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Curcumin Market Size, Share & COVID-19 Impact Analysis, By Nature (Organic and Conventional), and Application (Food & Beverages, Pharmaceuticals, Cosmetics, and Others), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI101453

 

KEY MARKET INSIGHTS

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The global curcumin market size was valued at USD 73.41 million in 2021. The market is projected to grow from USD 79.94 million in 2022 to USD 155.24 million by 2029, exhibiting a CAGR of 9.95% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with curcumin experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a rise of 8.13% in 2020 as compared to 2019.


Turmeric, is obtained from the rhizomes of the plant Curcuma longa contains curcumin, a physiologically active polyphenolic molecule. Turmeric has long been utilized for therapeutic purposes; however, its medicinal potential is hampered by its low bioavailability. The most common uses of curcumin as a nutritional supplement, are found in cosmetics, as a food flavouring in turmeric-flavoured drinks in South and Southeast Asia, and also as a food colouring agent in curry powders, mustards, butters, and cheeses.


COVID-19 IMPACT


Spread of COVID-19 Restricted Market Growth during First and Second Half of 2020


This industry has experienced the impact of the COVID-19 pandemic in the initial months of 2020. Turmeric and by-products manufacturers have had to hire additional staff in their facilities, ramp up production, and make various operational changes to respond to the increased demand for curcumin as an immunity-boosting spice. Many developing countries across the world, mainly South Asia and India, which are major producers of herbs and spices, were severely affected, which caused a shortage of raw material in the spice industry. In the wake of the lockdowns imposed by governments in different countries to curb the spread of the virus, labor shortage caused by the migration of the workforce was the major challenge faced by the industry.


The preventive measures implemented for COVID-19 also caused many key offices in the trade support structure to operate in understaffed capacity, resulting in government approvals getting delayed, and completion of physical documentation posing problems, continuing operation on the industry floor amid social distancing and ensuring the product's safety was also a major issue. The control measures have reduced the availability of third-party laboratories for testing product/raw material quality and safety, and small-scale production units without in-house testing facilities faced this challenge. Primary spices producers worldwide were hit by the withdrawal of marketing facilities due to lockdown measures, like suspension of auctions and closing wholesale markets.


COVID-19 has posed challenges for export business with additional border controls and established export supply lines being disrupted. Although the economic disruptions have hit the entire sector, the small-scale spice producers and processors were severely affected.


LATEST TRENDS


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New Trend of Using Natural Ingredients-based Cosmetic Products Attract Consumers towards Natural Herbs and Spices


Herbs and spices are used to enhance human beauty since ancient times. Herbal formulations have always received considerable attention due to their excellent activity and the relatively few or no side effects. Natural cosmetics are considered safe to use. Medicinal cosmetics are a hybrid of cosmetics and pharmaceuticals aimed at improving the health and beauty of the skin by providing specific results such as acne and wrinkle prevention to its functioning as a sunscreen.


These products also improve skin function texture by promoting collagen growth, eliminating the harmful effects of free radicals, maintaining good keratin structure and making the skin healthier.


Southeast Asian and especially Indian women have long used herbs such as sandalwood and turmeric for skincare and natural oil to apply fragrance to the body. However, this trend has been observed in the U.S. and European countries in the last few years. With more consumers opting for natural products and a sustainable lifestyle, this trend is expected to sustain in the long run and attract more consumers towards natural ingredients.


DRIVING FACTORS


Increased Awareness about Health and Wellbeing among Consumers to Promote Market Growth


Health and wellness have become one of the main priorities of consumers worldwide. The demand for natural products that possess immunity-boosting properties has increased significantly in recent years. Various natural extracts proved beneficial against various ailments and thus gained prominence in recent times. Many countries, including India, have been using turmeric in various medicinal and cosmetic formulations since ancient times, and the product is still in demand today. Research organizations have conducted several clinical trials worldwide that have also proved that curcumin exhibits antioxidant and anti-inflammatory properties, making them suitable for developing medicinal supplements and cosmetic formulations. Hence, the demand has increased significantly.


