The global curcumin market size was valued at USD 58,199.4 thousand in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 16.1% from 2020 to 2028. This growth can be credited to the inherent properties of the product, such as anti-cancer, anti-oxidant, and anti-inflammatory properties. It is also widely used in skin-care applications, including the prevention of ringworms, eye infection, leech bites, sore skin, bruising, and swelling among others, which, in turn, is expected to drive the growth of this market over the forecast period. Curcumin is an active ingredient commonly extracted from turmeric and ginger.
Curcumin is hydrophobic and lipophilic and its application in the pharmaceutical industry is driven largely by its traditional therapeutic use. Various researches are also underway to use different nanoparticles, such as dendrimers, polymeric nanoparticles, and nanogels, as vehicles to deliver curcumin in the treatment of cancer and therapy of various neurological diseases. It is proven to have significant health benefits along with the potential to prevent various diseases including Alzheimer’s, coronary heart diseases, and cancer.
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Increasing awareness among consumers about its health benefits and its increasing medicinal values will drive the product demand in other parts of the world. Shift observed in consumer trends and rising awareness about the benefits of using organic and natural ingredients in medical, cosmetics, and food applications will also augment the product demand during the forecast period.
Key Player Mentioned:
- WackerChemie AG
- BioMaxLifesciences Ltd.
- Synthite Industries Ltd.
- Hindustan Mint & Agro Products Pvt. Ltd.
- Arjuna Natural Extracts Ltd.
- SV Agrofood
- Star Hi Herbs Pvt. Ltd.
- Herboveda India Pvt. Ltd.
- Helmigs Prima Sehejtera P.T.
- Tri Rahardja PT/Javaplant
Application Segment Analysis:
- Pharmaceutical
- Food
- Cosmetics
- Others
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
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The COVID-19 pandemic affected the market to some extent. However, in line with the growing traction for curcumin for the treatment of viral infections across the globe, it is anticipated that the demand for curcumin is expected to quickly reach its pre-COVID level, and the market is expected to witness an exponential growth rate over the forecast period. It is one of the natural ingredients that have been widely researched due to its antiviral properties. Moreover, it exhibits a wide range of therapeutic properties, such as anti-microbial, cardioprotective, anti-inflammatory, and neuroprotective properties.
The U.S. has witnessed a rise in product demand over the past few years owing to the growing awareness among consumers about its medicinal properties and health benefits. The product also has significant usage in tissue engineering and companies are increasingly focused on investing in its research to extrapolate its application in the pharmaceutical industry majorly due to its non-toxicity. Consumers in developed economies are well aware of these research findings and hence high demands can be anticipated from the countries including the U.S., Denmark, and Germany.
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