The global curcumin market size is projected to total US$ 95.6 Mn in 2021. As per Future Market Insights (FMI) analysis, the overall sales of curcumin will surpass US$ 279.3 Mn by 2031. Demand for curcumin is projected to grow by 11.3% CAGR over the forecast period, from 2021 to 2031.
According to the study, curcumin sales represented 3% to 5% of overall curcuminoids market in 2020. Demand for curcumin is likely to soar as consumers across the globe realize the health benefits of curcumin as a functional ingredient.
FMI predicts the U.S., India, Germany, and China to emerge as primary markets for curcumin sales. Of these, the U.S. curcumin market is expected to grow by 9.7% CAGR between 2021 and 2031.
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“Curcumin functional medicines is making deeper inroads in the healthcare sector. Their use in the treatment of cancer, coronary heart diseases, and neurological disorders for their cardio and neuroprotective benefits is expected to push growth in the market through the forecast period,” says a FMI analyst.
Key Takeaways from the Curcumin Market Study
- The U.S. is estimated to remain the dominant market in North America, accounting for nearly 81.1% of the regional sales by 2021.
- Germany is anticipated to emerge as a highly lucrative market in Europe, accounting for around 16.3% of the demand share in the region in 2021.
- India is expected to account for the largest share in South Asia, holding over 45.2% of the curcumin sales by the end of 2021.
- China is forecast to emerge as the most remunerative market in East Asia, creating an incremental opportunity of US$ 6.8 Mn through 2021.
- Among the end-use verticals, the herbal and medicinal product segment is projected to register the fastest growth in the market, expanding at 12% CAGR over the assessment period.
- Increasing use of curcumin as a natural coloring additive in the production of mustard, butter, popcorn, cheese, and yellow cake mix is fuelling the demand in the food industry.
- Rising inclination towards adoption of clean label cosmetics and skincare products is encouraging industry players to use natural and plant-based ingredients such as curcumin, which is in turn, driving the sales in the cosmetic segment.
- Availability of low-cost substitutes such as synthetic food colorants is a primary factor hindering the sales of curcumin.
- Side effects associated with the consumption of curcumin such as constipation, gastroesophageal reflux, yellow stool, and stomach ache among others is hampering the demand for curcumin.
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As per FMI, the top five manufacturers in the global curcumin market are estimated to account for nearly 35-45% of the total revenue share in 2021.
Leading players are focusing of adopting growth strategies such as new product launch, production capacity expansion, merger, collaboration, and acquisition to increase their global presence and market share. For instance,
- In April 2019, Nuvothera, Inc., an American biotech company, announced launching a new Super-mirconized Turmeric Curcumin supplement to meet the increasing demand for curcumin-based beverages. The product launch is expected to assist the consumer reduce their dependence on prescribed medicines.
- In October 2018, Applied Food Sciences Inc., a leader innovator of functional and organic ingredients in the natural products industry, announced launching its new product named CurcuFlow, a free-flowing curcumin extract. It is designed for the producers to assist them in achieving a stain-free and cleaner turmeric production.
Some of the key players operating in the market profiled by FMI are:
- BioMax Life Sciences
- Hebei Tianxu Biotech Co.,Ltd
- JIAHERB, INC.
- Synthite Industries Ltd
- BioThrive Sciences
- Herboveda India Pvt. Ltd
- Sabinsa Corporation
- The Green Labs LLC
- WackerChemie AG
- Hindustan Mint & Agro Products Pvt. Ltd.
- Arjuna Natural Extracts Ltd.
- SV Agrofood
- Star Hi Herbs Pvt. Ltd.
- Helmigs Prima Sehejtera P.T
- SMP Nutra
- Heart Health
- Brain Health
- Stress/Anxiety Relief
- Flavorant & Colorant
- Dietary Supplements
- Food Products
- Herbal & Medicinal Products
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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Key Questions Covered in the Report
- The report offers insight into curcumin market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for curcumin market between 2021 and 2031
- Curcumin market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Curcumin market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others