Published Date: 2019-07-08 | Views: 43 | Food & Beverages
QYR Consulting has announced the release of a new research report on the global curcumin market, titled “Global Curcumin Market Report, History and Forecast 2014-2026.” According to the authors of the report, the global market size is projected to increase to US$325 Mn in 2026 from US$147 Mn recorded in 2018. During the forecast period 2020-2026, it is expected to rise at a robust CAGR of 10.65%. The gradually increasing use of curcumin as a choice pain relief treatment for osteoarthritis and arthritis patients is anticipated to create demand in the global market. Europe is projected to follow North America in terms of market size.
High Use of Turmeric in Medical and Food Products to Positively Impact Growth
Curcumin is an important active ingredient of turmeric. Growing awareness about various benefits of turmeric and its common use in medical and food applications are prophesied to create opportunities in the global curcumin market. Easy availability of curcumin-based supplements and less regulatory restrictions on their production and consumption could be other factors boding well for the global market. Gradual increase in demand for ayurvedic medical products in emerging as well as developed countries is foretold to work in the favor of the global market. Curcumin is also used in nutritional supplements and herbal products, which could further increase its demand.
However, lack of certainty regarding the supply of raw materials, especially turmeric, due to some factors is predicted to hinder the growth of the global curcumin market.
Global Curcumin Market: Segmentation
The report includes a broad study of key applications of curcumin, such as cosmetics, food, pharmaceuticals, and others. The others segment could include dye-sensitized PV technology and textiles. High demand for curcumin-based supplements is anticipated to help pharmaceuticals to take lead in the global market. The consumption of curcumin in pharmaceuticals industry is foretold to improve due to application in various types of treatments such as skin disease, Alzheimer’s disease, gastric problems, viral infections, and arthritis. By product, the global market could be segmented into water soluble type and oil soluble type.
Global Curcumin Market: Regions
Among regional segments, North America is predicted to collect a significant share of the global curcumin market because of the high consumption of curcumin in the cosmetics industry and increasing requirement of curcumin-based nutritional supplements. Europe could trail North America and gain growth due to increasing research on different health benefits of curcumin. Some studies suggest that curcumin could be used in the treatment of cancer. In Asia Pacific, skin care and cosmetics companies are anticipated to create strong demand for curcumin.
Global Curcumin Market: Competitive Landscape
The global curcumin market marks the presence of top companies, including Star Hi Herbs Pvt. Ltd., SV Agrofood, Arjuna Natural Extracts Ltd., Konark Herbals & Health Care, Hindustan Mint & Agro Products Pvt. Ltd., Synthite Industries Ltd., and Biomax Life Sciences Ltd. Production of local turmeric variant and climatic and seasonal changes are a couple of important factors that influence the supply of raw materials in the global market. India could be among favorite markets in Asia Pacific, which shows high concentration of players due to certain advantages such as proximity to raw material suppliers.