The global curcumin market size is projected to total US$ 95.6 Mn in 2021. As per Future Market Insights (FMI) analysis, the overall sales of curcumin will surpass US$ 279.3 Mn by 2031. Demand for curcumin is projected to grow by 11.3% CAGR over the forecast period, from 2021 to 2031.
According to the study, curcumin sales represented 3% to 5% of overall curcuminoids market in 2020. Demand for curcumin is likely to soar as consumers across the globe realize the health benefits of curcumin as a functional ingredient.
FMI predicts the U.S., India, Germany, and China to emerge as primary markets for curcumin sales. Of these, the U.S. curcumin market is expected to grow by 9.7% CAGR between 2021 and 2031.
Rising consumer preference for natural personal care products is expected to spur demand for curcumin in the forthcoming years. Increasing awareness about benefits of organic ingredients are compelling manufacturers to use different types of natural ingredients found consumables.
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Harmful effects of toxic ingredients in synthetic personal care products are compelling consumers to opt for greener products. Furthermore, consumers are becoming more informed about benefits of using organic and natural ingredients through various social media platforms.
The use of natural skincare products improves skin texture, tone, and appearance due to the presence of nutrients that are beneficial for skin health. Curcumin extracts are primarily used in skincare products due to their pigmentation inhibition antimicrobial activity and antioxidant capacity, all of which help to prevent various skin diseases.
Increasing awareness regarding benefits of natural ingredients used in cosmetics and personal care products expected to propel demand for curcumin over the forecast period.
Rising concerns regarding harmful effects of artificial ingredients in food products are spurring demand for clean label food products and ingredients. Consumer dissatisfaction with synthetic food products is compelling food manufacturers to incorporate natural and plant-based ingredients for flavor and color.
Research indicates that tar-based artificial colors, such as erythrosine aluminum lake, brilliant blue aluminum lake, allura red, and sunset yellow, cause cancer, brain tumors, and hypersensitivity in children, and are thus widely criticized for their contents.
“Increasing adoption of curcumin in the packaged food industry as a natural colorant, along with rising demand for curcumin in the personal care and cosmetics industry for its anti-inflammatory benefits will continue augmenting growth of the global curcumin market through 2031,” says an FMI analyst.
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Key Takeaways:
- The U.S. is estimated to account for more than 79.0% of the North American market in 2021, supported by increased consumption of curcumin-derived protein products.
- China is estimated to account for over half of sales registered in the East Asia market share in 2021.
- Germany is expected to dominate the Europe curcumin market, holding 16.3% of the total market share in 2021.
- India will emerge as an attractive curcumin market, commanding over 45.2% of sales registered in South Asia in 2021.
- Curcumin applications as an antioxidant are estimated to hold nearly one-third of the total curcumin market share in 2021.
Competitive Landscape
Key players operating in the global curcumin market are focusing on production facility expansion to cater to growing demand for natural and organic ingredients. Apart from this, manufacturers are implementing various strategies such as marketing and promotional activities, strengthening distribution channel and adopting sustainable production to gain a competitive edge.
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Some of the leading companies offering curcumin are BioMax Life Sciences, Herboveda India Pvt Ltd., Hebei Tianxu Biotech Co. Ltd., JIAHERB Inc., Synthetic Industries Ltd., BioThrive Science, Sabinsa Corporation, The Green Labs LLC., WackerChemie AG, Hindustan Mint & Agro Products Pvt Ltd, Helmings Prima Sehejtera P.T, Arjuna Natural Extracts Ltd., SMP Nutra, SV Agrofoods, Star Hi Herbs Pvt Ltd. and others.