July 13, 2020

Curcumin Market Share, Trends, Growth and Forecasts 2024

Curcumin is a constituent of the Indian spice turmeric, which is a type of ginger. Curcumin is one of three curcuminoids that is present in turmeric, and the other two being desmethoxycurcumin and bis-desmethoxycurcumin. These curcuminoids provide turmeric its yellow color and curcumin is used as food additive and a yellow food colorant. Curcumin is procured from the dried rhizome of the turmeric plant, which is considered as perennial herb that is cultivated widely in south and southeast Asian countries. The rhizome or the root is then processed to form turmeric, which comprises 2% to 5% curcumin. In the United States, turmeric is best regarded as a spice. It is considered as one of the chief components of curry powder. In India and other Asian parts, turmeric is used to heal many health conditions. It is considered to have antioxidant, anti-inflammatory and perhaps even anticancer properties. The global curcumin market was valued at US$ 44.6 Mn in 2017 and is expected to expand at a CAGR of 11.8% from 2018 to 2024.

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The key factor driving growth of global curcumin market is the rising demand for curcumin in the ayurvedic and herbal skin care products. Curcumin is gaining popularity as an ingredient in herbal skin care products. Because of the medicinal properties, curcumin has been the subject of much interest and research over the last few decades. Research has also confirmed that curcumin is an anti-inflammatory agent that can diminish and control inflammation and even play a role in cancer treatment. Curcumin also decrease the alteration, proliferation and spread of tumors. In animal educations, curcumin has been shown to have defensive effects in cancers of the skin, blood, mouth, pancreas, lung and intestinal tract. The most common applications of curcumin are as a dietary supplement, as a food coloring, in cosmetics and as flavoring for foods such as turmeric-flavored beverages. All these benefits and application of curcumin are expected to drive demand for the same during the forecast period.

The global curcumin market has been segmented based on application and geography. Based on applications, the global curcumin market has been segmented into pharmaceutical, food, cosmetic and others. Among various applications, pharmaceutical accounted for major share in the global curcumin market in 2017 and this segment is further expected to remain dominant in the near future. Growing demand for herbal cosmetic products is anticipated to drive the global market of curcumin in cosmetic applications as it aids as a remedy for various skin diseases. Fluctuating consumer preference towards natural food coloring food substances is likely to increase the demand of curcumin in food applications. However, occurrence of cheap synthetic food colors poses as a restraining factor in the growth of curcumin market. Pharmaceutical application covered more than 52% of the global curcumin market. However, cosmetic application assumes the highest growth rising at over 13% CAGR.

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Based on geography, the global curcumin market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada and Mexico whereas Europe would primarily cover Germany, France, UK, Italy and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. North America accounted for the largest market share in the global curcumin market and is further anticipated to maintain its leading position. North America is followed by Europe. Rising demand for curcumin based supplements in North America is the main reason, which is increasing curcumin market in North American countries. In addition, growing demand for curcumin in cosmetic applications is moreover driving the market hence the demand of curcumin is likely to be high during the forecast period in North America. Demand for curcumin is expected to remain high in Asia Pacific owing to the rising demand from skin care and cosmetic companies. Manufacturers are highly focused in India due to high presence of curcumin in Indian turmeric products.
The global curcumin market is concentrated with leading manufacturers such as Konark Herbals & Health Care, Hindustan Mint & Agro Products Pvt. Ltd., Biomax Life Sciences Ltd., SV Agrofood, Hebei Food Additive Co. Ltd., Herboveda India Pvt. Ltd., Arjuna Natural Extracts Ltd., Synthite Industries Ltd., Star Hi Herbs and Helmigs Prima Sejahtera.