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Turmeric Market Overview
Report Coverage
The report: “Turmeric Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Protein Supplements Market.
Key Takeaways
- The growing partnerships, acquisition and the expansion of spices industry will lead to the growth of global Turmeric market throughout the forecast period.
- The inclusion of artificial chemicals in food, pharmaceuticals, and cosmetics is one of the main factors driving businesses to use organic ingredients in product creation.
- Curcuma longa’s anti-cancer, anti-inflammatory, and anti-oxidant effects are projected to fuel market development.
- During the projected period, increased applications in the textile and cosmetic markets are expected to boost industry growth. The need for goods in skin care applications such as ringworm prevention, leech bites, eye infections, skin sores, and others is projected to push the business to even greater heights.
Turmeric Market: Market Share (%) by Application, 2020
Turmeric Market Segment Analysis – By Form:
Based on Form, Turmeric market is segmented into Whole, Powder. Powder Segment is accounted for the largest revenue market share in 2020. The demand for powdered Turmeric is estimated to rise owing to a growing customer preference for them in order to save time and get authentic flavor. They offer variety of combinations. Marinades, rubs, snack mixes, and Flavoring ingredients, colouring ingredients for curries are all made using powdered forms. They have a lengthy shelf life and don't need to be kept in the fridge. They can be sprinkled straight into the recipe or blended with water. Whole Segment is predicted to grow with the fastest CAGR of 6.1% in the forecast period 2021-2026. Whole Turmeric are chosen as they contribute to the creation of fresh and bright tastes, which is why they are so vital in cooking. They've got a longer shelf life than their competitors. These are excellent for long-simmered meals since they enable the entire depth of their flavor to penetrate the dish. Most green plants contain cinnamic acid, which is low in toxicity. It is used in flavorings as well as the production of methyl, ethyl, and benzyl esters for the perfume business. It is also a predecessor of aspartame, a sugar substitute. When cinnamic acid was tested on table grapes, it inhibited pathogen development and induced resistance in the host, effectively controlling gray mold in the postharvest period.
Turmeric Market Segment Analysis – By Application:
Based on Application, Turmeric market is segmented into Food & Beverage, Pharmaceutical, Cosmetics, and Others. In 2020, the cosmetics category has accounted for the greatest revenue market share. Curcuma longa's popularity in cosmetics is growing as a result of its antioxidant, anti-inflammatory, and antiaging qualities, all of which contribute to its cosmetic use. UV radiation causes free radical species to form, which react with protein, DNA, and fatty acids, possibly irritating the epidermis. These free radicals also contribute to the breakdown of the skin's regulatory system, resulting in visible photo aging effects such as hyperpigmentation, wrinkles, and skin firmness loss. Curcumin-rich products can help to reduce these negative effects while also improving skin tone. Brands in the personal care and cosmetics sectors are increasingly using this compound as an additive. Owing to Turmeric’s wide applicability as a food additive and its ability to inhibit arachidonic acid metabolism, the Food & Beverage segment is expected to expand at the quickest CAGR of 6.4% in the forecast period 2021 to 2026. This explains the rise in demand in food applications. Turmeric is the world's most widely consumed spice, having a history reaching back over 2000 years. Its biological functioning, as well as the lack of evidence that it is harmful in nature, should drive increasing demand in the future years. Curcuma longa has gained popularity across the world owing to its medicinal properties and low toxicity levels.
Turmeric Market Segment Analysis – By Geography:
Based on Geography, North America Turmeric Market accounted for the 40% revenue share in 2020. The expanding demand for curcuma longa in the area, as well as increased food and nutritional supplement consumption, has propelled North America to the top of the Turmeric Market. Many luxury cosmetics companies are headquartered in North America, and these companies are more likely to employ organic ingredients in their formulae, which presents additional development prospects throughout the forecast period. In the projection period 2021-2026, Asia-Pacific is expected to expand at the quickest rate. According to NCBI research, the biggest production of curcuma longa in the region, with Indian turmeric recognized as the best in the world, is driving market development in Asia Pacific throughout the forecasted timeframes. China, Tibet, Mongolia, and Japan are among the nations that use a large amount of it. Moreover, as India is the world's largest producer of turmeric, the market in the area is expected to reach new heights in the not-too-distant future. A greater emphasis on research and development in order to improve curcuma longa bioavailability is a major driver for curcumin in the Asia-Pacific region, with more laboratory studies proving structure-function relationships and human clinical trials establishing efficacy and safety by specific applications (prevention and supportive treatment of digestive disorders, arthritis, cancers, cardiovascular diseases). Increased consumer awareness of the benefits of natural components in food, cosmetics, and pharmaceuticals is likely to aid Asian market participants in capitalizing on potential curcuma longa prospects.
