According to a report, “ Curcumin Market Size, Share & Trends Analysis Report By Application (Pharmaceutical, Food, Cosmetics), By Region (Asia Pacific, North America, CSA, Europe, MEA), And Segment Forecasts 2018 - 2025 ”, published by Grand View Research, Inc.,The global curcumin market size is expected to reach USD 130,671.7 thousand by 2025, registering a 13.3% CAGR during the forecast period. Anti-inflammatory and antioxidant properties of curcumin make it an ideal ingredient in several food and medical applications. The market is expected to witness significant growth in light of growing consumer awareness regarding the aforementioned therapeutic properties.
Turmeric or curcumin is popularly used in cosmetic products. In India, turmeric forms a key ingredient in numerous Ayurveda medicines. It is used to prevent and heal dry skin, treat acne and eczema, and slow down the aging process. Natural cleansers, such as milk, when mixed with turmeric, serve as effective natural cosmetics. Glowing skin and controlling and reducing formation of wrinkles and lines are some of the benefits of these cosmetics. Turmeric is also used for dyeing silk, cotton, wool, and fabrics for a yellowish shade. The dye is also used as a coloring material in rice milling and leather dyeing.
Pharmaceuticals formed the largest application segment in terms of volume, accounting for a share of over 50.0% in 2016, owing to increasing demand for curcumin-based OTC supplements. Demand in food applications has also witnessed a surge in terms of absolute volume on account of growing demand for natural coloring and flavoring substances.
Players in the market include Wacker Chemie AG, BioMax Life Sciences Ltd., Synthite Industries Ltd., Hindustan Mint & Agro Products Pvt. Ltd., and Arjuna Natural Extracts Ltd. Arjuna Natural Extracts Ltd. invested approximately USD 1.5 million in proactive curcumin research in March 2016.
Further key findings from the repot suggest:
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North America was the largest regional market in 2016, with a value of USD 23,552.9 thousand. Growing demand for processed food products and curcumin-based health supplements is expected to drive demand in this region
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India is one of the largest manufacturers of curcumin, contributing to more than 80.0% of the global production, which is on account of presence of large scale turmeric cultivations. Low consumer awareness of curcumin as a healthy ingredient in India results in majority of it being exported to North America and Europe
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Europe is expected to be the fastest growing region, with the market estimated to rise at a revenue-based CAGR of 14.8% over the forecast period. Growing demand from buyers, coupled with regulatory support from the European Food Safety Association (EFSA), have made curcumin a preferred pharmaceutical ingredient, thereby fueling the market
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Key players in the global curcumin market include Arjuna Natural Extracts Ltd., Synthite Industries Ltd., Sabinsa Corporation, and Helmigs Prima Sejahtera PT. Arjuna Natural Extract Ltd. has a patent for curcumin formulation from turmeric, making it a prominent player.
Application Insights
Curcumin finds application in cosmetics, food, pharmaceutical, and others, including textiles and dye-sensitized PV technology. Pharmaceuticals formed the most significant application segment in 2016 on account of increasing demand for curcumin-based supplements.
The market potential for medical supplements is enormous on account of its availability over the counter without being restricted by any regulations. It also finds use in treatment of viral infections, gastric ailments, arthritis, Alzheimer’s, and tumors. It is also useful in treating various types of skin diseases and hence its demand is likely to expand over the forecast period.
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There has been a surge in demand for natural food coloring substances due to shifting consumer preferences toward use of natural food products. Presence of cheaper synthetic food products and substitutes may, however, challenge the growth of the curcumin market over the forecast period.
Regional Insights
North America was the largest regional market in 2016 and is anticipated to witness substantial growth on account of rising demand for curcumin-based nutritional supplements. Growing demand for applications in cosmetic preparations is expected fuel the market.
Europe was the second largest market and is expected to witness the fastest growth rate over the forecast period. This can be attributed to increasing demand for curcumin in pharmaceutical and food applications. Research studies have hinted at application of curcumin for treatment of cancer and this is expected to be a major factor driving the market in Europe.
Demand in Asia Pacific is expected to be driven by growing demand from several cosmetics and skin care manufactures. These herbal products are fast gaining prominence and penetration in a number of European and North American countries.
Browse Related Report:
- Guar Gum Market - Increasing demand for convenience food owing to changing eating habits is expected to have a significant impact on industry trends. Guar gum as an additive offers extended and stable shelf-life to processed food; this is anticipated to boost Guar gum market growth.
- Specialty Food Ingredients Market - Specialty ingredients are the foremost important products that guarantee the wellbeing of the vast range of processed foods. Specialty ingredients that range from a wide variety of macro ingredients such as fibers, carbohydrates, fats & specific proteins to other micro ingredients including minerals, vitamins & enzymes, all typically perform various functional activities thus enhancing the diet quality and taste.
Grand View Research has segmented the global curcumin market on the basis of application and region:
Curcumin Application Outlook (Volume, Tons; Revenue, USD Thousand, 2014 - 2025)
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Pharmaceutical
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Food
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Cosmetics
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Others
Curcumin Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2014 - 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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U.K.
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France
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Italy
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Spain
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Poland
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Russia
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Denmark
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Asia Pacific
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China
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India
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Japan
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Australia
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Malaysia
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Indonesia
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Thailand
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South Korea
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Vietnam
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CSA
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Brazil
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Argentina
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MEA
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UAE
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Saudi Arabia
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South Africa
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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