Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2025)
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Antioxidant-rich Curcumin Gains Ground as Western Medicine Validates Benefits
Turmeric, a well-known spice, is made up of curcuminoids, of which curcumin is the most significant one. Curcumin is the principal dynamic ingredient in turmeric and is best known for its anti-inflammatory and cancer prevention properties. It is predominantly used in Indian cuisine for its peculiar bright yellow shade and distinct taste. In recent years, Western medicine has begun to back up what Indians have known for quite a while—turmeric truly contains medicinal properties.
Curcumin, considered a natural ingredient, is rich in antioxidants. Considering this, it has gained tremendous popularity in the cosmetic industry. It is used by Ayurveda as a necessary ingredient, especially in skincare products. These functional properties are expected to fuel the global demand for curcumin over the forecast period. Fairfield Market Research indicates that the global curcumin market is expected to reach US$1,12.6 Mn between 2021 and 2025.
Shift Towards Plant-based Ingredients Drives Demand for Curcumin
Rise in consumer demand for natural or plant-based ingredients is expected to drive the global demand for curcumin. Popularity of clean labels, prompting buyers to consume plant-based food products, is significantly pushing the demand for curcumin in the upward direction. Analysts anticipate synthetic ingredients will be gradually replaced by curcumin due to its unique colour and taste lending capability that are entirely natural.
According to a recent study by DuPont Nutrition & Health, 52% of the consumers in the U.S. are eating and consuming more plant-based foods and beverages. Speaking in global terms, the number stands at 65%. Growing awareness about the incredible benefits of consuming curcumin by adding turmeric to food preparations is expected to stoke demand. Research indicates that curcumin could be an active ingredient against lifestyle diseases and conditions, and a range of gastrointestinal and cardiovascular disorders.
Organic Segment to Stand Out as Demand for Non-GMO Seeds Receives Attention
The global curcumin market is segmented on the basis of nature and application. Of these, Fairfield Market Research predicts that the organic segment is expected to create an incremental dollar opportunity of US$9201.9 Mn over the forecast period. A consensus towards higher use of organic spices and non-GMO seeds is expected to drive this segment. This has brought an acute focus on product adulteration to ensure consumers receive a superior quality. Demand for organic curcumin will be raised as seeking natural remedies amidst a health-conscious population becomes a norm.
Based on application, the pharmaceutical and dietary supplements segment is estimated to account for the largest share of the pie. Increased application of curcumin as an immunity booster as well as rising use of curcumin for cancer treatment is expected to boost the segment’s growth in the near future.
India Sets a Precedent as Curcumin’s Cultural Context Remains Strong
Globally, India is one of the largest producers and exporter of turmeric. In 2015, the country’s production share was approximately 77.6%. Use of ginger and turmeric, both rich sources of curcumin, are expected to keep India in the lead as they remain indispensable to native cuisine. Production of turmeric in the smallest of arable lands owned by farmers, mostly across the various states, will allow India to set a strong precedent. Moreover, the dominant role of turmeric in the cultural context of this densely populated country will ensure that the national market will flourish at an unprecedented rate.
Meanwhile, Europe is one of the largest consumers of curcumin. Curcumin demand in the region is driven by a growing focus on the consumption of natural food products. Also, awareness about ill-effects of synthetic colors has generated the demand for natural colors, which is expected to fuel the curcumin demand across the globe.
Players Launch Clean Labels to Lure in Consumers
Some of the major players considered in the report includes Arjuna Natural Extracts Ltd, Sabinsa Corporation, Synthite Industries Ltd, Wacker Chemie AG, BioMax Lifesciences Ltd, Akay Group, SV Agro Food, Hindustan Mint & Agro Products Pvt. Ltd, Rosun Groups and Konark Herbals. Ingredient manufacturers are continuously innovating and developing new product offerings.
For instance, In November 2020, Robertet Group released clean-process curcumin with increased bioavailability. The product was launched under the brand name of curcuRouge. It claims to be highly soluble in water and has a minimum curcumin concentration of 40%, allowing use at low doses (225-450 mg/day). According to the research, the ingredient has shown an absorption 93 times greater as compared to that of a traditional extract. The ingredient can be used in nutraceutical and functional food and beverage products.
In 2019, Lipofoods, a functional food ingredient manufacturer introduced microencapsulated curcumin ingredient under the brand name of Crushshine. The newly launched product claims to be natural, vegan, and highly soluble in nature. Crushshine can be easily incorporated with nutricosmetics and beauty drinks, which is expected to widen its application areas.
However, the presence of cheaper synthetic food colorants and formulation challenges in curcumin-based products affect the growth of the market. In addition, U.S. FDA has approved curcumin as a natural coloring agent and not recognized for its medicinal properties, which may create a bit of grey area for curcumin as a functional ingredient.