The growing awareness regarding the health benefits that curcumin provides is driving the demand for the market.
Market Size – USD 57.4 Million in 2019, Market Growth – CAGR of 11.5%, Market Trends – High demand from developed nations.
The global Curcumin market is forecasted to reach USD 135.4 Million by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the rising customer consciousness about the health benefits and therapeutic properties of curcumin. Moreover, the rising trend of using natural ingredients in cosmetic products is fostering the market demand. However, the availability of cheaper synthetic products is hampering the growth of the market.
Growing awareness amongst consumers about their healthy well-being is augmenting the demand for the market product. New and existing cosmetic companies focusing on natural ingredients and using curcumin as one of the primary ingredients is leading to increasing demand for the market. A rise in the acceptance of Ayurvedic medicines is helping the market size of curcumin due to its high value in Ayurvedic formulations.
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Key participants include SV Agrofood, Biomax Life Sciences Ltd., Konark Herbals and Health Care, Star High Herbs Pvt. Ltd., Hebei Food Additive Co. Ltd., Arjuna Natural Extracts Ltd., BioThrive Sciences, Synthite Industries Ltd., Herboveda India Pvt. Ltd., and Hindustan Mint & Agro Products Pvt. Ltd., among others.
Further key findings from the report suggest
- The largest application of curcumin is in the pharmaceutical sector, and it occupied 55.7% of the market in 2019. This is primarily because of the increasing awareness regarding the health benefits of curcumin. Pharmaceutical Grade Curcumin witnessed has garnered substantial importance and occupied 56.6% of the market share in 2019 because of the huge demand for the product in the clinical applications, such as the treatment of Arthritis, migraine, diabetes, liver diseases and skin wounds.
- The food-grade sub-segment occupied 36.2% of the market in 2019, mainly due to the increasing use of curcumin in food in the developed countries and developing countries like China and India. Food-grade is forecasted to grow at a CAGR of 11.7% in the forecast period.
- Offline stores dominated the distribution channel and occupied 77.18% of the market share in 2019. The major reason behind this is that internet penetration is low in many areas, and the majority of the population still prefers to buy groceries offline in developing countries.
- North America dominated the market for curcumin in 2019. The reason behind this is that the population in this region is highly educated, and hence consumer awareness regarding the health benefits and cosmetic applications is high. Also, the people in this region have started to shift towards organic substances, thus leading to an increase in the demand of curcumin.
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For the purpose of this report, Reports and Data have segmented into the global Curcumin market on the basis of Application, Type, Distribution Channel, and Region:
Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Other Uses
Type Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Food Grade
- Cosmetics Grade
- Pharmaceutical Grade
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- Offline Stores
- Online Stores (E commerce)
Regional Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Objective of Studies:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Curcumin market.
- To provide insights about factors affecting the market growth. To analyze the Curcumin market based on various factors- price analysis, supply chain analysis, Porte five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, Latin America and Rest of the World.
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment by application, product type and sub-segments.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Curcumin market.
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