Curcumin Market Share, Size, Trends, Industry Analysis Report, By Nature (Conventional, Organic); By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 118
- Format: PDF
- Report ID: PM1267
- Base Year: 2023
- Historical Data: 2019 - 2022
Report Outlook
The global Curcumin market was valued at USD 87.76 million in 2023 and is expected to grow at a CAGR of 10.1% during the forecast period.
The expansion in this market can be attributed to the inherent properties of the product, including its anti-cancer, anti-oxidant, and anti-inflammatory attributes. Additionally, its widespread utilization in skincare applications, such as preventing ringworms, eye infections, leech bites, sore skin, bruising, and swelling, among others, is anticipated to fuel market growth in the forecast period. Curcumin, extracted from turmeric and ginger, serves as an active ingredient with therapeutic properties. Turmeric is extensively consumed in South East Asian countries in both culinary and medical products due to its healing characteristics.
The growing awareness among consumers regarding its health benefits and rising recognition of its medicinal values will stimulate product demand globally. A shift in consumer trends and heightened awareness of the advantages associated with using organic and natural ingredients in medical, cosmetic, and food applications will further contribute to increased product demand throughout the forecast period.
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Curcumin, characterized by its hydrophobic and lipophilic properties, finds considerable application in the pharmaceutical industry, primarily owing to its traditional therapeutic uses. Ongoing research explores the utilization of diverse nanoparticles, including dendrimers, polymeric nanoparticles, and nanogels, as carriers for delivering curcumin in cancer treatment and the therapy of neurological diseases. Its established health benefits, coupled with its potential to prevent diseases such as Alzheimer's, coronary heart diseases, and cancer, have been substantiated.
In recent years, the United States has experienced an upsurge in demand for the product, driven by increasing consumer awareness of its medicinal properties and health benefits. Additionally, the product has found substantial application in tissue engineering, prompting companies to invest significantly in research to explore its pharmaceutical industry applications, mainly attributed to its non-toxic nature. Consumers in developed economies, such as the U.S., Denmark, and Germany, are well-informed about these research findings, indicating potential high demand.
Industry Dynamics
- Growth Drivers
- Growing consumer awareness of health and well-being is expected to drive market growth.
Prioritizing health and wellness has become a global consumer trend. The demand for natural products with immune-boosting properties has witnessed a substantial increase in recent years. Natural extracts, known for their benefits against various ailments, have gained prominence. Turmeric, utilized in medicinal and cosmetic formulations since ancient times, continues to be incorporated into modern cosmetic products, particularly in countries like India. Clinical trials conducted by research organizations worldwide have demonstrated that curcumin possesses antioxidant and anti-inflammatory properties, making it suitable for developing medicinal supplements and cosmetic formulations. Consequently, the demand for such products has experienced significant growth.
Report Segmentation
The market is primarily segmented based on nature, application, and region.
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By Nature |
By Application |
By Region |
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By Nature Analysis
- The Conventional segment held the largest revenue share in 2023
Curcumin is derived from turmeric, primarily grown in South East Asian countries and India. India stands out as the leading producer of turmeric, contributing to approximately 80% of global production, followed by China, Myanmar, Nigeria, and Bangladesh. In these countries, farmers typically have lower annual incomes compared to their counterparts in Europe and North America, leading them to choose agro products that are both affordable and readily available.
Conventional products, being easily accessible and cost-effective in comparison to organic alternatives, are widely adopted, making conventional farming the predominant practice in these regions. As a result, the conventional segment is expected to maintain a significant Curcumin market share throughout the forecast period, sustaining its dominance in the years to come.
Moreover, there has been a noticeable increase in the popularity and awareness of organic farming in recent years. Given the demand for organic products and consumers' willingness to pay premium prices for them, farmers are increasingly choosing organic cultivation practices. This factor is anticipated to drive the growth of the organic segment, with the highest expected CAGR during the forecast period.
