Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global curcumin market size was valued at USD 79.12 million in 2022 and is projected to grow from USD 85.77 million in 2023 to USD 165.10 million by 2030, exhibiting a CAGR of 9.81% during the forecast period.
Turmeric, derived from Curcuma longa rhizomes and containing the active polyphenolic compound curcumin, has a history of medicinal use. The growing preference for turmeric products and sustainability is anticipated to drive continuous growth in the market by attracting more consumers toward natural ingredients. Fortune Business Insights presents this information in their report titled "Curcumin Market Share, Size, and Forecast 2023–2030."
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Leading Players Featured in the Curcumin Market Research Report:
- Wacker Chemie AG (Germany)
- Biomax Life Sciences Limited (India)
- Synthite Industries Ltd. (India)
- Arjuna Natural Pvt. Ltd (India)
- Kothari Phytochemicals & Industries Ltd. (India)
- Sydler Group of Companies (India)
- Vidya Herbs Private Limited (India)
- Konark Herbals and Health Care Pvt. Ltd. (India)
- Plant Lipids Private Limited (India)
- Sami-Sabinsa Group (India)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 9.81% |
| 2030 Value Projection | USD 165.10 Million |
| Curcumin Market Size in 2023 | USD 85.77 Million |
| Historical Data | 2019-2021 |
| No. of Pages | 158 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Curcumin Market Drivers | Increased Awareness of Health and Well-being among Consumers to Promote Market Growth |
| Changing Dietary Preferences of Consumers to Boost Market Growth |
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Segments:
Easy Availability and Lower Costs Drive Conventional Segment's Prevailing Market Share
By nature, the market is split into organic and conventional. Easy availability and lower cost make conventional farming prevalent in South East Asian countries. Thus, the conventional segment is expected to maintain a major market share and dominance over the forecast period.
Pharmaceutical Segment to Lead due to High Demand from the Pharmaceutical and Natural Medicines Industry
By application, the market is classified into food & beverages, pharmaceuticals, cosmetics, and others.
The pharmaceutical segment holds the highest market share. Curcumin has antioxidant, anti-inflammatory, and anti-cancer properties, making it a sought-after item in Ayurvedic medicine, cosmetic, functional food, and natural additive industries. With the expansion of the cosmetic industry and consumers' inclination toward traditional medicines, the pharmaceutical segment is expected to boost during the forecast period.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
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Drivers and Restraints
Rising Demand for Plant-Based Ingredients Drives Market Growth
Increasing global awareness of the environmental impact of animal-based foods is leading to a shift toward vegetarian diets and plant-based ingredients such as turmeric in food products. This trend and significant investments in research for new curcumin-based formulations, including beverages are anticipated to contribute strongly to the global curcumin market growth.
However, the presence of low-cost substitutes and adulteration by some manufacturers to meet increasing demand may hinder market growth.
COVID-19 Impact
Rising Demand for Curcumin-Strained Production and Supply Chains Amid Pandemic Disruptions
The curcumin industry felt the impact of the COVID-19 pandemic in early 2020, with manufacturers of turmeric and its derivatives needing to increase production and adapt operations to meet rising demand driven by its perceived immunity-boosting properties. This strain was particularly felt in herb and spice-producing developing nations, such as India, due to labor shortages stemming from pandemic-related lockdowns and workforce migration.
Regional Insights
Asia Pacific Leads with Strong Demand from Food & Beverage and Traditional Medicine Sectors
Asia Pacific holds the largest curcumin market share, valued at 24.85 million in 2022. The region dominates due to robust demand, especially from the food & beverage industry in India, China, and Bangladesh as well as traditional medicine industries.
North America's position is reinforced by its growing pharmaceutical and food & beverages sectors.
Competitive Landscape
Innovation Drives Competition in the Market as Start-Ups Challenge Established Players
The market is witnessing innovation and substantial demand from the food, beverages, and cosmetics sectors. Consequently, industry participants employ various strategies to capture regional markets and enhance their foothold in emerging markets. Multitudes of new start-ups are entering, vying with established global players regarding innovative offerings. The rise of these new start-ups is leading established companies to intensify their efforts to secure market share.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Market
- Regulatory Framework
- Supply Chain Analysis
- Recent Industry Developments - Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (In relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Curcumin Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Nature (Value)
- Organic
- Conventional
- By Application (Value)
- Food & Beverages
- Pharmaceutical
- Cosmetics
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Nature (Value)
- North America Curcumin Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Nature (Value)
- Organic
- Conventional
- By Application (Value)
- Food & Beverages
- Pharmaceutical
- Cosmetics
- Others
- By Country (Value)
- U.S.
- Canada
- Mexico
- By Nature (Value)
- Europe Curcumin Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Nature, (Value)
- Organic
- Conventional
- By Application (Value)
- Food & Beverages
- Pharmaceutical
- Cosmetics
- Others
- By Country (Value)
- France
- Germany
- Italy
- Spain
- U.K.
- Rest of Europe
- By Nature, (Value)
- Asia Pacific Curcumin Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Nature, (Value)
- Organic
- Conventional
- By Application (Value)
- Food & Beverages
- Pharmaceutical
- Cosmetics
- Others
- By Country (Value)
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- By Nature, (Value)
TOC Continued...!
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Key Industry Development
- July 2021: Vieroots Wellness Solutions introduced a curcumin latte enriched with curcumin and MCT oil to combat chronic inflammatory conditions such as cancer, diabetes, hypertension, and obesity.
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