The global curcumin market size is expected to reach USD 1.30 billion by 2024, according to a new study by Grand View Research, Inc. The market is anticipated to register a CAGR of 12.3% during the forecast years. Anti-inflammatory and antioxidant properties of curcumin make it an ideal ingredient in many medical and food applications. The market will witness a significant growth in the coming years due to growing consumer awareness regarding the aforementioned therapeutic properties.
Turmeric or curcumin is popularly used in cosmetic products. In India, turmeric is used widely in numerous Ayurvedic medicines. Turmeric is used to prevent and heal dry skin, treat acne and eczema, and also to slow down the aging process. Natural cleansers, such as milk, mixed with turmeric act as an effective natural cosmetic, which gives a glowing effect to the skin and aids in controlling crease formation and wrinkles. Turmeric is also used for dyeing silk, cotton, and wool to impart yellowish shade. It is also used as a coloring material in rice milling and leather dyeing.
Pharmaceutical was the largest application segment that accounted for over 50% of the global volume owing to an increasing demand for curcumin-based OTC supplements. Some of the key companies in the market are Wacker Chemie AG, BioMax Life Sciences Ltd., Synthite Industries Ltd., Hindustan Mint & Agro Products Pvt. Ltd., and Arjuna Natural Extracts Ltd. Many of these market players are focusing on R&D activities to maintain their market positions. For example, Arjuna Natural Extracts Ltd. invested approximately USD 1.5 million in the proactive curcumin research in March 2016.
North America was the largest region with a market revenue of USD 261.2 million in 2016. Growing demand for processed food products and curcumin-based health supplements will drive the market further
India is one of the largest manufacturer of curcumin with production exceeding approximately 80% of global market. However, majority of it is exported to North America and Europe regions
Europe is expected to be the fastest-growing region registering a CAGR of 16.6% over the forecast period. Growing demand from buyers coupled with regulatory support from the European Food Safety Association (EFSA) would boost the region's expansion.
Key companies 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 signifies the extensive R&D in the market.
Browse related reports by Grand View Research:
Squalene Market - The global squalene market size was USD 111.9 million in 2015 and is expected to witness significant growth over the next few years.
Explore the BI enabled intuitive market research database,The Grand Library, by Grand View Research, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.