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Curcumin Market Market Shares, Strategies and Forecasts, Analysis and Overview 2024

Author : Rahul Sankrityayan | Published Date : 2019-05-17 

North America curcumin market will grow over 11.5% up to 2024. The industry growth is mainly driven by rise in aging population and presence of several cosmetic international brands in the region. The product is a well-recognized ingredient for pharmaceuticals for its high quality medical and herbal properties in the region.

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Growing demand for sustainable cosmetic products will drive curcumin market growth. Increased product usage in treatment of several skin diseases owing to its prevention from ultraviolet (UV) radiation properties has enhanced product penetration. Offering antioxidants to skin that provides protection from harmful sunrays will increase demand in creams and lotions. For instance, every year around 5.4 million cases of the nonmelanoma skin cancer disease id treated in the U.S.

Changing income trends and increasing consumer spending on organic cosmetics has stimulated curcumin demand. Global cosmetics industry spending was over USD 290 billion in 2016. Skin conscious & well-informed customers are preferring personal care products that are free from the synthetic & harmful products and are manufactured from the herbal & ayurvedic products and do not harm skin.

Potential application in treatment of uterine, renal, prostate, pancreatic, ovarian, oral, lung, live, breast, brain and bladder cancers is projected to provide lucrative opportunity for the curcumin market growth. The product is used in combination with other agents to treat cancer and numerous other diseases. However, limited therapeutic potential owing to its limited bio availability may hamper the product demand in the forecast time.

 Growth drivers of market:

  • Increasing application scope in cosmetic and pharmaceutical industry
  • Rise in consumer consciousness regarding health benefits of curcumin
  • Clinical utility of curcumin extract
  • Increasing product penetration in European Market

Pharmaceutical accounted for more than 50% of the total industry demand in 2016. Increasing geriatric population along with growing preference for healthier lifestyle is resulting in more health supplements demand. Shifting trend towards more reliable and long-term impacting health solutions is offering opportunities for herbal extracts supplements industry.

Food sector will foresee gains over 12% up to 2024. Increasing application scope in the food & beverages sector due to rising demand for the natural colorants is a lucrative factor to favor the product demand. The product is widely used to flavor and color the foodstuffs including butter, margarine, cheese, mustard, and pickles.

Cosmetics will be valued at over 5 million by 2024. The skin care industry is expected to benefit from consumer preference to avoid chemicals ingredients derived from synthetic sources. Emerging economies including India and China have seen a tremendous growth of such products in the past few years owing to growing awareness about the ill effects of synthetically derived products and rise in living standard.

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Asia Pacific market generated more than USD 5 million in 2016. Increased research & development activities owing to rising applications of curcumin in the treatment of cancer acts as a key driving factor for curcumin market growth in Europe. Additionally, manufacturers are mainly concentrated in India owing to the high content of the product in the Indian turmeric products.

Global industry is fragmented with presence of numerous international and local industry players. Some of major players include Synthite Industries, Biomax Lifesciences, and Hindustan Mint and Agro Products.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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