The curcumin market accounted for ~US$ 73.8 million in 2021 and is projected to exceed US$ 135.5 million by 2028; it is estimated to record a CAGR of 9.1% from 2022 to 2028.
Curcumin is a bioactive compound found in the roots of Curcuma longa, also known as turmeric. Curcumin exhibits anti-oxidant and anti-inflammatory properties, which make it ideal for various medicinal and food applications. In Southeast Asian countries, turmeric is widely used in medical and food products due to its therapeutic properties. Curcumin is also widely used to treat eye infections, sore skin, and leech bites. All these diverse applications of curcumin are driving the market.
MARKET DYNAMICS
The increasing awareness about health and well-being among consumers is expected to surge the demand for curcumin. In recent years, the demand for natural products that possess immunity-boosting properties has increased. Curcumin has gained prominence, owing to the increasing awareness about its various benefits against various ailments. Moreover, the changing dietary preference of consumers toward the use of herbs such as turmeric has contributed to the market's growth. However, the availability of low-cost substitutes such as natural spices like mustard powder that can be used as natural food additive may hamper the market growth.
MARKET SCOPE
The "Global Curcumin Market Analysis to 2028" is a specialized and in-depth study with a special focus on market trend analysis. The report aims to provide an overview of the curcumin market with detailed market segmentation. It provides key market statistics based on the performances of leading market players and highlights key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The curcumin market is segmented based on category and application. Based on category, the market is further segmented into organic and conventional. In terms of application, the curcumin market is categorized into pharmaceuticals and nutraceuticals, food and beverages, personal care, and others.
The report provides a detailed industry overview, including qualitative and quantitative information. It provides an overview and forecast of the global curcumin market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The curcumin market in each region is subsegmented into respective countries. The report covers the analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in each region.
Asia Pacific dominated the curcumin market in 2021. The dominance of this region is mainly driven by the rising pharmaceuticals and food & beverages industries in the region. In addition, the increasing consumer awareness about the benefits of traditional medicines has surged the market growth.
The following figure showcases the revenue growth trend in the curcumin market:
Source: The Insight Partners Analysis
The report analyzes factors affecting the curcumin market from both the demand and supply sides. Further, it evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, influencing the market progress. The report also provides an exhaustive Porter's Five Forces analysis of the market.
IMPACT OF COVID-19 PANDEMIC
During the COVID-19 pandemic, the demand for curcumin increased despite the disrupted supply and shortage of curcumin across the world. The shortage was mainly due to disturbance in the supply chain and bans imposed on imports and exports by different countries. The demand for curcumin increased for treating viral infections across the globe. According to a scientific study conducted by the European Union, curcumin helped COVID-19 patients to recover faster from the symptoms. The effectiveness of complementary treatment of COVID-19 patients is being tested. Moreover, a May 2021 study published in Frontiers of Pharmacology found that curcumin with piperine could be an effective adjuvant therapy for COVID-19 treatment. Such studies about the benefits of curcumin against COVID-19 increased its demand globally, thereby positively impacting the market growth.
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The report provides a detailed industry overview, including qualitative and quantitative information. It provides an overview and forecast of the global curcumin market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The curcumin market in each region is subsegmented into respective countries. The report covers the analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in each region.
Asia Pacific dominated the curcumin market in 2021. The dominance of this region is mainly driven by the rising pharmaceuticals and food & beverages industries in the region. In addition, the increasing consumer awareness about the benefits of traditional medicines has surged the market growth.
The following figure showcases the revenue growth trend in the curcumin market:
Source: The Insight Partners Analysis
The report analyzes factors affecting the curcumin market from both the demand and supply sides. Further, it evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, influencing the market progress. The report also provides an exhaustive Porter's Five Forces analysis of the market.
IMPACT OF COVID-19 PANDEMIC
During the COVID-19 pandemic, the demand for curcumin increased despite the disrupted supply and shortage of curcumin across the world. The shortage was mainly due to disturbance in the supply chain and bans imposed on imports and exports by different countries. The demand for curcumin increased for treating viral infections across the globe. According to a scientific study conducted by the European Union, curcumin helped COVID-19 patients to recover faster from the symptoms. The effectiveness of complementary treatment of COVID-19 patients is being tested. Moreover, a May 2021 study published in Frontiers of Pharmacology found that curcumin with piperine could be an effective adjuvant therapy for COVID-19 treatment. Such studies about the benefits of curcumin against COVID-19 increased its demand globally, thereby positively impacting the market growth.
