Curcumin market revenue to touch the 100-million-dollar benchmark over a decade, surging demand from pharmaceutical applications to push the industry growth
Rising demand for herbal dietary supplements and organic treatment methods for infections and tumors will fuel Curcumin Market growth. Curcumin is basically a fat-soluble, yellow-colored polyphenolic pigment derived from curcuminoids that is available in two forms, namely, enol and keto. This product is also recognized as a turmeric extract, and possesses anti-inflammatory, antifungal, and antiviral properties owing to which it is used to treat tumors, arthritis, and viral infections. It is also used to manage lipid levels, reduce depression, and improve metabolism, subject to which curcumin industry will experience a growth rate of 9.5% over 2016-2024, having held a valuation of USD 39 million in 2015.
U.S. Curcumin Market size, by application, 2013-2024 (USD Million)
Growing consumer consciousness toward the consumption of natural ingredients in food products, cosmetics, and medicines is expected to help market players exploit lucrative opportunities in curcumin market. Most companies have been striving to achieve product bioavailability. For instance, Tokyo based firm, Theravalues Corporation, had launched Theracurmin Super, superior bioavailable form of curcumin in 2014, in compliance with the legislations passed by the European Union for sale in the Europe market. With the rising incidences of cancer, drug manufacturers have been trying to find alternative, bio-based, natural medication to treat the terminal disease. Growing consumer awareness regarding OTC medication will also fuel curcumin industry demand.
Curcumin production is excessively rampant across India, subject to the abundant supply of the product. India holds more than 78% of the global curcumin production. The nation accounted for more than 81% of the Asia Pacific curcumin market in 2015 and is anticipated to depict excellent growth prospects over the next seven years, pertaining to the usage of the product as a spice and food colorant. Despite possessing an abundant supply of raw material, reduced commercialization and low consumer awareness have led to the nation exporting the product to developed regions such as North America and Europe.
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Growing consumer preferences toward herbal skin care products will drive global curcumin industry size from cosmetic applications. Worldwide expenditure on herbal cosmetics was more than USD 7 billion in 2015 and is forecast to exceed USD 13 billion by 2024. APAC alone is estimated to have spent more than USD 2.5 million on organic cosmetics in 2014 and is expected to cross a margin of USD 4 million by 2024. Curcumin ingrained cosmetic products possess anti-blemish and anti-pigmentation properties, owing to which they are heavily deployed across the personal care sector. Curcumin market share from cosmetic applications is anticipated to grow at a rate of 13% over 2016-2024.
China curcumin industry is anticipated to witness heavy gains from the pharmaceutical and cosmetic sectors, subject to the product’s natural anti-oxidants. High demand for turmeric based organic dietary supplements and anti-cancer medication is expected to fuel U.S. curcumin market size. In addition, increasing preference for turmeric based cosmetics subject to its anti-pigmentation and antioxidant characteristics will propel U.S. curcumin industry share from cosmetic applications, slated to grow at a CAGR of 10% over 2016-2024
Germany curcumin market size from cosmetic applications is anticipated to surpass 2.3 tons by 2024, in terms of volume. This growth can be credited to the excessive usage of the product owing to its benefits subject to blemishes, UV rays, and skin pigmentation. In addition, the pharmaceutical industry share in Germany is expected to cross USD 65 billion by 2024. The healthcare spending alone surpassed a mammoth USD 325 billion in 2015. Subject to the regulations enforced by the European Food Safety Association (EFSA), Germany curcumin market is anticipated to register a notable growth over 2016-2024.
Pharmaceutical applications held more than 52% of the overall curcumin industry in 2015. The product’s usage in the treatment of various diseases such as arthritis and gastric ailments will propel the market growth.
U.S. led OTC industry in 2015 by accounting for more than 30% of the overall demand, subject to the increased requirement of anti-cancer medication. U.S. herbal dietary supplements market size was valued at USD 6 billion in 2015, and is expected to grow at a rate of 7.5% over the next few years, which will fuel the regional curcumin industry.
UK curcumin market from pharmaceutical applications was worth more than USD 700,000 in 2015. Subject to its superior qualities and extensive applications, UK curcumin industry will witness a noticeable surge. With Germany and UK at the helm, Europe curcumin market will grow at a rate of 13% over 2016-2024.
Worldwide curcumin industry is rather fragmented and encompasses small and medium sized enterprises and large corporations, most of which have their presence in India. Renowned herbal skin care brands and cosmetics that incorporate this ingredient in their products include Shahnaz Husain, Vicco, and Himalaya Herbals. Biomax Life Sciences, Tri Rahardja PT, Helmigs Prima Sejahtera, Hindustan Mint & Agro Products, Konark Herbals & Health Care, Synthite Industries, SV Agrofood, Star Hi Herbs, Hebei Food Additive, Herboveda India, and Arjuna Natural Extracts. These companies focus on developing innovative products and bio-based curcumin alternatives.
Author Name :Saipriya Iyer