Curcumin Market Size Aiming for USD 191.24 Million by 2032 with 9.76% CAGR | The Brainy Insights
[235 + Pages Report] According to a market research study published by The Brainy Insights, the demand analysis of global curcumin market size & share revenue was valued at around USD 75.36 million in 2022 and is estimated to grow about USD 191.24 million by 2032, at a CAGR of approximately 9.76% between 2023 and 2032. The key market players are listed in the report with their sales, revenues and strategies are BioMaxLifesciences Ltd., Hindustan Mint & Agro Products Pvt. Ltd., SV Agrofood, Herboveda India Pvt. Ltd., Tri Rahardja PT/Javaplant, Rosun Natural Products Pvt. Ltd., WackerChemie AG, Arjuna Natural Extracts Ltd., Helmigs Prima Sehejtera P.T., SabinsaCorp., Synthite Industries Ltd., Konark Herbals & Healthcare and others.
Newark, Oct. 18, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 75.36 Million in 2022 curcumin market will reach USD 191.24 Million by 2032. This expansion can be connected to the product’s inherent benefits, including its anti-cancer, antioxidant, and anti-inflammatory properties. The market is, therefore, expected to grow over the forecast period. The prevention of ringworm, eye infections, leech bites, sore skin, bruising, and swelling are only a few of the skincare uses. Curcumin, an active ingredient, is usually obtained from ginger and turmeric. Turmeric is frequently utilised in food and medical products in several nations due to its healing properties.
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Key Insight of the Curcumin Market
Asia-Pacific is anticipated to expand at the highest CAGR of 11.57% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 11.57% over the forecast period. This is mostly because fewer people in the area are aware of curcumin’s health advantages. Lower consumer awareness presents an excellent opportunity for business owners to inform the public and provide items that meet local needs. The expansion of the regional market is also anticipated to be fueled by increased demand for ayurvedic and herbal personal care products, including curcumin.
The organic segment is expected to register the highest CAGR of 12.38% over the projected period in the curcumin market.
The organic segment is anticipated to grow at the highest CAGR of 12.38% in the curcumin market. Over the past few years, organic farming has gained popularity and awareness. Farmers increasingly use organic agricultural techniques in response to consumer demand and willingness to pay more for organic goods. Due to this factor, the organic segment is anticipated to develop faster throughout the projection period.
Over the projected period, the cosmetics segment is expected to register the highest CAGR of 12.73% in the curcumin market.
Over the forecasted period, the cosmetics segment is anticipated to grow at the highest CAGR of 12.73% in the curcumin market. The product’s antioxidant, anti-inflammatory, and anti-ageing qualities can be largely attributed to its suitability for cosmetic applications. After exposure to UV radiation, the body produces free radical species, which interact with fatty acids, protein, and DNA to aggravate the epidermis further.
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Driver: The therapeutic properties are driving the demand for curcumin
Consumers highly value curcumin because of its therapeutic qualities, such as anti-oxidation, anti-inflammatory, and anti-cancer. Due to these benefits, curcumin is preferred in various end-user sectors, including pharmaceuticals, food & beverage, and personal care. Curcumin helps the body’s many genetic components, such as protein kinases, cytokines, redox state, adhesion molecules, and enzymes, to be regulated. Due to its anti-inflammatory qualities, curcumin reduces the risk of inflammation caused by diseases. Numerous chronic diseases, such as autoimmune, neoplastic, cardiovascular, metabolic, pulmonary, and neurological disorders, are significantly impacted by inflammation. Additionally, curcumin aids in the management and avoidance of chronic pro-inflammatory diseases. Due to its antioxidant qualities, curcumin is preferred.
Restraint: Availability of cheaper alternatives
Other affordable alternatives to curcumin include natural spices that can be added to food, including mustard powder. Various chemical compounds can also be used to make medications and colours. Producers might switch to cheaper raw materials, which will restrict market expansion. Due to this, it has become more challenging for the supply chain for turmeric to get raw materials and deliver these products to companies for additional processing. To fulfil this rising demand, some companies adulterate turmeric species and dyes, lowering the quality of the final product. This has an adverse effect on the way consumers view the brand, which hampers market expansion.
Opportunity: Turmeric is widely used by manufacturers as an antioxidant
Curcumin, being marketed as a superfood, has traditionally been utilised in Indian Ayurvedic medicine due to its exceptional anti-inflammatory and antioxidant properties. In countries like China and India, where curcumin is in high demand, turmeric is frequently utilised as an antioxidant in skincare and skincare products. Additionally, turmeric possesses anti-ageing qualities that slow ageing and lessen skin sagging. Curcumin is a natural alternative to many synthetic antioxidants in dietary supplements and cosmetics. Given this, the market is anticipated to experience rising demand for curcumin.
Challenge: Supply of raw materials is uncertain
As the demand for natural and organic food and cosmetic ingredients has grown, food, beverage, and cosmetic industries are beginning to add natural and organic ingredients and additives to their products. The increase in demand for natural ingredients from the food, pharmaceutical, and cosmetic industries has resulted in a lack of raw material supply, particularly for seasonal items like turmeric extracts. Earlier, a scarcity of raw ingredients restricted the use of turmeric by companies making food and cosmetics. However, the imbalance between supply and demand in this field is a result of the recent increase in demand for turmeric products. A lack of raw materials will lead to manufacturing restrictions.
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Some of the major players operating in the curcumin market are:
• BioMaxLifesciences Ltd.
• Hindustan Mint & Agro Products Pvt. Ltd.
• SV Agrofood
• Herboveda India Pvt. Ltd.
• Tri Rahardja PT/Javaplant
• Rosun Natural Products Pvt. Ltd.
• WackerChemie AG
• Arjuna Natural Extracts Ltd.
• Helmigs Prima Sehejtera P.T.
• Synthite Industries Ltd.
• Konark Herbals & Healthcare
• Star Hi Herbs Pvt. Ltd.
Key Segments cover in the market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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