Global curcumin market will exceed 150 million US dollars

In 2019, the global curcumin market reached US$58.4 million. It is expected that this market will grow at a CAGR of 12.7% from 2020 to 2027, when the market size will reach US$151.9 million. Curcumin has anti-cancer, anti-oxidant and anti-inflammatory properties, especially in skin care applications, including prevention of ringworm, eye infections, leech bites, skin aches, bruising and swelling.

Wide range of applications

Curcumin is an active ingredient extracted from turmeric and ginger. It is widely used in cosmetics, food, pharmaceuticals, textiles and dye-sensitized photovoltaic technology. It is expected to drive its market growth during the forecast period. In Southeast Asian countries, turmeric is widely used in food and medical products. As consumers' awareness of their health benefits continues to increase, and their popularity in herbal medicine formulations will drive their global use.

Studies have shown that curcumin can prevent many diseases, including Alzheimer's disease, coronary heart disease and cancer. Changes in consumption trends, and consumers' growing awareness of the benefits of using organic and natural raw materials in medical, cosmetic and food products will also increase curcumin market demand during the forecast period.

Curcumin is hydrophobic and lipophilic, and its application in the pharmaceutical industry mostly stems from its therapeutic use. Researchers have used nanoparticles such as dendrimers, polymer nanoparticles and nanogels as carriers to deliver curcumin to treat cancer and various neurological diseases. Because curcumin is non-toxic, existing companies have developed its use in the pharmaceutical industry, especially in developed countries, and curcumin is expected to have some room for growth in the United States, Denmark, and Germany.

Ultraviolet radiation will increase the formation of free radicals, and free radicals will react with proteins, DNA, and fatty acids to stimulate the epidermis; free radicals also participate in the regulation mechanism that destroys the skin, triggering photoaging effects, such as hyperpigmentation, wrinkles and Skin firmness is reduced. The products added with curcumin can reduce the above-mentioned effects and brighten the complexion, so cosmetics and personal care products mostly use curcumin as an additive. Currently, consumers prefer natural ingredient products, and the demand for herbal skin care products continues to grow. Therefore, the market size of curcumin in cosmetic applications in 2027 is expected to reach 7.9 million US dollars.

Consumers are gradually realizing the potential benefits of curcumin and tend to use organic products, which will increase the market size of curcumin during the forecast period. In 2019, curcumin's market share in food applications reached 21.4 million US dollars, and it is expected to reach 52 million US dollars in 2027, with a compound annual growth rate of 11.7%. Because of its ability to inhibit arachidonic acid metabolism, curcumin is widely used as a food additive in the food field.

Turmeric is considered to be the most widely used spice. The history can be traced back to more than 2000 years ago. It is widely used worldwide due to its therapeutic function and low toxicity. It is expected that consumption will increase significantly in the next few years.

 
Strong growth in Asia Pacific

The curcumin industry in the Asia-Pacific region will achieve strong growth during the forecast period, with a growth rate of 13.4%. Although this region has the highest turmeric production, compared with developed regions, curcumin consumption is relatively backward, mainly because local consumers have low awareness of curcumin's health benefits. This creates opportunities for brand owners who can educate consumers about the benefits of curcumin and launch products that meet regional needs. It is expected that the demand for herbal personal care products based on curcumin will continue to grow in the near future.

In 2019, the market share of curcumin in North America is the highest, with revenue accounting for 50.9%, which may be related to the increase in demand for curcumin in food and nutritional supplements. There are also many high-end cosmetic brands in North America. These companies are increasingly inclined to incorporate organic ingredients into product formulations, which also contributes to market growth.

During the forecast period, the curcumin industry in Europe has the highest compound annual growth rate of 14.2%, and sales account for the second largest market share, which is attributed to the strong personal care and cosmetics industries in Germany, Italy and Spain.

The curcumin industry is highly competitive and the market is fragmented, which is related to its applicability in the health care products and cosmetics industries. Curcumin is an extract of turmeric and ginger. The manufacturer is close to the source of raw materials, which can reduce costs and reduce pressure on logistics and transportation. India is the main producer of turmeric, and its output accounts for more than 78% of the world. For this reason, some companies are increasingly focusing on setting up factories in India. The favorable local regulatory system and supporting policies are expected to further promote market development.

The competitive factors facing this industry include regional market share, labor availability, production capacity, future demand development, fierce competition, and local government support and infrastructure. Curcumin is usually not directly applied to consumers, but used as an additive with other products. Therefore, suppliers and distributors play an important role in reaching the demand center of products.