Turmeric Market size is estimated to be $4.1 billion in 2020, growing at a CAGR of 6.3% during the forecast period 2021-2026. Turmeric is a bright yellow spice used throughout Asia for centuries in order to provide taste, color and flavor to foods. Apart from this turmeric possess various health benefits. There is a growing evidence that the presence of curcumin in turmeric can cross the blood-brain barrier and help to protect against Alzheimer disease. Another study of 60 patients showed that curcumin was an effective as an anti-depressant in treating depression, by boosting levels of brain-derived neurotropic factor. Therefore, large pool of people suffering from various health issues coupled with the increasing benefits of turmeric is a vital factor contributing to its market growth. Besides this, turmeric is in high demand on the European market for health products. In addition, the capsules, tablets containing turmeric powder and extracts are marketed to support the immune system, joint and digestive health. Therefore, the high intake of turmeric in European region is another vital factor contributing to its market growth.
Turmeric Market Segment Analysis – By Type
By Type, the Turmeric Market is segmented into Raw and Dried. Raw segment held the largest market share in the year 2020 owing to its various health benefits. Raw turmeric is one of the main home remedies used for various health issues which helps facilitate smoother digestion through the tracts. Hence, the rising number of health benefits associated with raw turmeric consumption is a vital factor contributing to its segmental growth. Also, dried segment is projected to witness growth at fastest CAGR of 7.1% in forecast period 2021-2026 owing to its wide usage in beverage industry.
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Turmeric Market Segment Analysis – By Application
By Application, the Turmeric Market is segmented into Food and Beverage Industry, Household, Cosmetic Industry and Others. Food and Beverage segment held the largest market share in the year 2020 owing to the increasing health conscious population coupled with the rising demand of turmeric in food and beverage. Therefore, in order to meet with the growing consumers demand, the key players are usually focused on producing drinks which boost the immunity which in turn is contributing to its segmental growth. For instance, in September 2020 Heritage Food launched immunity boosting range of ginger, tulsi and turmeric variants of milk which is good for thermoregulatory, thrombotic and respiratory functions of the body. Also, household segment is projected to witness growth at fastest CAGR of 7.4% in forecast period 2021-2026 owing to its wide usage in cooking including curries and in stir fried dishes.
Turmeric Market Segment Analysis – By Geography
APAC contributed to the largest market share of 47% in 2020 owing to the increasing production of turmeric in that region. Moreover, India is the largest producer, consumer and exporter of turmeric in the world. Other major producers are Thailand, Southeast Asian countries, Central, Latin America and Taiwan. In addition, the global production of turmeric is around 11 lakhs tons per annum in which India dominated the world production scenario contributing 78% followed by China (8%), Myanmar (4%), Nigeria and Bangladesh together contributing to 6% of the global production. Europe Turmeric Market is another dominant market owing to the presence of major players in the region usually focused on the manufacturing products on a large scale with versatile taste and flavor using turmeric.
Turmeric Market Drivers
Wide Usage of Turmeric in Cosmetic Industry
Wide usage of turmeric in cosmetic industry is a significant factor driving the Turmeric Market during the forecast period 2021-2026. Turmeric helps in attaining natural deep clean face and also helps in removal of microbes Therefore, owing to these benefits there is a huge demand of turmeric in cosmetic industry which in turn is fueling its market growth.
Increasing Health Benefits Associated with Turmeric
Increasing health benefits associated with turmeric consumption is a major driving the Turmeric Market during the forecast period 2021-2026. Moreover, turmeric and its powerful ingredient curcumin possess a range of health benefits. For instance, its antioxidant properties help prevent heart disease, eye condition, and Alzheimer disease and its anti-inflammatory properties helps people suffering from arthritis and even reduces the spread of cancer. Therefore, owing to its increasing health benefits large number of people are opting for it which in turn is driving its market growth.
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Turmeric Market Challenges
Side-Effects Related to Turmeric
Side-effects associated with turmeric consumption serves as a major setback for the growth of the Turmeric Market during the forecast period 2021-2026. Moreover, its excess consumption can lead to constipation, dyspepsia, diarrhea, distension, nausea, vomiting and stomach ache which in turn is hampering its market during the forecast period 2021-2026.
Turmeric Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Turmeric Market. Turmeric Market top 10 are Barrington Chemical Corporation, SHS Group, DS Group, Everest Spices, Nani Agro Foods, MTR Foods Pvt. Ltd, MDH Spices, Olam International, Mccormick & Company Inc.,and Bart Ingredients Co Ltd.
August 2018: Frutarom Health expanded the regional focus of NovaSOL Curcumin, its turmeric formula. The liquid curcumin formulation suited for beverages and sport nutrition drinks, is claimed to have among the highest bioavailability of curcumin ingredients.
Raw segment held the largest market share in the year 2020 owing to its various health benefits.
Food and Beverage segment held the largest market share in the year 2020 owing to the increasing health conscious population coupled with the rising demand of turmeric in food and beverage.
APAC contributed to the largest market share of 47% in 2020 owing to the increasing production of turmeric in that region.
Wide usage of turmeric in cosmetic industry is a significant factor driving the Turmeric Market during the forecast period 2021-2026.
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