The global curcumin market size was valued at USD 85.77 million in 2023. The market is projected to grow from USD 93.24 million in 2024 to USD 205.48 million by 2032, exhibiting a CAGR of 10.38% 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, 2024–2032."
Information Source: https://www.fortunebusinessinsights.com/industry-reports/curcumin-market-101453
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.
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.
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.
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.
List of Major Players Profiled in the 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)
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