In its latest study, Future Market Insights (FMI) uncovers hidden growth prospects in the curcumin market for the assessment period 2021-2031. It provides sales projection for various segments in terms nature, form, technology, application, and end-use. The study also discloses trends that are expected to shape growth of the market over coming decade.
DUBAI, UAE, Nov. 16, 2021 /PRNewswire/ -- As per FMI, the global curcumin marketis estimated to reach US$ 95.5 Mn in 2021. Increasing application of curcumin across food & beverage, personal care, cosmetics, and other industries will enable the curcumin market size to more than triple, totaling US$ 279.3 Mn, in comparison to the US$ 86.2 Mn registered in 2020.
Curcumin is gaining popularity as a functional ingredient across the personal care and cosmetic industries owing to its anti-microbial, antioxidant, anti-inflammatory properties. It is increasingly being used for various skin care applications such as prevention of ringworms, leech bites, bruising, eye infection, and swelling among others. Driven by this, the sales of curcumin are expected to grow at an impressive CAGR of 11.3% during the forecast period 2021-2031.
Rising consumer inclination towards plant-based and natural food products will fuel the demand for curcumin functional food and medicines. In addition to this, increasing application of curcumin supplements in the beverage industry for the production of sports and performance drinks, ready-to-drink teas, and energy drinks are anticipated to create lucrative opportunities for the growth of the market.
On the basis of nature, conventional curcumin is projected to emerge as the most attractive segment in the market, accounting for more than 87.3% of the total curcumin sales in 2021. Increasing application of curcumin (turmeric yellow) and curcumin food color in superfoods in the packaged foods sector and plant-based supplements is favoring the growth in the segment.
"Curcumin functional medicines is making deeper inroads in the healthcare sector. Their use in the treatment of cancer, coronary heart diseases, and neurological disorders for their cardio and neuroprotective benefits is expected to push growth in the market through the forecast period," says a FMI analyst.
The U.S. is estimated to remain the dominant market in North America, accounting for nearly 81.1% of the regional sales by 2021.
Germany is anticipated to emerge as a highly lucrative market in Europe, accounting for around 16.3% of the demand share in the region in 2021.
India is expected to account for the largest share in South Asia, holding over 45.2% of the curcumin sales by the end of 2021.
China is forecast to emerge as the most remunerative market in East Asia, creating an incremental opportunity of US$ 6.8 Mn through 2021.
Among the end-use verticals, the herbal and medicinal product segment is projected to register the fastest growth in the market, expanding at 12% CAGR over the assessment period.
Increasing use of curcumin as a natural coloring additive in the production of mustard, butter, popcorn, cheese, and yellow cake mix is fuelling the demand in the food industry.
Rising inclination towards adoption of clean label cosmetics and skincare products is encouraging industry players to use natural and plant-based ingredients such as curcumin, which is in turn, driving the sales in the cosmetic segment.
Availability of low-cost substitutes such as synthetic food colorants is a primary factor hindering the sales of curcumin.
Side effects associated with the consumption of curcumin such as constipation, gastroesophageal reflux, yellow stool, and stomach ache among others is hampering the demand for curcumin.
As per FMI, the top five manufacturers in the global curcumin market are estimated to account for nearly 35-45% of the total revenue share in 2021.
Leading players are focusing of adopting growth strategies such as new product launch, production capacity expansion, merger, collaboration, and acquisition to increase their global presence and market share. For instance,
In April 2019, Nuvothera, Inc., an American biotech company, announced launching a new Super-mirconized Turmeric Curcumin supplement to meet the increasing demand for curcumin-based beverages. The product launch is expected to assist the consumer reduce their dependence on prescribed medicines.
In October 2018, Applied Food Sciences Inc., a leader innovator of functional and organic ingredients in the natural products industry, announced launching its new product named CurcuFlow, a free-flowing curcumin extract. It is designed for the producers to assist them in achieving a stain-free and cleaner turmeric production.
Some of the key players operating in the market profiled by FMI are:
BioMax Life Sciences
Hebei Tianxu Biotech Co.,Ltd
Synthite Industries Ltd
Herboveda India Pvt. Ltd
The Green Labs LLC
Hindustan Mint & Agro Products Pvt. Ltd.
Arjuna Natural Extracts Ltd.
Star Hi Herbs Pvt. Ltd.
Helmigs Prima Sehejtera P.T
More Valuable Insights on CurcuminMarket
The latest report by FMI provides a detailed analysis of the global curcumin market, providing credible insights into key factor driving the market through 2021 and beyond. The study also disclosed growth projections in curcumin market with detailed segmentation:
Flavorant & Colorant
Herbal & Medicinal Products
Middle East & Africa
Key Questions Covered in the Report
The report offers insight into curcumin market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for curcumin market between 2021 and 2031
Curcumin market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Curcumin market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.