Curcumin Market size to exceed USD 100mn by 2024
Published Date: September 10, 2019 Authors: Kunal Ahuja, Amit Rawat
Curcumin Market size is estimated to surpass USD 100 million by 2024; according to a new research report by Global Market Insights, Inc.
Strong product scope in pharmaceutical applications owing to product usage as anti-inflammatory, anti-microbial, anti-diabetic, and anti-tumor is surging the curcumin market growth. The product plays an important role in the treatment of Alzheimer’s disease and neurological disorders. Robust growth in the pharmaceutical sector owing to the rising prevalence of chronic and non-communicable diseases will propel the curcumin industry share. Also, the product is used to develop creams and ointments to treat various skin problems owing to its anti-inflammatory and anti-oxidant properties.
The rise in awareness of the health benefits of the product supported by increasing production capacity will drive the business expansion. In addition, increasing the consumption of healthy and organic foods will support curcumin market expansion. Shifting preference towards natural food additives will drive the product demand over the forecast timeframe. Moreover, rising in demand for cosmetics majorly including products such as hair care and skin care products is expected to propel the curcumin market expansion over the forecasted time frame. The product is widely used to prepare anti-aging and cleansing products owing to its antioxidant nature.
Get more details on this report - Request Free Sample PDF
Curcumin is a bioactive component of turmeric. Growing raw material production supported by favorable trade policies is fueling market development. India is the largest producer and consumer of turmeric accounting around 78% of the global production in 2016. Countries including the U.S., Germany, UAE, the UK, and Iran are the major importers of turmeric. Whereas, India, China, and Thailand are among the leading exporters of the product in 2017. Further, strong R&D investments towards increasing product adoption in diverse pharmaceutical products and dietary supplements are fueling the business expansion.
Rising demand for curcumin supplements due to the growing consumer health concern coupled with will superior product benefits would promulgate the opportunities for manufacturers. However, excess consumption of the product may lead to diarrhea, nausea, dizziness, and stomach upset, thereby hampering business expansion. Also, geopolitical issues can hamper the trade policies adopted by leading importers, resulting in reduced product demand.
Browse key industry insights spread across 160 pages with 214 market data tables & 14 figures & charts from the report, “Global Curcumin Market Size By Application (Pharmaceutical, Food, Cosmetic), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Food applications are expected to hold over 40% share in total curcumin demand by 2024. It is used in the food & beverage industry as a spice, flavoring, and coloring agent. Curcumin has several health benefits such as lowering the process of aging due to its antioxidant properties. Continuous product development and innovations to increase the shelf life of the food products will promulgate the product demand. Robust growth in the food & beverage industry particularly in emerging economies owing to the rising disposable income and rapid urbanization will provide lucrative opportunities for the manufacturers.
The Asia Pacific is projected to witness over 12.5% CAGR from 2017 to 2024. Rising demand for food and beverage owing to the increase in population will drive the curcumin market. Large production capacity accompanied by increasing R&D activities utilizing the product in pharmaceutical and cosmetic applications will generate new growth opportunities. Growing demand for herbal and ayurvedic medicine in other regions to cure and prevent chronic diseases will support business expansion. Further, Asia Pacific holds around 37% share in the global cosmetics industry. Increasing product scope in cosmetic applications for reducing scars & acne and provide glow to the skin is anticipated to augment the regional share.
The global curcumin industry share is fragmented in nature due to the presence of several international and regional manufacturers. Key industry participants include Hindustan Mint and Agro Products, Synthite Industries, Biomax Lifesciences, SV Agrofood, Konark Herbals & Health Care, SV Agrofood and Helmigs Prima Sejahtera PT. Companies adopt strategies such as joint ventures, new product development, investments in R&D, and strategic integrations including backward integration with farmers to increase their profit margins. For instance, in November 2014, new patent received by Arjuna Naturals PVT. Ltd for curcumin in its BCM- 95 (Curcugreen) formulation will help the company to expand its footholds in North America and Europe.
Curcumin market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons & revenue in USD million from 2013 to 2024, for the following segments:
Curcumin Market By Application
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America (LATAM)
- Middle East
- South Africa
- Saudi Arabia