Global Curcumin Market - 2022-2029

Global Curcumin Market - 2022-2029

Market Overview

The global curcumin market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Curcumin, a physiologically active polyphenolic compound, is found in turmeric, which is obtained from the rhizomes of the plant Curcuma longa. Turmeric has long been used for medicinal purposes, although its limited bioavailability limits its therapeutic effectiveness. Curcumin is most commonly used as a nutritional supplement in cosmetics, as a food flavoring in turmeric-flavored drinks in South and Southeast Asia, and as a food coloring in curry powders, mustards, butter, and cheeses. The product's natural characteristics, including anti-cancer, anti-oxidant, and anti-inflammatory capabilities, can be credited with this growth. It's also frequently used in skin-care applications, such as the prevention of ringworms, eye infection, leech bites, painful skin, bruising, and swelling, among others, which is likely to fuel market growth throughout the forecast period.

Market Dynamics:

Increased consumer awareness of health and well-being to promote market growth

Consumers all across the world have made health and wellness a top priority. In recent years, there has been a substantial demand for natural products with immune-boosting characteristics. Various natural extracts have recently acquired popularity due to their efficacy in treating various diseases. Turmeric has been used in many medical and cosmetic compositions in many nations, including India, since ancient times, and the product is still in demand today. Curcumin has been proven to have antioxidant and anti-inflammatory qualities in various clinical investigations conducted worldwide, making it appropriate for generating therapeutic supplements and cosmetic formulations. As a result, there has been a huge increase in demand.

Curcumin can be replaced by various low-cost alternatives, such as natural spices like mustard powder, which can be utilized as natural food additives. Other chemical compounds can also be used to produce medications and colors. As a result, manufacturers can use less expensive raw materials, slowing the market's growth. The strain on the turmeric supply chain to source raw materials and deliver these goods to companies for further processing has intensified. To accommodate this rising demand, some firms adulterate turmeric species or dyes, lowering the quality of the finished product. This harms brand perception, resulting in slow market expansion in the region.

Market Segmentation:

Pharmaceuticals accounted for the highest share in global curcumin market

In 2021, the pharmaceutical application category dominated the market, with a revenue share of more than XX percent. The segment is expected to expand at the quickest CAGR during the projection period. For ages, curcumin has been used to treat infections and inflammation in traditional Asian herbal treatments. Over the projection period, the cosmetics application category is expected to increase significantly. The substance's antioxidant, anti-inflammatory, and antiaging qualities play a key role in its cosmetic application. UV rays trigger the creation of free radical species, which react with protein, DNA, and fatty acids, irritating the epidermis further.

Because conventional products are readily available and cost less than organic products, conventional farming is the predominant practice in these countries. As a result, in the year of forecast 2021, the conventional sector holds most of the market share and will continue to do so in the years ahead.

Geographical Penetration:

Asia-Pacific is the dominating region during the forecast period

A greater emphasis on research and development to improve curcumin bioavailability is a major driver for curcumin in the Asia-Pacific region, with more laboratory studies to prove structure-function relationships and human clinical trials to establish efficacy and safety by specific applications. Because of the product's natural anti-oxidants, the Chinese curcumin market is expected to see significant growth from the pharmaceutical and cosmetics industries. Japan's curcumin market is predicted to be fueled by high demand for turmeric-based organic nutritional supplements and anti-cancer treatment. Increased consumer awareness of the benefits of natural components in food, cosmetics, and medications is projected to aid Asian market players in capitalizing on potential curcumin opportunities. India is the world's largest producer and exporter of turmeric. Turmeric accounts for around 6% of India's total spice and condiment area.

During the forecast period, Europe is expected to have the highest CAGR of XX percent. The well-established personal care and cosmetics business in Western European countries such as Italy, Germany, and Spain is a primary driver of the regional market. Due to increased product demand for food and nutritional supplements, North America accounted for the greatest revenue share in 2020. Numerous luxury cosmetic brands are based in North America, and these companies are more inclined to use organic components in their products, which provides the market with growth potential.

Competitive Landscape:

The global market is extremely competitive and fragmented, and it is primarily driven by its use in nutraceuticals and cosmetics. Some of the major companies in the curcumin market are Biomax Life Sciences Ltd, Synthite Industries Ltd, and Konark Herbals & Health Care ,Arjuna Natural Extracts Ltd and SV Agrofood,Herboveda India Pvt. Ltd. Technological advancements in production, brand portfolio expansion, product development, and expansion of curcumin bioavailability are the key strategies adopted by market players.In July 2021, Pharma Way North America, a pharmaceutical firm based in Atlanta, launched DOT SHOT – a first-of-its-kind ultra-soluble curcumin wellness drink.

COVID-19 Impact:

Negative impact on the global curcumin market

In the first months of 2021, this industry felt the effects of the COVID-19 pandemic. To meet the rising demand for curcumin as an immunity-boosting spice, turmeric and by-products producers have had to hire more people, improve output, and make different operational changes. Many developing countries around the world, particularly South Asia and India, which are significant producers of herbs and spices, were severely impacted, resulting in a raw material scarcity in the spice sector. The sector faced a severe problem as a result of the lockdowns implemented by governments in many nations to stop the virus from spreading. The labour scarcity was created by the migration of the workers. Many key offices in the trade support structure were understaffed as a result of the COVID-19 preventive measures, which resulted in government approvals being delayed and the completion of physical documentation posing problems. Continuing operations on the industry floor amid social distancing and ensuring the product's safety was also a major issue. Third-party laboratories for testing product/raw material quality and safety have become scarce as a result of the controls, and small-scale production units without in-house testing capabilities have confronted this difficulty. Due to lockdown measures like as auction suspensions and wholesale market closures, primary spice growers around the world have lost marketing facilities. COVID-19 has caused hurdles for exporters, with increased border restrictions and disruptions to existing export supply channels. Even though the

The global curcumin market report would provide an access to approximately 53 market data tables, 43 figures and 180 pages