Turmeric Market Segment Analysis-Drivers
Growing Awareness on Natural Food Ingredients:
Consumers perceive color as one of the first things they notice about a product. Colors are becoming more than simply what meets the eye, as clean-label demand spreads across the industry. Natural colors are becoming a top-of-mind purchase for a large portion of the population, and companies (big and small) are taking note. Because of the health benefits of organic food, consumers are willing to pay a premium for them. Organic turmeric is in high demand among customers who want to get the most out of turmeric's functional qualities. Natural colors have a slew of issues when it comes to functioning. Exempt (Natural) colors, on the other hand, are viewed by customers as posing a lower health risk than synthetics generated from petroleum (coal-tar). As a result, manufacturers are implementing them into their goods in order to gain a competitive advantage. The market for curcumin is being driven by this.
Turmeric Market Segment Analysis-Challenges
Side Effects of Curcuma Longa:
Curcuma longa has both pain-relieving and anti-inflammatory qualities; nevertheless, it is seldom suggested owing to its quick metabolization and poor bloodstream absorption, which restricts its benefits. As a result, in the current environment, this issue may limit the expansion of the market. As the US Food and Drug Administration does not regulate curcumin-based supplements, their efficacy might vary from brand to brand and even batch to batch. Supplements advertised as containing over 95% curcuminoids, for example, may have more or less of the substance. Furthermore, excessive intake might cause constipation, dyspepsia, diarrhea, distension, nausea, vomiting, and stomach discomfort, limiting the market's growth throughout the projected period. This issue may erode customer trust and result in significant health consequences when high-dose supplements are used. Non-Steroidal Anti-Inflammatory Drugs (NSAIDs) have been the medicine of choice for treating a variety of inflammatory illnesses, including rheumatoid arthritis, during the previous decade. The anti-inflammatory action of NSAIDs is owing to the inhibition of the cyclooxygenases enzyme, which is responsible for the conversion of arachidonic acid to prostaglandins. Similarly, cyclooxegenase-2 inhibitors (COX-2) block the COX-2 enzyme selectively, resulting in substantial anti-inflammatory, analgesic, and antipyretic efficacy without the gastrointestinal and renal adverse effects observed with COX-1. Several selective cyclooxegenase-2 inhibitors (COXIBs) have been developed and authorized for various inflammatory conditions over the last two decades. Cyclooxegenase -2 mRNA and protein expression were significantly reduced by curcumin, but not COX-1. These findings show that a non-toxic dosage of curcumin has a substantial impact on HT-29 cell growth in vitro, suppresses cyclooxegenase -2 expression selectively, and might be useful as a safe chemopreventive drug for colon cancer. However, Clinical trial evidence, on the other hand, suggests that long-term usage of cyclooxegenase-2 inhibitors is linked to life-threatening cardiovascular adverse effects such ischemic heart failure and myocardial infection.
Turmeric Market Segment Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Turmeric Market. Turmeric Market top 10 companies are Earth Expo Company, ITC Spices, Nani Agro Foods, MDH Spices, Shah Ratansi Khimji, Barrington Chemical Corporation, SHS Group, DS Group, Everest Spices, MTR Foods Pvt. Ltd, Olam International, Mccormick & Company Inc. and Bart Ingredients Co Ltd.
Acquisitions/Product Launches:
- In April 2021, Arjuna Natural Pvt. Ltd. announced the findings of a new research, claiming that the company's proprietary turmeric extract is as efficient as paracetamol in reducing pain, joint stiffness, and other symptoms of knee osteoarthritis. BCM-95 curcumin, a business product, is a potent anti-inflammatory for osteoarthritis of the knee.
- In December 2020, Synthite Industries announced the introduction of NatXtra, a nutraceutical brand, in the Indian wellness and health sector. Vitamins, plant extracts, minerals, and bio-actives make up the product. This approach will help the firm develop in the Asia Pacific region's booming health and wellness sector.