is predicted to grow throughout the forecast period, thanks to the rise of the beauty sector and consumers' preference for traditional medicines.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus

Curcumin Market Regional Analysis:

In the worldwide market, Asia Pacific is the largest region. Curcumin demand is mostly driven by the food and beverage industries in India, China, and Bangladesh, as well as demand from India's and China's traditional medicine industries. Since ancient times, turmeric has been employed as a prominent component in numerous Indian cuisines. However, its application in the food and beverage sector has recently been restricted, but due to new research and analysis, its demand as a flavor enhancer and coloring ingredient is expanding. Furthermore, as consumer knowledge of traditional medicines grows, the traditional medicine industry continues to flourish. This aspect will likely boost curcumin usage during the projected period, boosting the curcumin market's growth.

North America is the worldwide market's second-largest market. This can be linked to the region's growing pharmaceutical and food and beverage industries. Consumers in this region are more aware of new organic and natural goods that have been introduced to the market and industry advances. Furthermore, consumers' increased purchasing capability is a crucial element driving regional goods sales. Furthermore, in recent years, the North American market has seen a shift in customer preferences toward natural products. This aspect is likely to increase in the next years, boosting the regional market growth.

Europe is a significant importer of turmeric, mostly utilized in cosmetics after being converted to Curcumin. Europe is a worldwide cosmetics center, with major cosmetic business manufacturing facilities; therefore, demand continues to rise. The European food and beverage market is also rapidly developing, providing opportunities for turmeric processors to introduce new and creative products. This area is predicted to develop at a CAGR of more than 10% during the forecast period, thanks to the region's full-fledged expansion of the cosmetic sector.

The areas of South America and the Middle East, and Africa account for a relatively minor portion of the worldwide market. This is mostly owing to the region's lack of significant food manufacturers. In addition, most of the population is in the medium or lower-income bracket, making more expensive items unaffordable. However, with improved lifestyles, these areas will likely contribute more to the global curcumin market size in the coming years.

Key Players in the Market:

Major Key Players in the Global Curcumin Market are

• Biomax Life Sciences Ltd.
• Synthite Industries Ltd
• BioThrive Sciences
• Konark Herbals & Health Care
• Arjuna Natural Extracts Ltd
• SV Agrofood
• Star Hi Herbs Pvt. Ltd
• NOW Foods
• Phyo life Sciences
• Herboveda India Pvt. Ltd.