By Application Analysis
- The Pharmaceuticals segment accounted for the highest market share during the forecast period
Curcumin, prized for its antioxidant, anti-inflammatory, and anti-cancer properties, is in high demand in Ayurvedic medicine, cosmetics, functional food, and the natural additive industries. As the cosmetic industry expands and consumers show a growing preference for traditional medicines, the market is expected to experience significant growth in the forecast period.
Turmeric, a staple in Indian cuisine for centuries, is witnessing increasing demand from the Western food and beverage industry due to a rising awareness of natural herbs and spices. The use of yellow turmeric in the food and beverages sector as a coloring agent, taste enhancer, and flavoring agent in beverages has been steadily rising over the past few years.
The cosmetics sector has experienced significant growth in recent years as consumers continually seek innovative products. The increasing utilization of natural herbs in the cosmetic industry is a notable trend, anticipated to drive the demand for curcumin in this sector. Consequently, the cosmetic industry is expected to register the highest Compound Annual Growth Rate (CAGR) over the forecast period.
Regional Insights
- Asia Pacific dominated the largest market in 2023
Asia Pacific commands the largest market share in the curcumin industry, primarily driven by the demand for curcumin in the food and beverage sectors of India, China, and Bangladesh, as well as the traditional medicine industry in India and China. In India, turmeric has been a key ingredient in various cuisines since ancient times. While its use in the food and beverage industry had been limited in recent years, ongoing research and analysis have led to an increased demand for turmeric as a flavor-enhancing and coloring agent. Additionally, growing consumer awareness of traditional medicines is contributing to the steady expansion of the traditional medicine market. This factor is anticipated to boost consumption during the forecast period, thereby propelling the global market.
Europe serves as a major turmeric importer, primarily utilized in the cosmetic industry after being transformed into curcumin. As a global hub for cosmetics, the region hosts major manufacturing sites of prominent cosmetic companies, resulting in a persistent increase in demand. The swift expansion of Europe's food and beverage industry creates openings for turmeric processors to launch novel and innovative products in the region. This aligns with the overall growth of the cosmetic industry in Europe.
Key Market Players & Competitive Insights
The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.
Some of the major players operating in the global market include:
- Arjuna Natural Extracts Ltd.
- BioMaxLifesciences Ltd.
- Helmigs Prima Sehejtera P.T.
- Herboveda India Pvt. Ltd.
- Hindustan Mint & Agro Products Pvt. Ltd.
- Konark Herbals & Healthcare
- Rosun Natural Products Pvt. Ltd.
- SabinsaCorp.
- Star Hi Herbs Pvt. Ltd.
- SV Agrofood
- Synthite Industries Ltd.
- Tri Rahardja PT/Javaplant
- WackerChemie AG
Recent Developments
- In February 2023, Herbalife Nutrition has integrated nanotechnology in the creation of a turmeric-based supplement. This technological approach aims to improve the solubility and concentration of curcumin within the body. Initially introduced in Indonesia, the product is set to become accessible in the Asia Pacific region soon.
- In September 2022, Revive CBD Complex Curcumin and Hemp Extract, introduced by NextEvo Naturals, a leading supplement brand dedicated to transforming the delivery of nutritional compounds, aims to offer consumers an optimal experience with its vegan, non-GMO, and gluten-free formula.
- In July 2022, Curcumin Ultra+, recently introduced by OmniActive Health Technologies, stands as a distinctive nutritional solution designed to address knee joint comfort and mobility concerns, including the promotion of cartilage health. This product expansion within the company's portfolio enhances its market offerings.
Curcumin Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 96.30 million |
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Revenue forecast in 2032 |
USD 208.45 million |
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CAGR |
10.1% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Nature, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
Curcumin Market Size Worth $ 208.45 Million By 2032.
The top market players in Curcumin Market are include Arjuna Natural Extracts Ltd., BioMax Lifesciences Ltd., Helmigs Prima Sehejtera P.T
Asia Pacific is the region contribute notably towards the Curcumin Market.
The global Curcumin market is expected to grow at a CAGR of 10.1% during the forecast period.
Curcumin Market report covering key segments are nature, application, and region.
