The global curcumin market was valued at $52.45 million in 2017, and is projected to reach $104.19 million by 2025, registering a CAGR of 8.9% from 2018 to 2025.
In 2017, the pharmaceutical segment accounted for more than 50% share of the global curcumin market in terms of value.
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Curcumin is a bioactive compound found in turmeric, known for its powerful medicinal and therapeutic properties. It has been used as a spice and medicinal herb for thousands of years in Asian countries such as India, Thailand, Indonesia, and others. Owing to its anti-inflammatory, antioxidant, and cartilage building properties curcumin finds extensive applications in the cosmetic and pharmaceutical industry. Medicines containing curcumin extracts are used for treatment of numerous diseases and health problems such as wound healing, treating sprains, arthritis, liver problems, diabetes, gastric problems, Alzheimer, and migraine. Curcumin extracts have been formulated in many skincare applications in the form of skin creams, ointments, powder, and others. It helps to heal and prevent dry skin, treat skin conditions such as eczema and acne, and delay the aging process. Thus, the increase in use of curcumin in cosmetic and pharmaceutical industry has propelled the curcumin market growth in recent years.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.
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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.
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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