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Global Market Insights, Inc. has added a new report on Curcumin Market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of market in tandem with its competitive terrain.
Expansion in pharmaceutical industry will drive curcumin market owing to its prevalence in treating various diseases including cancer. Global cancer drug industry was worth over USD 100 billion in 2015 and is expected to surpass USD 145 billion over the forecast period. Rising demand for anti-cancer, anti-inflammatory and anti-oxidation property materials in medicines will drive Curcumin Market Growth.
Increase in aging population has also added to product demand due to its anti-aging properties. Rising demand for the ayurvedic personal care products is a major trend behind growth of curcumin market. Several key vendors are launching the ayurvedic and herbal products for catering to increasing demand for the organic and natural products, this will help them in gaining a large industry share. Products including, curcumin, green tea, aloe vera, and barry grass are gaining popularity in organic products industry.
Increased protection from degradation, reduced skin irritancy, controlled release, improved stability, increased surface area and higher solubility are the key properties supporting the product demand in cosmetic industry. Increasing exposure to ultraviolet radiation and rise in pollution is anticipated to propel product demand due to its antioxidant properties.
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Asia Pacific is expected to witness growth over 12.5% up to 2024. Increasing demand for cosmetic products in emerging economies including China, India and Japan will drive the demand for curcumin in the forecasted period. Curcumin is extracted from turmeric which is the basic ingredient used in cosmetics and has potential to provide with a natural alternative to the synthetic products used in cosmetic production. Also, product acceptance in diverse regional cuisines accompanied by growing production capacity will augment the product penetration over the forecasted time frame.
North America is expected to surpass USD 60 million by 2024. The region holds a significant share in the global pharmaceutical production owing to superior R&D investments. Increasing prevalence of biopharmaceutical and herbal medicines will boost the product demand in the forecasted time frame. Further, curcumin is available in the form of dietary supplements thereby propelling the regional share. Increasing demand for premium cosmetic products in the region owing to a high consumer spending and ageing population will drive the product adoption. Product innovations accompanied by presence of various major cosmetics brands in the U.S. is escalating the product penetration.
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Curcumin is an active ingredient is extracted from Curcuma Longa rhizome, containing bioactive compounds with medicinal properties such as anti-inflammatory, anti-microbial and contain antioxidants. The product has various application in several industries owing to its beneficial properties. Major manufacturers are trying to integrate the business by involving cultivation, extraction, processing, and distribution of the product. Further, tremendous growth in research & development activities in the pharmaceutical and cosmetic sector will propel the product demand.
The global curcumin market share is fragmented due to the presence of several local and international players in the industry. Key manufacturers include Biomax Life Sciences Ltd., Synthite Industries Ltd., Hindustan Mint & Agro Products Pvt. Ltd, SV Agrofood, Star Hi Herbs Pvt. Ltd. and Hebei Food Additive Co. Ltd. Other notable players in the industry include Star Hi Herbs Pvt. Ltd., Herboveda India Pvt. Ltd, Hebei Food Additive Co. Ltd., Tri Rahardja PT and Konark Herbals & Health Care. The key strategies adopted by manufacturers include joint ventures, product innovation, and vertical integration. For instance, Arjuna Natural Pvt Ltd in 2018 has established a direct supply chain in the U.S. to increase the sales under its new brand and profit margin for the company.
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Curcumin market size was about $56 million to $58 million in 2018, according to a newly published research report from IndustryARC. The analyst of the report has projected the global curcumin market value to grow with a notable CAGR of nearly 9%-10% during the forecast period 2019-2025, attributing it to the increasing adoption of curcumin in diverse range of applications such as food and beverages, bakery & confectionary, beverages, breakfast cereals, dairy products, and dietary supplements. The analyst has also highlighted the pharmaceuticals and cosmetics segments to entice a new influx of demand never experienced before. Geographically, North America has been identified as the most lucrative region, offering nearly 53% to 55% of the global curcumin demand as of 2018. The report is titled: 
