Curcumin Market Size Worth $208.45 Million By 2032 | CAGR: 10.1%

The global Curcumin market size is expected to reach USD 208.45 million by 2032, according to a new study by Polaris Market Research. The report “Curcumin Market Share, Size, Trends, Industry Analysis Report, By Nature (Conventional, Organic); By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Since ancient times, herbs and spices have been employed to enhance human beauty. Herbal formulations have garnered significant attention due to their exceptional properties and the minimal or absence of side effects. Natural plant-based cosmetics are widely regarded as safe for use. Medicinal cosmetics, serving as a blend of cosmetics and pharmaceuticals, aim to enhance skin health and beauty by preventing issues such as acne and wrinkles while also functioning as a sunscreen. These products contribute to improved skin texture by fostering collagen growth, countering the detrimental effects of free radicals, and promoting overall skin health.

In Southeast Asia, particularly among Indian women, the use of herbs like sandalwood and turmeric for skincare, along with the application of natural oils for fragrance, has been a longstanding tradition. However, this practice has gained traction in the United States and European countries in recent years. With an increasing number of consumers opting for natural products and embracing a sustainable lifestyle, this trend is anticipated to persist in the long term, drawing more consumers towards products with natural ingredients.

The onset of the COVID-19 pandemic had a notable impact on the industry in the early months of 2020. Turmeric and its by-products manufacturers found themselves needing to hire additional staff, scale up production, and implement various operational changes to meet the surging demand for yellow turmeric as an immunity-boosting spice. This heightened demand particularly affected many developing countries, primarily in South Asia and India, which are key producers of herbs and spices. As a result, there was a shortage of raw materials in the spice industry. The industry faced a significant challenge due to labor shortages resulting from the migration of the workforce amid the lockdowns imposed by governments worldwide to mitigate the spread of the virus.

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The preventive measures adopted for COVID-19 led to significant understaffing in key offices of the trade support structure. This resulted in delayed government approvals and challenges in completing physical documentation. Operating on the industry floor amid social distancing requirements posed difficulties, particularly in ensuring product safety. The control measures also led to a reduction in the availability of third-party laboratories for testing the quality and safety of products/raw materials, impacting small-scale production units without in-house testing facilities. Primary spice producers globally faced setbacks due to the withdrawal of marketing facilities, including the suspension of auctions and closure of wholesale markets, as a result of lockdown measures. The pandemic presented challenges for export businesses, with additional border controls disrupting established export supply lines. While the economic disruptions affected the entire industry, small-scale spice producers and processors were particularly hard-hit.

Curcumin Market Report Highlights

• In 2023, the Conventional segment secured the largest share of revenue. Conventional products, being readily available and cost-effective compared to organic alternatives, are extensively embraced, establishing conventional farming as the prevailing practice in these regions. Consequently, the conventional segment is anticipated to retain a substantial market share during the forecast period, upholding its dominance in the foreseeable future.
• During the forecast period, the pharmaceuticals segment dominated the market share. The high demand for curcumin, valued for its antioxidant, anti-inflammatory, and anti-cancer properties, is notable in Ayurvedic medicine, cosmetics, functional food, and the natural additive industries. Anticipating significant growth in the forecast period, the market is responding to the expanding cosmetic industry and consumers' increasing preference for traditional medicines.
• In 2023, Asia Pacific emerged as the leading market. The dominance of Asia Pacific in the curcumin industry is chiefly attributed to the demand for curcumin in the food and beverage sectors of India, China, and Bangladesh, along with its significant utilization in the traditional medicine industry in India and China. Turmeric, a key ingredient in various cuisines in India for centuries, has experienced increased demand in recent years due to ongoing research and analysis, positioning it as a sought-after flavor-enhancing and coloring agent in the food and beverage industry.
• The global key market players include Arjuna Natural Extracts Ltd., BioMax Lifesciences Ltd., Helmigs Prima Sehejtera P.T., Herboveda India Pvt. Ltd., Hindustan Mint & Agro Products Pvt. Ltd., Konark Herbals & Healthcare, Rosun Natural Products Pvt. Ltd., Sabinsa Corp., Star Hi Herbs Pvt. Ltd., SV Agrofood, Synthite Industries Ltd., Tri Rahardja PT/Javaplant, and Wacker Chemie AG.

Polaris Market Research has segmented the Curcumin market report based on nature, application, and region:

Curcumin, Nature Outlook (Revenue - USD Million, 2019 - 2032)

• Conventional
• Organic

Curcumin, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Cosmetics
• Food and Beverages
• Pharmaceuticals
• Others

Curcumin, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Curcumin Market Report Scope