Curcumin Market Size By Application (Pharmaceutical, Food, Cosmetic), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: Sep 2017 | Report ID: GMI788 | Authors: Kunal Ahuja, Amit Rawat
Global Curcumin Market size was valued at over USD 40 million in 2016 and is anticipated to witness over 11% CAGR up to 2024.
Get more details on this report - Request Free Sample PDF
Rising consumer awareness regarding the use of natural and organic ingredients for the medicinal & cosmetic applications will promulgate the demand for curcumin in the forecasted time frame. Curcumin is an active compound having significant health benefits and has the potential to prevent several diseases including Alzheimer's, cancer, and heart disease. It is used in medicines owing to its anti-inflammatory and antioxidant properties supporting business expansion. Increasing demand for supplemental antioxidants to reduce inflammation, aging effect, and provide soothing on the skin will shift the preference towards the product. Also, it helps reduce depression, control cholesterol level, and stomach ulcers.
Curcumin is derived from dried root of turmeric, which incurs high cost of production. The global turmeric production has increased to around 1.1 million tonnes in 2016 owing to product penetration in diverse industries. Turmeric is majorly grown in India accounting to approximately 78% of the total cultivation across world followed by China, Myanmar and Nigeria. As per the Trade Promotion Council of India, the country is one of the exporters of turmeric in the world accounting to USD 236 million of exports in 2018. Whereas, countries such as the U.S., UAE, and Germany are the leading importers of the turmeric.
Favorable government strategies to expand the production capacity and increase exports will provide and impetus to the curcumin demand. For instance, Government of India has taken several initiatives to promote the cultivation of turmeric in north-eastern India. For instance, development of better transportation infrastructure by constructing road and rail routes in the region will support the business expansion. Further, technological advancements for cultivation, processing and packaging of the product will promulgate the industry expansion. For instance, Por Tray Technology can be an effective alternative to reduce the hard work involved in storing, preservation, and use of seed material. Use of this technology help to gain more profit and better yield.
Stringent regulation pertaining to imports and quality assurance of the product will promulgate sustainable business practices. The American Spice Trade Association has established specifications for cleanliness that exceeds FDA food defect action levels. Turmeric oleoresin specification by U.S. code of federal regulations states that the residues in the product should not exceed beyond the specifications as oleoresin is considered for its curcumin content. However, excess consumption of the product may lead to stomach upset, nausea, dizziness and diarrhea.
|Base Year:||2016||Market Size in 2016:||40 Million (USD)|
|Historical Data for:||2013 to 2016||Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||11%||2024 Value Projection:||100 Million (USD)|
|Pages:||160||Tables, Charts & Figures:||228|
|Geographies covered (24):||U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, China, India, Japan, Australia, Thailand, Indonesia, Malaysia, South Korea, Vietnam, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa|
|Segments covered:||Application and Region|
|Companies covered (11):||Biomax Life Sciences Ltd., Synthite Industries Ltd., Hindustan Mint & Agro Products Pvt. Ltd , Arjuna Natural Extracts Ltd., SV Agrofood, Star Hi Herbs Pvt. Ltd., Herboveda India pvt. Ltd, Helmigs Prima Sejahtera PT, Hebei Food Additive Co. Ltd., Tri Rahardja PT, Konark Herbals & Health Care|
|Pitfalls & Challenges:||
Curcumin Market, By Application
Pharmaceutical applications dominate the global curcumin market share. Positively outlook owing to vigorous research & development is expected to fuel the product usage up to 2024. It is widely used in ayurvedic medicines in southeast Asian countries owing to its anti-inflammatory properties. Growing consumer health consciousness due to the prevalence of non-communicable & chronic diseases accompanied by consumer inclination towards use of products with natural ingredients will boost the demand for ayurvedic medicines.
Food application is projected to account for over 40% share in total curcumin market by 2024. It is used in several foods & beverages such as tea and refreshments. It is popularly used for food preparations owing to its pungent & earthy smell, and bright color. Growing demand for multiple and versatile food options owing to the changing consumer preferences and lifestyle will support the business expansion. Exceptional properties of curcumin such as antimicrobial nature aids in food preservation, thereby increasing the shelf life of the food products.
Cosmetics applications is expected to grow at over 12% CAGR up to 2024. Use of cosmetic products on a daily basis to protect the skin from the harsh environment and harmful radiations from the sun is driving the demand for cosmetic products. The product contains antioxidants the counter the rapidly ageing process developed due to intense pollution and stress levels. Increasing use of curcumin extracts in cosmetics application will propel the demand for the product in the forecasted time period.
Curcumin Market, By Region
Asia Pacific Curcumin Market Size, By Country, 2024 (USD Thousand)
Get more details on this report - Request Free Sample PDF
Asia Pacific is expected to witness growth over 12.5% up to 2024. Increasing demand for cosmetic products in emerging economies including China, India and Japan will drive the demand for curcumin in the forecasted period. Curcumin is extracted from turmeric which is the basic ingredient used in cosmetics and has potential to provide with a natural alternative to the synthetic products used in cosmetic production. Also, product acceptance in diverse regional cuisines accompanied by growing production capacity will augment the product penetration over the forecasted time frame.
North America is expected to surpass USD 60 million by 2024. The region holds a significant share in the global pharmaceutical production owing to superior R&D investments. Increasing prevalence of biopharmaceutical and herbal medicines will boost the product demand in the forecasted time frame. Further, curcumin is available in the form of dietary supplements thereby propelling the regional share. Increasing demand for premium cosmetic products in the region owing to a high consumer spending and ageing population will drive the product adoption. Product innovations accompanied by presence of various major cosmetics brands in the U.S. is escalating the product penetration.
Competitive Market Share
The global curcumin market share is fragmented due to the presence of several local and international players in the industry. Key manufacturers include Biomax Life Sciences Ltd., Synthite Industries Ltd., Hindustan Mint & Agro Products Pvt. Ltd, SV Agrofood, Star Hi Herbs Pvt. Ltd. and Hebei Food Additive Co. Ltd. Other notable players in the industry include Star Hi Herbs Pvt. Ltd., Herboveda India Pvt. Ltd, Hebei Food Additive Co. Ltd., Tri Rahardja PT and Konark Herbals & Health Care. The key strategies adopted by manufacturers include joint ventures, product innovation, and vertical integration. For instance, Arjuna Natural Pvt Ltd in 2018 has established a direct supply chain in the U.S. to increase the sales under its new brand and profit margin for the company.
Curcumin is an active ingredient is extracted from Curcuma Longa rhizome, containing bioactive compounds with medicinal properties such as anti-inflammatory, anti-microbial and contain antioxidants. The product has various application in several industries owing to its beneficial properties. Major manufacturers are trying to integrate the business by involving cultivation, extraction, processing, and distribution of the product. Further, tremendous growth in research & development activities in the pharmaceutical and cosmetic sector will propel the product demand.
Why Global Market Insights, Inc.?
- GMI is unparalleled when to comes to the quality of research and information provided to clients. Our unique methodology is designed to ensure a minimum of 90% accuracy to give our clients excellent value on their investment.
Over 200 experts are available across various time-zones, ready to serve clients for their research needs. Our industry experts help clients to design reports customized to their needs.