Dublin, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The "Turmeric - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Turmeric was estimated at US$267.3 Million in 2023 and is projected to reach US$399.6 Million by 2030, growing at a CAGR of 5.9% from 2023 to 2030.
The growing awareness of the health benefits associated with turmeric has significantly increased its demand in the global market, spanning food and beverage, pharmaceuticals, and personal care industries. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the turmeric market is driven by several factors. The increasing consumer awareness of the health benefits associated with turmeric and its active compound, curcumin, is a primary driver. The growing trend towards natural and organic products in the food, pharmaceutical, and personal care industries significantly boosts market demand.
Technological advancements that enhance the extraction and bioavailability of curcumin also contribute to market growth. Additionally, the expanding use of turmeric in new and innovative applications, such as functional foods, dietary supplements, and natural cosmetics, further propels the market. The rising disposable incomes and changing consumer lifestyles, particularly in developing regions, also play a crucial role in driving the demand for turmeric-based products.
What Technological Innovations Are Shaping the Turmeric Industry?
Technological advancements have greatly impacted the turmeric industry, enhancing production, processing, and extraction methods. Innovations in agricultural practices, such as the use of precision farming and organic cultivation techniques, have improved the yield and quality of turmeric crops. Advanced processing technologies, including supercritical fluid extraction and nanoencapsulation, have enabled the production of high-purity curcumin extracts with enhanced bioavailability.
The integration of modern packaging solutions and quality control measures ensures the preservation of turmeric's active compounds and extends its shelf life. Additionally, developments in biotechnology are paving the way for genetically optimized turmeric varieties with higher curcumin content and improved resistance to pests and diseases.
Why Is There an Increasing Demand for Turmeric Across Various Sectors?
The demand for turmeric is increasing across various sectors, including food and beverage, pharmaceuticals, and personal care. In the food and beverage industry, turmeric is widely used as a natural colorant and flavor enhancer in a variety of products, from curries and sauces to beverages and snacks.
The pharmaceutical industry leverages turmeric's therapeutic properties to develop supplements and functional foods aimed at promoting health and wellness. In the personal care sector, turmeric is a popular ingredient in skincare and cosmetic products due to its antioxidant and anti-inflammatory benefits. The rising consumer preference for natural and organic products further drives the demand for turmeric in these sectors.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Food & Beverage End-Use segment, which is expected to reach US$270.1 Million by 2030 with a CAGR of a 5.6%. The Pharmaceuticals End-Use segment is also set to grow at 6.6% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $71.4 Million in 2023, and China, forecasted to grow at an impressive 9.5% CAGR to reach $90.7 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as allLocal, Ambika Global Foods & Beverages PrivateLimited, Arjuna Natural Pvt. Ltd., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 187 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $267.3 Million |
| Forecasted Market Value (USD) by 2030 | $399.6 Million |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Turmeric - Global Key Competitors Percentage Market Share in 2024 (E)
- Global Economic Update
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Increasing Demand for Natural and Organic Products
- Growth in Health and Wellness Trends
- Technological Advancements in Turmeric Processing
- Rising Adoption in Food and Beverage Industry
- Expansion of Pharmaceutical and Nutraceutical Applications
- Increasing Use in Cosmetic and Personal Care Products
- Demand for High-Potency and Standardized Extracts
- Growth in Functional Foods and Dietary Supplements
- Impact of Cultural and Traditional Use on Market Growth
FOCUS ON SELECT PLAYERS(Total 28 Featured)
- allLocal
- Ambika Global Foods & Beverages Private Limited
- Arjuna Natural Pvt. Ltd.
- Asian Traders Limited
- Australian Brushware Corporation Pty Ltd.
- Bengong's Tea Australia Pty Limited
- Bikaji Foods International Limited
- Bisignano
- Blue Moose of Boulder
- Canada Trade Pioneers Inc
For more information about this report visit https://www.researchandmarkets.com/r/sh2xau
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