Turmeric Market

The global turmeric market was valued at USD 64.51 million in 2020 and is projected to reach USD 191.8 million by 2028, expanding at a CAGR of 11.4% during the forecast period, 2021 – 2028. The growth of the market is attributed to increased knowledge of the health benefits of turmeric.

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Turmeric powder is made by grinding dried mature turmeric rhizomes (underground stems) into a bright yellow powder. It's a type of spices that's practically calorie-free and cholesterol-free. Dietary iron, vitamin B6, fiber, magnesium, and potassium, are all abundant in this food. South Asian cuisines also make use of the powder as a coloring ingredient. Turmeric leaves have a distinct flavor. Food is wrapped in these leaves and cooked in them. Turmeric's phytochemistry is responsible for many of its health advantages. It has a variety of health and cosmetic benefits for humans. Turmeric has volatile oils such as zingiberene, atlantone, and turmerone. Proteins, resins, and carbohydrates are also found in turmeric.

Market Trends, Drivers, Restraints, and Opportunities

• Increased used of turmeric in food industry is estimated to fuel the market.
• Growing public knowledge of the advantages of eating organic foods is another important factor driving the market.
• Increasing adoption of herbal cosmetics and rising usage of turmeric in cosmetic products are two factors expected to propel the market during forecast period.
• Availability of several turmeric replacements in the food and beverage industry, such as government-imposed import and export limitations as well as food colors, may hinder the market growth.
• Increased research and development in turmeric's medical applications, as well as rising consumer interest in organic turmeric, are projected to boost the market.
• When exposed to light, curcumin, the yellow pigment found in turmeric, destroys so synthetic dyes such as Sudan dye and sunset yellow are used to preserve the color, which is projected to restrict the market growth.
• Growing popularity of ethnic cuisine are estimated to provide more lucrative opportunities for the market players.
• Rising popularity of healthy living and usage of turmeric in medicinal food supplements are expected to provide lucrative opportunities market players during the forecast period.

Scope of the Report

The report on the global turmeric market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The pharmaceuticals segment is projected to expand at a high CAGR during the forecast period

Based on applications, the market is segregated into food & beverages, cosmetics, households, and pharmaceuticals. The pharmaceuticals segment held more than 50% of the total revenue in 2020. Turmeric has been frequently utilized in traditional Asian herbal treatments to treat infections and inflammation for millennia. The cosmetics segment is expected to increase at a rapid rate during the forecast period. The antiaging, anti-inflammatory, and antioxidant qualities of the substance are principally responsible for its cosmetic application. UV light stimulates the creation of free radical species, which react with fatty acids, DNA, and protein, causing irritation on the epidermis. These free radicals also harm the skin, generating noticeable signs of ageing such as wrinkles, hyperpigmentation, and a loss of skin firmness. Turmeric-rich products can help to mitigate these side effects. As a result, brands in the personal care and cosmetics sectors are increasingly using it as an ingredient. Increasing consumer knowledge of product benefits, as well as a preference for organically manufactured products, is expected to drive the market during the projected period.

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Europe is anticipated to register at a high CAGR during the forecast period

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to register at a high CAGR during the forecast period. Growth of the market in the region is attributed to well-established cosmetics and personal care business in Western European countries such as Spain, Germany, and Italy. North America held major market share in 2020, owing to rising demand for food and nutritional supplements. Several premium cosmetic firms are based in North America, and these companies are progressively gravitating toward using organic components in their products, which is expected to provide several growth opportunities for the market players. Asia Pacific is estimated to grow at substantial rate. Turmeric-based ayurveda and herbal personal care products are likely to drive the regional market.

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Segments

The global turmeric market has been segmented on the basis of
Applications

• Food & Beverages
• Cosmetics
• Households
• Pharmaceuticals

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Wild Harvest Ltd.
• Everest Spices
• Mountain Rose, Inc.
• McCormick & Company, Inc.
• Nani Agro Foods
• Arya
• Naturex S.A.
• Organic Spices Inc.
• Feel Good Foods Inc.
• Olam International
• Barrington Chemical Corporation
• Windcrest Farm
• MTR Foods Pvt. Ltd.
• Organic Farm Share Ltd.
• MDH Spices
• Gaia, Inc.

Competitive Landscape

Key players competing in the turmeric market include Wild Harvest Ltd.; Everest Spices; Mountain Rose, Inc.; McCormick & Company, Inc.; Nani Agro Foods; Arya; Naturex S.A.; Organic Spices Inc.; Feel Good Foods Inc.; Olam International; Barrington Chemical Corporation; Windcrest Farm; MTR Foods Pvt. Ltd.; Organic Farm Share Ltd.; MDH Spices; and Gaia, Inc. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.