According to the report published by Allied Market Research, the global curcumin market generated $57.42million in 2017, and is estimated to reach $104.19million by 2025, registering a CAGR of 8.9% from 2018 to 2025.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in consumer awareness regarding the health benefits of curcumin and innovations in skincare products and pharmaceutical using curcumin drive the growth of the global curcumin market. However, availability of low-priced synthetic food products and challenges faced in formulation of curcumin-based products hinder the market growth. On the other hand, growing application of curcumin in the cosmetic and pharmaceutical industry create new opportunities for the market player in the coming years.
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Leading market players analyzed in the research include Phyo life Sciences,Konark Herbals & Health Care,BioThrive Sciences,SV Agrofood, Arjuna Natural Extracts Ltd., NOW Foods, Herboveda India Pvt. Ltd., Star Hi Herbs Pvt. Ltd.,Biomax Life Sciences Ltd. andSynthite Industries Ltd.
Covid-19 scenario:
- Due to lockdown in several countries, the cosmetics and food & beverage manufacturers have completely shut down their operation. Thus, the demand for curcumin is expected to decline for a few months due to the Covid-19 pandemic outbreak and amid lockdown.
- The demand for curcumin is likely to experience a downfall during the coronavirus pandemic due to the negatively-affected supply chain amid lockdown.
- The revenue generated from the pharmaceutical segment will increase significantly due to growing demand for ayurvedic medicines to increase human immunityto fight against COVID-19 infection and other diseases.
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The report offers detailed segmentation of the global curcumin market based on application and region. Based on application, the pharmaceutical segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the food & beverage segment is estimated to portray the highest CAGR of 9.5% during the forecast period.
Based on region, North America contributed the highest share, accounting formore than halfof the total market share in 2017, and will maintain its dominance throughout the forecast period. However, Europe is expected to grow at the highest CAGR of 9.5% from 2018 to 2025.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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