Newark, NJ, June 03, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global curcumin market is expected to grow from USD 65.8 million in 2020 and reach USD 171.3 million by 2028, growing at a CAGR of 12.7% during the forecast period 2021-2028.
Over the forecast period, rising market awareness, especially in developing countries such as the United States, Germany, and Denmark, is expected to boost demand for curcumin. It comes from the Curcuma longa plant and is an important ingredient of turmeric. A growing demand for ayurvedic medicinal formulations has been identified in a number of countries, and this trend is expected to continue. Its intrinsic anti-cancer, anti-oxidant, and anti-inflammatory properties are encouraging its use through end-user sectors, resulting in an increase in demand. Curcumin also has a lot of uses in skin care, such as preventing ringworm, eye inflammation, leech bites, swollen skin, bruising, and swelling, both of which would fuel demand for the medication in the future.
Curcumin, also known as turmeric, is a bioactive compound occurring in the root of the Curcuma longa plant. Curcumin has anti-inflammatory and anti-oxidant effects, making it a good choice for a variety of medicinal and nutritional applications. Owing to increased customer understanding of curcumin's medicinal properties, the demand for the spice is expected to expand significantly. Curcumin, also known as turmeric, is commonly used in cosmetics. Turmeric is a main component in most Ayurvedic medicines in India. It is used to cure acne and eczema, as well as to prevent and cure dry skin and reverse the aging process.
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Curcumin consumption has been fuelled by rising health awareness, numerous health benefits of curcumin, and growing demand for safe and organic supplements in recent years, propelling the curcumin market forward. Factors such as leading a healthier lifestyle, increasing demand for organic-based foods and ayurvedic herbal formulations, and advances in pharmaceutical and skincare products containing curcumin have aided the global curcumin market's expansion. The prevalence of less expensive synthetic food colorants, as well as formulation challenges in curcumin-based products, are limiting the market's expansion. Curcumin's importance and demand are predicted to rise in the coming years when it is used in ayurvedic and herbal dietary supplements and skincare products.
Key players operating in global curcumin market include Biomax Life Sciences Ltd, Arjuna Natural Extracts Ltd., Wacker Chemie AG, SV Agrofood, Herboveda India Pvt. Ltd. and Synthite Industries Ltd. To gain a significant market share in the global curcumin market, the key players are now focusing on adopting strategies such as mergers & acquisitions, collaborations, product innovations, recent developments, joint venture, and partnership. Arjuna Natural Extracts Ltd. and Wacker Chemie AG are some of the key manufacturers operating in curcumin market.
Pharmaceutical segment dominated the market and held the largest market share of 30.9% in the year 2020
On the basis of application, the global curcumin market is segmented into food, pharmaceutical, cosmetic and others. Pharmaceutical segment dominated the market and held the largest market share of 30.9% in the year 2020. Pharmaceutical was the main application segment in terms of both volume and revenue, accounting for over half of the market, owing to the increasing demand for curcumin-based OTC supplements. The food industry's commodity market has increased in volume as a result of the increased demand for natural flavoring and coloring agents.
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Regional Segment of Curcumin Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global curcumin market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia Pacific region held the largest market share of 25.16% in the year 2020. A greater number of laboratory studies to show structure-function relationships and human clinical trials to determine effectiveness and protection through particular applications (prevention and supportive treatment of digestive disorders, arthritis, cancers, etc.) is a major driver for curcumin in the Asia-Pacific region. Increased customer awareness of the benefits of natural ingredients in fruit, cosmetics, and medicines is projected to aid Asian market players in capitalizing on lucrative curcumin opportunities. By far the world's biggest producer and exporter of turmeric is India. Turmeric accounts for around 6% of the overall spice and condiment area in India.
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About the report:
The global curcumin market is analysed on the basis of value (USD million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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