The curcumin market size was valued at USD 68.81 million in 2021 and is expected to reach USD 266.39 million in 2030 growing at a compound annual growth rate (CAGR) of 16.23% from 2022 to 2030. The root of the plant Curcuma longa, more often known as turmeric, contains a bioactive chemical called curcumin. Due to the fact that curcumin possesses both anti-inflammatory and anti-oxidation qualities, it is well suited for use in a wide variety of medicinal and culinary applications. Because more people are becoming educated about the medicinal benefits of curcumin, the market for this ingredient is poised to experience massive expansion soon.
In the most recent few years, an improved health consciousness, many health advantages of curcumin, and an increased desire for natural and organic supplements have all contributed to an increase in the demand for curcumin, which has, in turn, propelled the expansion of the curcumin market share. A healthy lifestyle, an increase in the demand for organic foods and ayurvedic medicinal formulations, as well as developments in pharmaceutical and cosmetics products that include curcumin, have all contributed to the expansion of the worldwide curcumin market demand.
Curcumin, a polyphenolic compound with physiologically active properties, may be extracted from the rhizomes of the plant Curcuma longa, which is whence turmeric gets its name. Although turmeric is used for medicinal purposes for a very long time, the limited bioavailability of this spice limits the scope of its possible use in the medical field. The most common applications of curcumin as a dietary supplement can be found in cosmetics, as a food flavoring in turmeric-flavored drinks in South and Southeast Asia, and also as a food coloring agent in curry powders, mustards, butter, and cheeses. These are the three most common uses of curcumin.
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Consumers are being drawn to natural herbs and spices by a new trend in cosmetics that uses only natural ingredients
Since ancient times, people have been trying to improve their appearance by using various herbs and spices. Because of their superior efficacy and little or nonexistent negative effects, herbal preparations have long been the subject of a significant amount of interest. Natural cosmetics are not thought to pose any health risks when used. The term "medicinal cosmetics" refers to a product that is a cross between traditional cosmetics and pharmaceuticals. These products are designed to improve the appearance and health of the skin by delivering targeted benefits, such as the reduction of acne and the slowing of the aging process while also serving as a sunscreen.
These products enhance the function and texture of the skin by supporting the formation of collagen, reducing the detrimental effects of free radicals, keeping a proper structure of keratin, and making the skin healthier overall.
Women in Southeast Asia and India, in particular, have for a very long-time utilized herbs like sandalwood and turmeric for their skincare, as well as natural oil to apply scent to their bodies. Nevertheless, this pattern has been noticed in the countries of Europe and the United States during the past several years. This trend is anticipated to continue in the long run and draw more customers toward natural ingredients because of the growing number of consumers who are choosing natural goods and sustainable lifestyles.
Consumers' Growing Awareness of Health and Well-Being will Aid Market Growth
The state of one's health and well-being has emerged as one of the most important concerns for customers all over the world. In recent years, there has been a substantial rise in the demand for natural products that are capable of increasing one's immunity in some way. In recent years, several natural extracts have gained popularity as a result of evidence showing that they are effective treatments for a variety of illnesses. Since ancient times, several countries including India have been employing turmeric in a variety of medical and cosmetic formulations, and the demand for the commodity continues to this day. Curcumin has been the topic of many clinical studies all over the world that have been conducted by research organizations. These studies have proven that curcumin possesses antioxidant and anti-inflammatory properties, which makes it appropriate for use in the development of medicinal supplements and cosmetic formulations. As a result, there has been a huge rise in demand.
Changing Consumer Dietary Preferences to Accelerate Market Growth
Consumers all over the world are rapidly developing an acute awareness of the unfavorable outcomes that are linked to the use of animal food products and the environmental repercussions that are associated with these outcomes. As a result, customers' nutritional choices are altering, and they are increasingly gravitating toward vegetarian and herb-based food items, such as those containing turmeric. Extracts of turmeric are an excellent choice for use in the development of novel food formulations since they are derived from plants. This is one of the most important variables that are likely to further accelerate the growth rate of this market worldwide.
The availability of inexpensive substitutes will limit market expansion
There are several additional natural substances that may be employed as low-cost alternatives to curcumin. These alternatives include natural spices like mustard powder, which can be utilized as natural food additives. In addition, the production of medicines and dyes is also compatible with the use of several other chemical components. As a result, producers have the option of switching to cheaper raw materials, which slows the expansion of the market. Because of this, the strain on the turmeric supply chain to acquire raw materials and provide these goods to companies for further processing has risen significantly. To satisfy this ever-increasing demand, some producers adulterate turmeric species or dyes, which eventually has a negative influence on the quality of the finished product. This has an effect on how consumers perceive the brand, which in turn leads to stagnant market growth in the region.
India, China, Bangladesh, and Myanmar are just a few of the nations in the Asia-Pacific area that are important producers of turmeric. Other big producers in the region include Thailand and Sri Lanka. Because of the high degree of dependence that Europe and the United States have on these nations for the supply of raw materials, any change in the political climate of the area will put pressure on the supply chain for curcumin and further inhibit the expansion of the market.
The global curcumin market is segmented by application, and region.
In 2020, the pharmaceutical application sector led the market with a revenue share that was greater than 51% of total market revenue. It is anticipated that this market category would continue to grow at the highest CAGR from 2020 to 2028. Curcumin has been put to use in traditional Asian herbal medicine for the treatment of a broad variety of conditions, including infections and inflammation, for many centuries. It is anticipated that the cosmetics application sector would experience considerable expansion over the time under consideration. Because of the product's antioxidant, anti-inflammatory, and anti-aging qualities, it is suitable for use in a variety of cosmetic applications. UV radiations stimulate the creation of free radical species, which then react with protein, DNA, and fatty acids to produce irritation on the epidermis. This irritation is further caused by exposure to UV radiation.
These free radicals cause damage to the skin, which may be seen as obvious signs of photoaging. These signs include hyperpigmentation, wrinkles, and a loss of firmness in the skin. Products containing curcumin have the potential to mitigate these effects. As a result, more and more brand owners in the personal care and cosmetics industries are beginning to use it as an additive. The growth of the market is expected to be bolstered throughout the projected period by increasing customer knowledge regarding the advantages of the product and increasing consumer preference for items that are produced organically Due to the widespread use of the product as a food additive, it is anticipated that the food application sector will record the second highest CAGR of 16.0% over the course of the projected year.
By region, the global curcumin market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East.
Europe Dominates the Global Market
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During the time covered by the prediction, it is anticipated that Europe would have the highest CAGR of 16.7%. The well-established cosmetics and personal care sector in Western European nations like Italy, Germany, and Spain is a big element that is driving the regional market. This is one of the primary factors that is driving the regional market. Because of the significant demand for food and nutritional supplements in North America, that region accounted for the largest proportion of total revenue in the year 2020. Additionally, North America is home to a large number of premium cosmetic brands. These firms are becoming more and more interested in the incorporation of organic components into their products, which, in turn, offers expansion potential for the industry.
Over the course of the projected period, it is anticipated that Asia Pacific will record the second fastest CAGR. This is mostly a result of a lower level of consumer knowledge in the region on the beneficial effects of curcumin on health. However, this lack of consumer knowledge is an excellent opportunity for business owners to educate the general public and provide new goods that are tailored to meet the need of certain regions. The growing demand for ayurvedic and herbal personal care products containing curcumin would also contribute to the expansion of the regional market.
List of key curcumin market suppliers profiled