Changing Dietary Preferences of Consumers to Boost Market Growth         


Globally, consumers are becoming extremely conscious of the negative consequences associated with the consumption of animal food products and their related environmental implications. Hence, dietary preferences are shifting, with consumers switching to vegetarian and herbs such as turmeric based food products. Turmeric extracts are highly suitable for developing innovative food formulations as a plant-based food. This acts as one of the major factors expected to further boost the growth rate of this market globally. 


RESTRAINING FACTORS


Availability of Low-Cost Substitutes to Hamper Market Growth


There are several other low-cost substitutes for curcumin, including natural spices like mustard powder that can be used as natural food additives. Additionally, other chemical compounds can substitute for manufacturing pharmaceuticals and dyes. Hence, manufacturers can switch to cheaper raw materials which impedes the market's growth. This has increased the pressure on the turmeric supply chain to procure raw materials and supply these products to industries for further processing. Certain manufacturers adulterate turmeric species or dyes to meet this growing demand, ultimately impacting the final product quality. This impacts the brand perception leading to poor market growth in the region.


The majority of turmeric cultivation countries are present in the Asia Pacific region, including India, China, Bangladesh, and Myanmar. Since Europe and America are heavily dependent on these countries for the raw material supply, any alteration in the geo-political scenario of the region will strain the supply chain of curcumin and further impede the market growth


SEGMENTATION


By Nature Analysis


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Conventional Segment Holds Major Market Share Attributed to Lower Cost of Cultivation


The global market is segmented into organic and conventional types based on nature. Curcumin is extracted from turmeric, mainly cultivated in South East Asian countries and India. India is the major producer of turmeric, accounting for around 80% of the global turmeric production, followed by China, Myanmar, Nigeria, and Bangladesh, among others. With farmers' annual income in these countries being comparatively lower than the European and North American farmers, farmers opt for agro products that are available cheaply and easily.


Conventional products are easily available, and their cost is also very low compared to organic products; hence conventional farming is the major practice observed in these countries. Hence, the conventional segment dominates major market share in the year of forecast 2021 and will keep its dominance during the upcoming years.


By Application Analysis


Pharmaceutical Segment Holds Major Share Owing to High Demand from Pharmaceutical and Natural Medicines Industry


Based on application, the market is divided into pharmaceuticals, food & beverages, cosmetics, and others. The pharmaceutical segment holds the highest market share in the application segment. Since ancient times, curcumin has been known and is used as a spice, preservative, dye for fabric dyeing and in traditional medicine. It is one of the three main colouring compounds extracted from the roots of the curcuma longa plant grown in Asian countries.


Turmeric have been used for long years in Indian cuisine. Its demand for the food & beverages industry is slowly increasing over the past few years from western countries with awareness about natural herbs and spices. Curcumin has antioxidant, anti-inflammatory or anti-cancer properties, making it a sought-after item in the Ayurvedic medicine, cosmetic, functional food, and natural additive industries. With the expansion of the cosmetic industry and consumers' inclination towards traditional medicines, the market is expected to boost during the forecast period.


REGIONAL INSIGHTS


Asia Pacific Curcumin Market Size, 2021 (USD Million)

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Asia Pacific is the largest region in global market. This is attributed to the demand for curcumin mainly from the food & beverage industry in India, China, and Bangladesh and demand from the traditional medicine industry of India and China. In India, turmeric has been used as a major ingredient in various cuisines since ancient times. Lately, its use in the food & beverages industry has been limited, but with research and analysis being carried out in recent decades, its demand as a flavour enhancing agent, and colouring agent are increasing. Moreover, as consumer awareness about traditional medicines increases, it is helping the traditional medicine market expand steadily. This factor is expected to increase curcumin consumption during the forecast period, benefiting curcumin market growth.


North America is the second-largest market in the global market. This is attributed to ever-expanding pharmaceutical industry and food & beverages sector in the region. Consumers in this region are more aware of the new organic and wide range of natural products launched in the market and innovations in the industry. In addition, the higher spending capacity of consumers is also a major factor that increases products sales in the region. Moreover, the North American market has observed the inclination of consumers towards natural products over the last few years. This factor is expected to rise in the upcoming years, which will boost the market growth in the region.


