Pune, India, May 26, 2022 (GLOBE NEWSWIRE) -- The global curcumin market is expected to grow during the projected period due to the increasing awareness regarding health and wellbeing among the customers. Fortune Business Insights™ shares this information in a report titled, "Curcumin Market, 2022-2029". As per the report, the curcumin market size was USD 73.41 million in 2021. The market size is expected to rise from USD 79.94 million in 2022 to USD 155.24 million by 2029 at a CAGR of 9.95% during the forecast period.
Curcumin is a bright yellow chemical that the curcuma longa species produce. This is also known as curcuminoid of turmeric, which belongs to a ginger family, Zingiberaceae. These are commonly sold as herbal supplements, cosmetic ingredients, food flavoring, and food colouring agents. Increasing awareness regarding healthy diets and changing dietary preferences of consumers is expected to drive the market during the projected period.
Halted Manufacturing Operations amid COVID-19 Affected Market Growth
The spread of coronavirus has affected several industries globally. The demand for curcumin and immunity-boosting species were increased during the pandemic. Manufacturers had to hire an extra workforce to manage the production operations and ensure sufficient supplies. The government imposed strict restrictions to control the virus spread by imposing rules on import/export activities and managing the workforce to maintain social distancing norms. Furthermore, halted manufacturing units affected the production rate and created a lack of product supply in the market. These factors affected the curcumin market growth during the COVID-19 pandemic.
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List of Key Players Profiled in Market Report for Curcumin:
The curcumin market report provides complete factual information about market development and growth opportunities. Also, the impact of COVID-19 pandemic on market expansion is highlighted further in this report. Furthermore, the report sheds light on drivers and restraints affecting market growth and development. The report elaborates on recent developments introduced by the leading market players.
Conventional Segment Dominates Market Due to Low Cultivation Cost
By nature, the market is bifurcated into organic and conventional types.
On the basis of application, the market is segregated into food & beverages, pharmaceutical, cosmetics, and others.
Finally, by geography, the market is segmented into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
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Increasing Health & Wellbeing Awareness to Propel Growth
The curcumin market is expected to witness prominent growth during the forecast period owing to the rising awareness about health and wellbeing. Also, the population is concerned about a healthy diet and building their immunity to overcome various diseases. This is expected to drive the market during the projected period. Furthermore, the rising adoption of natural ingredients-based cosmetic products is anticipated to boost the market during the forecast period.
However, low-cost substitutes are likely to hamper market growth.
Asia Pacific Holds Highest Market Share Due to Emerging Industries
Asia Pacific dominates the global curcumin market share, where the regions stood at USD 20.20 million in 2021. Rising demand for curcumin in the food & beverage industry in developed and developing countries is likely to drive the market further. Also, increasing consumer awareness about traditional medicines is expected to propel growth.
North America holds the second-highest global market share due to developing the region's pharmaceutical and food & beverage industries during the forecast period. The rising consumer awareness regarding natural and organic products is anticipated to drive the market.
New Product Launch Allow Key Players to Maintain Their Market Position
The key market players focus on implementing various business growth strategies, such as forming strategic alliances and partnerships with supporting organizations. Also, implementing technological advancements and adopting innovative product designing and development strategies allow companies to enhance their product portfolio. These strategies allow key players to expand their business globally and propel growth.
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