Global Curcumin market is
expected to reach USD 94.3 million by 2022, according to a new study by Grand
View Research, Inc. Therapeutic properties of curcumin such as
anti-inflammatory and anti-oxidant make them ideally suited for use in food and
medical application. The market is expected to witness significant growth in
light of the growing consumer awareness regarding the above mentioned
therapeutic properties. Increasing demand for herbal and ayurvedic skin care
products is also expected to boost demand for curcumin over the forecast
period. Curcumin or turmeric extracts are also gaining importance owing to the
lower bioavailability of raw turmeric which is mostly consumed in food
products.
Pharmaceutical was the largest
application segment accounting for over 50% of the global volume owing to an
increasing demand for curcumin based OTC supplements. Curcumin demand in food
application also increased in 2014 in terms of absolute volumes on account of
growing demand for natural coloring and flavoring substances. Similar trends
are expected to continue over the forecast period. Growing penetration of
herbal skin care products is expected to further augment curcumin market
growth. R&D in dye-sensitized PV technology is expected to open new market
avenues for curcumin.
In depth research report on Curcumin Market
Further key findings from the study suggest:
•
North America was the largest
regional market for curcumin with market revenue exceeding USD 20 million in
2014. Curcumin is an established ingredient for pharmaceutical application in
the region which is expected to act as a major driver for market growth. In
addition, growing use of turmeric extract or curcumin in cosmetic formulation
is expected to further augment market demand over the forecast period.
•
Curcumin production is highly
dependent on turmeric production which is regional dominated by India. India is
the largest manufacturer of curcumin with production exceeding 80% of global
market. Low consumer awareness of curcumin as a health ingredient in India
results in the country exporting majority of its product to North America and
Europe.
•
Europe is expected to be the
fastest growing regional market for curcumin with demand estimated to grow at a
CAGR of over 17% from 2015 to 2022. Regulatory support coupled with growing
consumer awareness is expected to be a key factor responsible for high market
growth in the region. European Food Safety Association (EFSA) has approved ADI
of 3 mg/kg of body weight for curcumin making it a preferred pharmaceutical
ingredient in turn resulting in increased market demand.
•
Key players present in the
global curcumin market include Arjuna Natural Extracts Ltd, Synthite Industries
Ltd, Sabinsa Corporation and Helmigs Prima Sejahtera PT. Arjuna Natural Extract
ltd has a patent for curcumin formulation from turmeric which signified the
extensive R&D in the market.
For the purpose of this study,
Grand View Research has segmented the global curcumin market on the basis of
product and region:
Global Curcumin Application Outlook (Volume, Tons;
Revenue, USD Million, 2012 - 2022)
•
Pharmaceuticals
•
Food
•
Cosmetic
•
Others
Global Curcumin Regional Outlook (Volume, Tons; Revenue,
USD Million, 2012 - 2022)
•
North America
•
U.S.
•
Europe
•
Germany
•
Denmark
•
Asia Pacific
•
Japan
•
India
•
Indonesia
•
RoW
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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