Global curcumin market is expected to reach USD 94.3 million by 2022. Therapeutic properties of curcumin such as anti-inflammatory and anti-oxidant make them ideally suited for use in food and medical application. The market is expected to witness significant growth in light of the growing consumer awareness regarding the above mentioned therapeutic properties. Increasing demand for herbal and ayurvedic skin care products is also expected to boost demand for curcumin over the forecast period. Curcumin or turmeric extracts are also gaining importance owing to the lower bioavailability of raw turmeric which is mostly consumed in food products.
Pharmaceutical was the largest application segment accounting for over 50% of the global volume owing to an increasing demand for curcumin based OTC supplements. Curcumin demand in food application also increased in 2014 in terms of absolute volumes on account of growing demand for natural coloring and flavoring substances. Similar trends are expected to continue over the forecast period. Growing penetration of herbal skin care products is expected to further augment curcumin market growth. R&D in dye-sensitized PV technology is expected to open new market avenues for curcumin.
Further key findings from the study suggest:
North America was the largest regional market for curcumin with market revenue exceeding USD 20 million in 2014. Curcumin is an established ingredient for pharmaceutical application in the region which is expected to act as a major driver for market growth. In addition, growing use of turmeric extract or curcumin in cosmetic formulation is expected to further augment market demand over the forecast period.
Curcumin production is highly dependent on turmeric production which is regional dominated by India. India is the largest manufacturer of curcumin with production exceeding 80% of global market. Low consumer awareness of curcumin as a health ingredient in India results in the country exporting majority of its product to North America and Europe.
Europe is expected to be the fastest growing regional market for curcumin with demand estimated to grow at a CAGR of over 17% from 2015 to 2022. Regulatory support coupled with growing consumer awareness is expected to be a key factor responsible for high market growth in the region. European Food Safety Association (EFSA) has approved ADI of 3 mg/kg of body weight for curcumin making it a preferred pharmaceutical ingredient in turn resulting in increased market demand.
Key players present in the global curcumin market include Arjuna Natural Extracts Ltd, Synthite Industries Ltd, Sabinsa Corporation and Helmigs Prima Sejahtera PT. Arjuna Natural Extract ltd has a patent for curcumin formulation from turmeric which signified the extensive R&D in the market.
For the purpose of this study, Grand View Research has segmented the global curcumin market on the basis of product and region:
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Global Curcumin Application Outlook (Volume, Tons; Revenue, USD Million, 2012 – 2022)
Global Curcumin Regional Outlook (Volume, Tons; Revenue, USD Million, 2012 – 2022)
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