Europe is a major importer of turmeric, mainly used in the cosmetic industry after converting it to curcumin. Europe is a global cosmetic hub with major cosmetic companies having their manufacturing sites in the region, hence the demand is continuously increasing. The food & beverage industry in Europe is also expanding fast, creating the potential for turmeric processors to launch new and innovative products in the region. With the full-fledged expansion of cosmetic industry in the region, this region is expected to grow at a CAGR of more than 10% during the forecast period.


South America and the Middle East & Africa regions contribute a very small share of the global market. This is mainly due to the absence of major food manufacturers in the region. The majority of the population is in middle or lower-income groups for whom the costlier products are not affordable. However, with an improvised lifestyle in the coming years, these regions are expected to contribute more to the global curcumin market size.


KEY INDUSTRY PLAYERS


Key players adopting strategies such as expansion and product launch to strengthen their market presence


The market sees innovation and demand from the food and beverage and cosmetics industries. Therefore, many market players are adopting different developments to conquer different regional markets and strengthen their presence in new markets. Many new start-ups in multiple regions compete with global players in innovation. As new start-ups are being formed, many mainstream companies compete for market share in the industry. For instance, in 2021, Vieroots Wellness Solutions, a Bangalore-based Indian company, launched an innovative product, a curcumin-based latte composed of Curcumin 95 and Medium-chain triglycerides (MCT) Oil. The research team worked for two years to develop this unique formulation. Such innovations will boost the confidence of other local players to compete with international players.


LIST OF KEY COMPANIES PROFILED:



  • Wacker Chemie AG  (Germany)

  • Biomax Life Sciences Limited (India)

  • Synthite Industries Ltd. (India)

  • Arjuna Natural Pvt. Ltd (India)

  • Kothari Phytochemicals & Industries Ltd. (India)

  • Sydler Group of Companies (India)

  • Vidya Herbs Private Limited (India)

  • Konark Herbals And Health Care Pvt Ltd. (India)

  • Plant Lipids Private Limited (India)

  • Sami-Sabinsa Group (India)


KEY INDUSTRY DEVELOPMENTS:



  • April 2020: Wacker Chemie AG developed an innovative product design for CAVACURMIN, which helped increase their bioavailability by 40 times. Hence, they are used for preparing various health supplements for humans.

  • October 2017: Synthite Industries Ltd. continually increases its market presence by expanding its offices and developing partnerships with distributors in different regions. For instance, the company expanded its presence in Europe in 2017 to reach out to customers in that region. The company has three offices in India, China, and the U.S., with sales representatives present in 11 countries worldwide.


REPORT COVERAGE


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The market research report provides a detailed global curcumin industry analysis and focuses on key aspects such as leading companies, product types, and leading product application areas. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market growth over recent years.


Report Scope & Segmentation:












































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Million)



Segmentation



By Nature



  • Organic

  • Conventional



By Application



  • Food & Beverages

  • Pharmaceutical

  • Cosmetics

  • Others



By Geography



  • North America (By Nature, By Application, and Country)

  • Europe (By Nature, By Application, and Country)

  • Asia Pacific (By Nature, By Application, and Country)

  • South America (By Nature, By Application, and Country)

  • Middle East and Africa (By Nature, By Application, and Country)



 

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 73.41 million in 2021 and is projected to reach USD 155.24 million by 2029.

The market will exhibit steady growth, growing at a CAGR of 9.95% in the forecast period (2022-2029).

By nature, the conventional segment is expected to be the leading segment in this market during the forecast period.

Changing dietary preferences and rising demand for natural cosmetics are driving this market.

Wacker Chemie AG, Arjuna Natural Pvt. Ltd. and Sami-Sabinsa Group are key players in the market.

The Asia Pacific dominated the market share in 2021.

The rise in the adoption of natural cosmetic products in developing countries is likely to drive its growth.

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Curcumin Market Size, Share and Global Industry Trend Forecast till 2026
  • May, 2022
  • 2021
  • 2018-2020
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