The growing demand for natural ingredients in skincare products from consumers, which includes curcumin, helps in the growth of the curcumin market. There are a few other factors that help in the growth of the curcumin market, such as curcumin and curcumin-derived products are gaining traction in dietary supplements, due to the increasing awareness among consumers regarding curcumin and its functions across the globe.
Recently marketed as superfood, curcumin has been traditionally used in Indian Ayurveda, due to its excellent antioxidant and anti-inflammatory benefits. High demand for curcumin usually comes from countries such as India and China, where a large number of manufacturers are using curcumin as a popular ingredient in cosmetic and skincare products. Currently, curcumin is being used as an important ingredient in a wide variety of skincare products that are marketed as herbal cosmetics in India, which is the largest producer of turmeric, worldwide. Apart from this, curcumin has also been used as an age defying agent, inhibiting the early aging and sagging of skin. Curcumin provides a natural alternative to many synthetic antioxidants used in beauty products and supplements
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According to the latest market report published by Transparency Market Research, titled ‘Curcumin Market: Global Industry Analysis 2018-2026’, the revenue generated from curcumin has been estimated to be valued over US$ 282.2 Mn in 2018, which is projected to increase to US$ 465.8 Mn, at a CAGR of 6.5% during the forecast period (2018-2026).
Tough competition and fragmentation prevail in the global curcumin market. The food processing industry has incorporated curcumin, predominantly due to its various functional properties. The increasing consumption of food supplements is one of the key factors that has a positive impact on the curcumin market, as people with heart problems, brain health problems, stress & anxiety issues, and inflammatory conditions typically tend to consume curcumin, as it helps treat various types of health issues.
By application, the antioxidant segment is estimated to account for 29.7% value share of the curcumin market in 2018, and is forecast to reach 30.6% by the end of the forecast year 2026. The antioxidant segment is expected to register a growth rate of 6.8% over the forecast period 2018 to 2026. On the basis of nature, the conventional curcumin segment is estimated to account for a more significant growth rate in the global curcumin market over the forecast period. On the basis of region, the North American curcumin market is estimated to account for a significant revenue share of 45.1% in 2018, followed by Europe, in the global curcumin market.
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Macroeconomic Factors for the Curcumin Market
Growing Demand for Food, Globally:
The world population is increasing and becoming wealthier. There will be more mouths to feed and more plates to fill. With a changing variety of food and beverages, they tend to be consumed in different ways as populations transition to the middle class, which is likely to impact the demand for curcumin in the preparation of packaged and processed food products.
Prevailing Resources Cannot Sustain the Growth in Food Demand:
Arable land is decreasing as urbanization increases, and global water supply will be an ongoing constraint, not to mention the impacts of climate change on agricultural output. These supply constraints are also impacting the feedstock from which curcumin is produced, and thus, accelerating the need to find alternative ways to meet food demand.