Turmeric Oleoresin, Spice Oils and Oleoresins
Curcumin is an ingredient of turmeric which is found in limited amounts in ginger. It is a cancer preventive molecule and is anti-inflammatory. It is extracted from turmeric and is widely used in pharmaceuticals, food and cosmetics industry for its anti-oxidation and anti-inflammatory properties. Curcumin is used in the treatment of tumors, arthritis, gastric ailments and viral infections. Rising consumer awareness towards health benefits of curcumin and growing demand for curcumin-based nutritional supplements due to increasing consumer awareness regarding its anti-cancer properties are the main drivers responsible for the growth of global curcumin market.
Curcumin based supplements have a huge market as they are easily available over the counter without the existence of government regulations. In addition, curcumin is also gaining popularity as an ingredient in cosmetic and herbal skin care products. Therefore, growing demand for ayurvedic and herbal skin care products is expected to drive the market during the forecast period. Moreover, rigorous research and development activities regarding the application of curcumin in dye sensitized PV technologies serve as an opportunity for the market as this application would drive new market avenues for curcumin during the forecast period. In terms of application, global curcumin market is categorized into pharmaceuticals, food, cosmetics and others. Pharmaceutical held the largest market share due to rising demand for curcumin based supplements. Increasing demand for herbal cosmetic products is expected to drive the global market of curcumin in cosmetic applications as it serves as a remedy for various skin diseases. Shifting consumer preference towards natural food coloring food substances is expected to increase the demand of curcumin in food applications. However, existence of cheap synthetic food colors serves as a restraining factor in the growth of curcumin market in Rest of the World (RoW) and Asia Pacific region.
Strong application scope in pharmaceutical and cosmetics owing to the presence of anti-oxidation, anti-cancer and anti-inflammatory properties should drive global curcumin market growth. Growing consumer awareness pertaining to benefits from ayurvedic skin care and herbal ingredients may fuel product demand. Cough cure, arthritis, biliary disorders, diabetic wounds, anorexia, sinusitis, tumors, hepatic disorders and rheumatism treatments are key buying properties.
Global curcumin market is expected to witness high growth on account of its increasing demand in food, cosmetics and pharmaceuticals. Curcumin is extracted from turmeric (curcuma longa) and is used in the abovementioned end-use industries for its anti-inflammatory and anti-oxidation properties. Rising consumer awareness regarding health benefits of the product is expected to play an important role in driving market growth over the forecast period. On account of its therapeutic qualities, turmeric is a widely used ingredient in food and medical products, particularly in the Indian subcontinent. Over the past few years, there has been an increasing demand for ayurvedic medicinal formulations across the globe. It is the presence of curcumin that gives turmeric its unique therapeutic qualities.
Global Curcumin Market, By Application, 2012 – 2022 (Tons)
Rising consumer health consciousness due to presence of artificial ingredients in food, medicines, and cosmetics are key aspects influencing the industry manufacturers to adopt for organic ingredients in the product formulation. Presence of anti-cancer, anti-inflammatory and anti-oxidation properties in medicines and cosmetics will drive curcumin market growth.
Food applications will witness gains at 12.2% up to 2024. Continuous product development and innovation in food industry will drive the product demand in this segment. Rising scientific proficiency coupled with large network of biotechnology and food chemistry is anticipated to produce high quality curcumin improving the future sales margins. Moreover, commercial feasibility and end usage of product is the prime focus of the researchers.
Industry Background
Curcumin is derived from turmeric and globally, the demand for turmeric is increasing. The industry is witnessing fierce competition, especially from suppliers present in the Asian countries. Therefore, companies are continuously upgrading their production and processing scale to gain competitive advantage in the industry. Key manufacturers are expected to integrate business operation including, cultivation, processing and marketing.
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.
Demand for curcumin is expected to be high in Asia Pacific owing to the growing demand from skin care and cosmetic manufacturers. Herbal products offered by these manufacturers are gaining fast penetration in North American and European markets. This acts as a driving factor in the growth of curcumin market in Asia Pacific region. In addition, manufacturers are highly concentrated in India due to high content of curcumin in Indian turmeric products .Moreover, close proximity to raw materials suppliers is another factor fuelling the growth of curcumin market in India .Hence, demand for it is expected to be high during the forecast period.
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