According to a recent report, the market for Curcumin (the ingredient that gives colour to turmeric) is expected to increase driven by its increasing application as a functional ingredient in Food Industry.
Curcumin is obtained from the dried rhizome of the turmeric plant, which is a perennial herb that is cultivated extensively in south and southeast Asia. The rhizome or the root is processed to form turmeric which contains 2% to 5% curcumin.
In its latest study, Future Market Insights (FMI) uncovers hidden growth prospects in the curcumin market for the assessment period 2021-2031.
As per FMI, the global curcumin market is estimated to reach US$ 95.5 Mn in 2021. Increasing application of curcumin across food & beverage, personal care, cosmetics, and other industries will enable the curcumin market size to more than triple, totaling US$ 279.3 Mn, in comparison to the US$ 86.2 Mn registered in 2020.
Increasing potential
Curcumin is gaining popularity as a functional ingredient across the personal care and cosmetic industries owing to its anti-microbial, antioxidant, anti-inflammatory properties. It is increasingly being used for various skin care applications such as prevention of ringworms, leech bites, bruising, eye infection, and swelling among others. Driven by this, the sales of curcumin are expected to grow at an impressive CAGR of 11.3% during the forecast period 2021-2031.
Rising consumer inclination towards plant-based and natural food products will fuel the demand for curcumin functional food and medicines. In addition to this, increasing application of curcumin supplements in the beverage industry for the production of sports and performance drinks, ready-to-drink teas, and energy drinks are anticipated to create lucrative opportunities for the growth of the market.
On the basis of nature, conventional curcumin is projected to emerge as the most attractive segment in the market, accounting for more than 87.3% of the total curcumin sales in 2021. Increasing application of curcumin (turmeric yellow) and curcumin food color in superfoods in the packaged foods sector and plant-based supplements is favoring the growth in the segment.
“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 US 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.
Key Drivers
- 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.
Key Restraints
- 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.
