Curcumin market is witnessing a strong growth path with the product’s wide array of applications in food and medical industries, the demand of which is owed to its exceptional therapeutic properties. Major risks pertaining to adulteration of ingredients has now shifted the consumer focus toward organic products. Curcumin is gaining high preference as a natural ingredient as it is an extracted molecule of turmeric, which belongs to the ginger family. The growing awareness among the consumers regarding the nutritional benefits of curcumin and its anti-inflammatory, anti-fungal, and anti-oxidation properties has further propelled the curcumin industry growth. Moreover, the use of curcumin as anti-blemishes and anti-pigmentation agent in herbal skin care products has provided significant impetus to the global curcumin market trends.
It is the presence of curcumin in turmeric that gives it the therapeutic qualities. This makes the product to be also used in the treatment of viral infections, tumours, and arthritis. In addition, benefits of curcumin in managing lipid levels, alleviating depression, and metabolic syndrome will add to the curcumin market growth. As per a report by Global Market Insights, Inc., “Curcumin market size worth USD 39 million in 2015, is estimated to register a CAGR of 9.5% over the period of 2016-2024.”
U.S. Curcumin Market size, by application, 2013-2024 (USD Million)
U.S. curcumin market has gained significant traction from the rising product demand in the cosmetic sector. In the past few years, the popularity of organic and ayurvedic products have increased exponentially among the consumers, which has significantly increased the regional demand. Evidences showing the use of curcumin as an anti-cancer drug has also set the US market to record lucrative avenues in future. U.S. curcumin industry share from cosmetics applications is foreseen to record a CAGR of 10% over the period of 2016-2024.
The presence of anti-oxidants in curcumin has driven the curcumin market size in the cosmetic sector, which is projected to witness highest growth rate of over 13% over the period of 2016-2024.
India is a dominant curcumin producer, contributing nearly 78% of the global output. The nation is a hub to many large and small scale manufacturers of curcumin products and has a healthy market dynamics. Some of the major herbal cosmetics and skin care brands extensively using curcumin in their product include Shahnaz Husain, Himalaya Herbals, and Vicco. However, despite being the largest producer of curcumin, low customer awareness in the nation has resulted into majority of the product being exported to North America and Europe.
The increasing affluence of consumers has given a significant push to wide application range of curcumin in cosmetics, food, and pharmaceutical industries. Pharmaceutical applications accounted for more than 52% of the overall curcumin industry share in 2015. Rise in over-the-counter availability of curcumin products and wide spread consumer acknowledgement have considerably favoured the product demand. Moreover, this turmeric extract has shown some positive effects in treating of various diseases such as gastric ailments and Alzheimer, which has boosted the product demand in pharmaceutical industry.
UK curcumin market from pharmaceutical application collected an appreciable revenue in 2015. The major factor contributing to the region’s growth is the increasing research and development activities for enhancing the curcumin production, owing to its high potential in treating cancer and other diseases. Furthermore, governmental approval for over-the-counter products will also positively impact the curcumin market size in the pharmaceutical sector.
U.S. was the dominant market for the over the counter (OTC) or the non-prescription medicine and accounted for more than 30% of the global industry share in 2015. It is also estimated that the BRIC nations will contribute over 44% of the overall OTC demand by 2024.
Another application which is influencing the curcumin market dynamics is the use of curcumin in food and beverages industry as a natural colorant. However, presence of synthetic and artificial colorants is likely to hinder the curcumin industry expansion in this sector.
Europe curcumin industry, led by Germany is expected to observe a growth rate of 13% from 2016-2024. Favourable regulations from European Food Safety Association (EFSA) pertaining to OTC products will lead to significant gains.
Key players accumulating major share of curcumin industry include Biomax Life Sciences, Arjuna Natural Extracts, Hindustan Mint & Agro Products, Synthite Industries, Hebei Food Additive, Konark Herbals & Health Care. Developments on curcumin bioavailability and product innovations are the key strategies adopted by the market participants to expand their global business.