The global curcumin market size is expected to reach USD 130,671.7 thousand by 2025, according to a new study by Grand View Research, Inc., 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:
- 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
- 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
- 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
- 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.