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The global curcumin market size was valued at USD 79.12 million in 2022. The market is projected to grow from USD 85.77 million in 2023 to USD 165.10 million by 2030, exhibiting a CAGR of 9.81% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Curcumin Market Size, Share & COVID-19 Impact Analysis, By Nature (Organic and Conventional), By Application (Food & Beverages, Pharmaceuticals, Cosmetics, and Others), and Regional Forecast, 2023– 2030”.
Growing global consumer focus on health and wellness has spurred demand for natural products, including curcumin-based extracts, known for their immunity-boosting and medicinal properties, leading to increased usage in cosmetics and skincare. This trend, historically rooted in Southeast Asian traditions and gaining traction in Western markets, aligns with the growing preference for natural ingredients and sustainable lifestyles is poised to endure and attract a broader consumer base, bolstering market growth.
Pandemic Disruptions Created Challenges for Market Impacting Small-Scale Producers
COVID-19 preventive measures led to operational challenges in trade support structures, including delayed government approvals, documentation issues, and industry safety concerns. These impacts, such as reduced testing options and disrupted export supply lines, particularly affected small-scale spice producers and processors. These factors severely affected this market, thus impeding market growth amid the pandemic.
NextEvo Naturals Launches Revive CBD Complex: Elevating Nutritional Delivery for Discerning Consumers
NextEvo Naturals introduced its latest offering, the Revive CBD Complex, in September 2022. This product underscores the brand's commitment to enhancing the delivery of nutritional elements, catering to a discerning consumer base. With a vegan, non-GMO, and gluten-free formulation, Revive CBD Complex aims to deliver an optimal and inclusive experience for all consumers.
Shift toward Vegetarian Diets and Turmeric-based Formulations Reflects Market Growth
The historical use of herbs, such as sandalwood and turmeric, for skincare and natural fragrance application, prevalent among Southeast Asian and Indian women, has extended to the U.S. and Europe. Moreover, increasing global awareness of the environmental impact of animal-based foods is leading to a shift toward vegetarian diets and plant-based ingredients such as turmeric in food products. This, along with substantial investment in research for new curcumin-based formulations, including beverages, is anticipated to contribute significantly to global curcumin market growth.
Global Players and Start-ups Intensify Strategies to Cater to Growing Demand
The market is experiencing a surge of innovation and notable demand across sectors such as food, beverages, and cosmetics. In response, key companies strategically implement diverse tactics to penetrate regional markets effectively and establish a stronger presence in emerging markets. This landscape is further enriched by the emergence of numerous start-ups across various regions, competing with established global giants through their innovative product offerings. This competitive dynamic has compelled established companies to heighten their efforts to secure their portion of the curcumin market share within the industry.
Notable Industry Development
List of Key Players Profiled in the Report:
Further Report Findings:
Table of Segmentation
CAGR of 9.81% from 2023 to 2030
Value (USD Million)