SELBYVILLE, Del., Sept. 11, 2019 /PRNewswire/ -- The worldwide curcumin market is expected to cross $USD 100 million by 2024, published in a new research report by Global Market Insights, Inc., supported by increasing demand for natural and organic ingredients in the pharmaceutical industry. The study delivers a detailed analysis of the application and regional spectrums of this industry.
Growing demand for organic food, cosmetics and healthcare products will propel the global curcumin market size, owing to increased adoption of naturally sourced ingredients. The significant anti-inflammatory, anti-cancer and antioxidant characteristics in products will support the consumption of curcumin for manufacturing pharmaceuticals and food products. In terms of the application spectrum, the curcumin industry is segmented into food, cosmetics and pharmaceutical segments.
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Cosmetics is one of the lucrative sectors, due to rising consciousness regarding skincare, as well as towards the use of chemical-free, natural products. Developing countries, such as China and India, are witnessing robust demand for cosmetics over the years, owing to a shift in lifestyle patterns and an increase in disposable income. There has also been increasing awareness regarding the ill effects of chemically derived products.
The cosmetics application segment is projected to account for over USD $5 million of the curcumin market share by 2024.
The ever-expanding food sector is boosting the global curcumin industry outlook considerably, from constant R&D efforts coupled with innovations in food products to meet changing consumer demand. Increasing demand for natural colorants in the food and beverage sector is further steering the requirement for the ingredient.
Curcumin is being increasingly used to add flavor and color to food items such as butter, cheese, margarine, pickles and mustard. Commercial feasibility, along with the rising preference of manufacturers for the product, is significantly fueling the curcumin market size.
Innovations in the pharmaceutical sector, along with the growing need for herbal health supplements is driving the global market forecast. In recent times, there has been considerable demand for curcumin-based medicines due to unique therapeutic properties in ayurvedic medicinal formulations, further intensifying the ingredient demand globally.
Asia-Pacific is expected to evolve as one of the most significant remuneration grounds for curcumin suppliers. In order to meet the increasing demand for herbal and chemical-free natural products regionwide, cosmetics skin care manufacturers, especially in India, are using the ingredient for making numerous products. Moreover, the high curcumin content present in Indian turmeric products is notable, driving Asia-Pacific curcumin industry trends.
Browse key industry insights spread across 160 pages, with 214 market data tables and 14 figures and charts from the report, "Curcumin Market," in detail, along with the table of contents:
The growing geriatric population in North America is steering the demand for curcumin infused pharmaceutical products due to hypoglycemic, wound-healing, anti-inflammatory and other health benefits associated with the substance. Additionally, the presence of several cosmetic brands in the region and antibacterial properties associated with the product is providing an increased impetus for the product's adoption.
North America's curcumin market size is projected to showcase a robust 11.5% CAGR over the forecast timeframe.
Europe is expected to emerge as one of the more profitable revenue terrains for the curcumin industry in the coming years. Increasing consumer spending on food and pharmaceutical products, coupled with stringent regulations set by regulatory authorities towards the use of the product, will bolster the product consumption substantially. For instance, the European Food Safety Authority (EFSA) aims at including curcumin in the commercial food category. Rising R&D initiatives aimed at exploring various skin cancer treatment options are further anticipated to accelerate the expansion of global curcumin market share.
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Curcumin Market Forecasts to 2024
The world curcumin industry is expected to achieve a 11%+ CAGR up to 2024, owing to increasing product scope in food, cosmetics and pharmaceuticals.
SOURCE Global Market Insights, Inc.