MARKET PLAYERS
The reports highlight key organic and inorganic growth strategies in the curcumin market. Organic growth strategies adopted by market players include product launches, product approvals, patents, and events. Further, the inorganic growth strategies witnessed in the market include acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of businesses and customer bases of market players.
The report on the curcumin market presents the profiles of key companies in this market, focusing on their SWOT analysis and market strategies. The company profile section focuses on leading industry players with information such as products and services offered, financial information for the last three years, and key development in the past five years. The list of a few key companies engaged in the curcumin market is given below:
- Wacker Chemie AG
- Arjuna Natural
- Herboveda
- Rosun Groups
- SabinsaCorp
- Glanbia plc
- Bioprex Labs
- Xi'an Green Spring Technology Co., Ltd
- The Green Labs LLC
- SV AGROFOOD
The dedicated research and analysis team at The Insight Partners consists of experienced professionals with advanced statistical expertise. The team also offers various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Category, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Curcumin Market - By Form
1.3.2 Curcumin Market - By Applications
1.3.3 Curcumin Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CURCUMIN MARKET L and SCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. CURCUMIN MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS and RESTRAINTS
6. CURCUMIN MARKET - GLOBAL MARKET ANALYSIS
6.1. CURCUMIN - GLOBAL MARKET OVERVIEW
6.2. CURCUMIN - GLOBAL MARKET and FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CURCUMIN MARKET - REVENUE and FORECASTS TO 2028 - FORM
7.1. OVERVIEW
7.2. FORM MARKET FORECASTS and ANALYSIS
7.3. POWDER
7.3.1. Overview
7.3.2. Powder Market Forecast and Analysis
7.4. LIQUID
7.4.1. Overview
7.4.2. Liquid Market Forecast and Analysis
8. CURCUMIN MARKET - REVENUE and FORECASTS TO 2028 - APPLICATIONS
8.1. OVERVIEW
8.2. APPLICATIONS MARKET FORECASTS and ANALYSIS
8.3. PHARMACEUTICAL
8.3.1. Overview
8.3.2. Pharmaceutical Market Forecast and Analysis
8.4. FOOD and BEVERAGES
8.4.1. Overview
8.4.2. Food and Beverages Market Forecast and Analysis
8.5. COSMETICS
8.5.1. Overview
8.5.2. Cosmetics Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. CURCUMIN MARKET REVENUE and FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Curcumin Market Overview
9.1.2 North America Curcumin Market Forecasts and Analysis
9.1.3 North America Curcumin Market Forecasts and Analysis - By Form
9.1.4 North America Curcumin Market Forecasts and Analysis - By Applications
9.1.5 North America Curcumin Market Forecasts and Analysis - By Countries
9.1.5.1 Canada Curcumin Market
9.1.5.1.1 Canada Curcumin Market by Form
9.1.5.1.2 Canada Curcumin Market by Applications
9.1.5.2 Mexico Curcumin Market
9.1.5.2.1 Mexico Curcumin Market by Form
9.1.5.2.2 Mexico Curcumin Market by Applications
9.1.5.3 US Curcumin Market
9.1.5.3.1 US Curcumin Market by Form
9.1.5.3.2 US Curcumin Market by Applications
9.2. EUROPE
9.2.1 Europe Curcumin Market Overview
9.2.2 Europe Curcumin Market Forecasts and Analysis
9.2.3 Europe Curcumin Market Forecasts and Analysis - By Form
9.2.4 Europe Curcumin Market Forecasts and Analysis - By Applications
9.2.5 Europe Curcumin Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Curcumin Market
9.2.5.1.1 Germany Curcumin Market by Form
9.2.5.1.2 Germany Curcumin Market by Applications
9.2.5.2 France Curcumin Market
9.2.5.2.1 France Curcumin Market by Form
9.2.5.2.2 France Curcumin Market by Applications
9.2.5.3 Italy Curcumin Market
9.2.5.3.1 Italy Curcumin Market by Form
9.2.5.3.2 Italy Curcumin Market by Applications
9.2.5.4 United Kingdom Curcumin Market
9.2.5.4.1 United Kingdom Curcumin Market by Form
9.2.5.4.2 United Kingdom Curcumin Market by Applications
9.2.5.5 Russia Curcumin Market
9.2.5.5.1 Russia Curcumin Market by Form
9.2.5.5.2 Russia Curcumin Market by Applications
9.2.5.6 Rest of Europe Curcumin Market
9.2.5.6.1 Rest of Europe Curcumin Market by Form
9.2.5.6.2 Rest of Europe Curcumin Market by Applications
