Turmeric

Turmeric

Global Turmeric Market to Reach US$399.6 Million by 2030

The global market for Turmeric estimated at US$267.3 Million in the year 2023, is expected to reach US$399.6 Million by 2030, growing at a CAGR of 5.9% over the analysis period 2023-2030. Food & Beverage End-Use, one of the segments analyzed in the report, is expected to record a 5.6% CAGR and reach US$270.1 Million by the end of the analysis period. Growth in the Pharmaceuticals End-Use segment is estimated at 6.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$71.4 Million While China is Forecast to Grow at 9.5% CAGR

The Turmeric market in the U.S. is estimated at US$71.4 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$90.7 Million by the year 2030 trailing a CAGR of 9.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.2% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.

Global Turmeric Market - Key Trends & Drivers Summarized

Why Is Turmeric Gaining Global Popularity?

Turmeric, a vibrant yellow spice derived from the Curcuma longa plant, has gained global popularity due to its culinary, medicinal, and cosmetic applications. Known for its distinctive flavor and color, turmeric is a staple in many traditional cuisines, particularly in South Asia. Its active compound, curcumin, is renowned for its anti-inflammatory, antioxidant, and antimicrobial properties, making it a valuable ingredient in traditional and modern medicine. The growing awareness of the health benefits associated with turmeric has significantly increased its demand in the global market, spanning food and beverage, pharmaceuticals, and personal care industries.

What Technological Innovations Are Shaping the Turmeric Industry?

Technological advancements have greatly impacted the turmeric industry, enhancing production, processing, and extraction methods. Innovations in agricultural practices, such as the use of precision farming and organic cultivation techniques, have improved the yield and quality of turmeric crops. Advanced processing technologies, including supercritical fluid extraction and nanoencapsulation, have enabled the production of high-purity curcumin extracts with enhanced bioavailability. The integration of modern packaging solutions and quality control measures ensures the preservation of turmeric’s active compounds and extends its shelf life. Additionally, developments in biotechnology are paving the way for genetically optimized turmeric varieties with higher curcumin content and improved resistance to pests and diseases.

Why Is There an Increasing Demand for Turmeric Across Various Sectors?

The demand for turmeric is increasing across various sectors, including food and beverage, pharmaceuticals, and personal care. In the food and beverage industry, turmeric is widely used as a natural colorant and flavor enhancer in a variety of products, from curries and sauces to beverages and snacks. The pharmaceutical industry leverages turmeric’s therapeutic properties to develop supplements and functional foods aimed at promoting health and wellness. In the personal care sector, turmeric is a popular ingredient in skincare and cosmetic products due to its antioxidant and anti-inflammatory benefits. The rising consumer preference for natural and organic products further drives the demand for turmeric in these sectors.

What Are the Key Growth Drivers in the Turmeric Market?

The growth in the turmeric market is driven by several factors. The increasing consumer awareness of the health benefits associated with turmeric and its active compound, curcumin, is a primary driver. The growing trend towards natural and organic products in the food, pharmaceutical, and personal care industries significantly boosts market demand. Technological advancements that enhance the extraction and bioavailability of curcumin also contribute to market growth. Additionally, the expanding use of turmeric in new and innovative applications, such as functional foods, dietary supplements, and natural cosmetics, further propels the market. The rising disposable incomes and changing consumer lifestyles, particularly in developing regions, also play a crucial role in driving the demand for turmeric-based products.

Select Competitors (Total 28 Featured) -

• allLocal
• Ambika Global Foods & Beverages PrivateLimited
• Arjuna Natural Pvt. Ltd.
• Asian Traders Limited
• Australian Brushware Corporation Pty Ltd.
• Bengong`s Tea Australia Pty Limited
• Bikaji Foods International Limited
• Bisignano
• Blue Moose of Boulder
• Canada Trade Pioneers Inc

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