Tough competition and vast fragmentation encircle global curcumin market says the latest report by Transparency Market Research (TMR). Industries like food processing have involved curcumin owing to its various functional properties. The market is driven by major players like Biomax Life Sciences, Synthite Industries, Herboveda India, SV Agrofood, and Hindustan Mint and Agro Products. These players are building channels of small supply chains to take control of the global market. They are able to achieve this target as a result of collaborations of exporters and producers in various countries across the globe. This allows both the entities to eliminate middleman resulting in the reduction of the cost and better profit.
According to the latest report by TMR, global curcumin market is estimated to worth US$ 465.8 million by the end of 2026. It is noticeable that by the end of 2018, net worth of the market was estimated at around US$ 282.2 million. This means the market is expected to grow at least 6.5% in terms of CAGR from 2018 to 2026.
TMR report presents an in-depth analysis of various segments of the global curcumin market. The market is segmented on the basis of nature, end-users, form, and application. Out of these segments, nature segment tends to show maximum growth in the forecast period. The segment is further bifurcated into organic and conventional curcumin. Amongst the two, Organic Curcumin is likely to show the highest CAGR in the forecast period. This can be the result of relatively fewer side-effects on the users as compared to conventional curcumin.
The global curcumin market is fragmented across regions like North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. TMR report estimates that North America tends to show the highest growth among all regions around the globe. This hike is accounted to the increasing awareness of health benefits of curcumin. Also, the rising demand for natural products in various cosmetic and personal care in North America is also one of the major reason that is making this region grow at an exponential rate in the forecast period.
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Raise in Natural Product for Skincare Fueling the Global Curcumin Market
Inspired by its presence in Ayurveda, curcumin plays a vital role in many beauty products. Ever since people have become more cautious about the ingredients and chemical present in their skin care products, they have shown more inclination towards products made by natural ingredients. Owing to this increasing demand of natural products in cosmetics and skin care products, the market of curcumin is growing across the world. Also, curcumin is one of the most prominent constituents of major food dishes, and growing spurge of serving cuisines from various countries in international hotels is also helping global curcumin market to grow exponentially.
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Growing Demand for Quality Products shall Help companies to Overcome the Challenge of Short Supply
The world economy is getting stable day by day. This provides a better amount of disposable income for the people. As a result, people are focusing more on quality of the product they are using. This focus allows businesses to incorporate curcumin in their product globally. Although these companies tend to face some challenges in acquiring the curcumin as a result of short supply, they can generate with the number so products they sell and grow during the forecast period of 2018 to 2026.
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