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Curcumin Market Overview
9.3.2 Asia-Pacific Curcumin Market Forecasts and Analysis
9.3.3 Asia-Pacific Curcumin Market Forecasts and Analysis - By Form
9.3.4 Asia-Pacific Curcumin Market Forecasts and Analysis - By Applications
9.3.5 Asia-Pacific Curcumin Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Curcumin Market
9.3.5.1.1 Australia Curcumin Market by Form
9.3.5.1.2 Australia Curcumin Market by Applications
9.3.5.2 China Curcumin Market
9.3.5.2.1 China Curcumin Market by Form
9.3.5.2.2 China Curcumin Market by Applications
9.3.5.3 India Curcumin Market
9.3.5.3.1 India Curcumin Market by Form
9.3.5.3.2 India Curcumin Market by Applications
9.3.5.4 Japan Curcumin Market
9.3.5.4.1 Japan Curcumin Market by Form
9.3.5.4.2 Japan Curcumin Market by Applications
9.3.5.5 South Korea Curcumin Market
9.3.5.5.1 South Korea Curcumin Market by Form
9.3.5.5.2 South Korea Curcumin Market by Applications
9.3.5.6 Rest of Asia-Pacific Curcumin Market
9.3.5.6.1 Rest of Asia-Pacific Curcumin Market by Form
9.3.5.6.2 Rest of Asia-Pacific Curcumin Market by Applications
9.4. MIDDLE EAST and AFRICA
9.4.1 Middle East and Africa Curcumin Market Overview
9.4.2 Middle East and Africa Curcumin Market Forecasts and Analysis
9.4.3 Middle East and Africa Curcumin Market Forecasts and Analysis - By Form
9.4.4 Middle East and Africa Curcumin Market Forecasts and Analysis - By Applications
9.4.5 Middle East and Africa Curcumin Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Curcumin Market
9.4.5.1.1 South Africa Curcumin Market by Form
9.4.5.1.2 South Africa Curcumin Market by Applications
9.4.5.2 Saudi Arabia Curcumin Market
9.4.5.2.1 Saudi Arabia Curcumin Market by Form
9.4.5.2.2 Saudi Arabia Curcumin Market by Applications
9.4.5.3 U.A.E Curcumin Market
9.4.5.3.1 U.A.E Curcumin Market by Form
9.4.5.3.2 U.A.E Curcumin Market by Applications
9.4.5.4 Rest of Middle East and Africa Curcumin Market
9.4.5.4.1 Rest of Middle East and Africa Curcumin Market by Form
9.4.5.4.2 Rest of Middle East and Africa Curcumin Market by Applications
9.5. SOUTH and CENTRAL AMERICA
9.5.1 South and Central America Curcumin Market Overview
9.5.2 South and Central America Curcumin Market Forecasts and Analysis
9.5.3 South and Central America Curcumin Market Forecasts and Analysis - By Form
9.5.4 South and Central America Curcumin Market Forecasts and Analysis - By Applications
9.5.5 South and Central America Curcumin Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Curcumin Market
9.5.5.1.1 Brazil Curcumin Market by Form
9.5.5.1.2 Brazil Curcumin Market by Applications
9.5.5.2 Argentina Curcumin Market
9.5.5.2.1 Argentina Curcumin Market by Form
9.5.5.2.2 Argentina Curcumin Market by Applications
9.5.5.3 Rest of South and Central America Curcumin Market
9.5.5.3.1 Rest of South and Central America Curcumin Market by Form
9.5.5.3.2 Rest of South and Central America Curcumin Market by Applications
10. INDUSTRY L and SCAPE
10.1. MERGERS and ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS and JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS and OTHER STRATEGIC DEVELOPMENTS
11. CURCUMIN MARKET, KEY COMPANY PROFILES
11.1. ARJUNA NATURAL EXTRACTS LTD
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BIOMAX LIFE SCIENCES LTD.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. BIOTHRIVE SCIENCES
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. HERBOVEDA INDIA PVT. LTD.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. KONARK HERBALS and HEALTH CARE
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NOW FOODS
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PHYTO LIFE SCIENCES
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. STAR HI HERBS PVT. LTD
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SV AGROFOOD
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. SYNTHITE INDUSTRIES LTD
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
- Wacker Chemie AG
- Arjuna Natural
- Herboveda
- Rosun Groups
- SabinsaCorp
- Glanbia plc
- Bioprex Labs
- Xi'an Green Spring Technology Co., Ltd
- The Green Labs LLC
- SV AGROFOOD
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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