The global Curcumin Market is forecasted to reach USD 135.4 Million by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the rising customer consciousness about the health benefits and therapeutic properties of curcumin. Moreover, the rising trend of using natural ingredients in cosmetic products is fostering the market demand. However, the availability of cheaper synthetic products is hampering the growth of the market.
Reports and Data forecasts promising developments for the curcumin market. The increased adoption of the product based cosmetics and food products in developed nations like the U.S. will drive the growth of the market. The increasing use of the product in the Pharmaceutical segment, especially in developing countries like India and China, is likely to increase the growth of the market further. Increasing customer awareness in the Asia-Pacific region will also drive the growth of the market. New players coming in will introduce innovations with the product, generating further demand in the future.
Growing awareness amongst consumers about their healthy well-being is augmenting the demand for the market product. New and existing cosmetic companies focusing on natural ingredients and using curcumin as one of the primary ingredients is leading to increasing demand for the market. A rise in the acceptance of Ayurvedic medicines is helping the market size of curcumin due to its high value in Ayurvedic formulations.
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Key participants include SV Agrofood, Biomax Life Sciences Ltd., Konark Herbals and Health Care, Star High Herbs Pvt. Ltd., Hebei Food Additive Co. Ltd., Arjuna Natural Extracts Ltd., BioThrive Sciences, Synthite Industries Ltd., Herboveda India Pvt. Ltd., and Hindustan Mint & Agro Products Pvt. Ltd., among others.
Further key findings from the report suggest:
- The largest application of curcumin is in the pharmaceutical sector, and it occupied 55.7% of the market in 2019. This is primarily because of the increasing awareness regarding the health benefits of curcumin.
- The food-grade sub-segment occupied 36.2% of the market in 2019, mainly due to the increasing use of curcumin in food in the developed countries and developing countries like China and India. Food-grade is forecasted to grow at a CAGR of 11.7% in the forecast period.
- Offline stores dominated the distribution channel and occupied 77.18% of the market share in 2019. The major reason behind this is that internet penetration is low in many areas, and the majority of the population still prefers to buy groceries offline in developing countries.
- North America dominated the market for curcumin in 2019. The reason behind this is that the population in this region is highly educated, and hence consumer awareness regarding the health benefits and cosmetic applications is high.
- India is the largest producer of curcumin, majorly because of the large applications of curcumin in the food segment, apart from the pharmaceutical and cosmetic segment, which is also prevalent in the rest of the world. India is responsible for about 80% of the production of curcumin in the world and is accountable for 60% of the exports.
- In March 2017, Arjuna Natural Extracts Ltd. invested USD 1.5 Million in the research and development of proactive curcumin. This is expected to drive the demand for the market.
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Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Other Uses
Type Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Food Grade
- Cosmetics Grade
- Pharmaceutical Grade
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Offline Stores
- Online Stores (E commerce)
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Regional Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Key questions answered:
- Which of these regions – North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, dominates market share?
- What is the outcome of the COVID-19 Impact Analysis performed in the report?
- What are the revenue estimations for every region in the Curcumin market?
- What is the current market valuation of each region and the estimated market size by the end of the forecast period?
- What is the projected growth rate of the global Curcumin market?
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