Turmeric is used in various purposes. It is used as food flavour enhancer and colour additive in culinary dishes; it is used in various medicinal benefits, in cosmetics and also used as dying agents. Since North America and Europe are the biggest importers of turmeric and with the increased benefits of organic turmeric, population is ready to pay 20% to 25% more for organic turmeric.
On the basis of application, health benefits have dominated the market and tend to dominate in future with a CAGR of 7% over the forecast period. Due to presence of certain phytochemicals such as differuloylemethane and demothoxycurcumin it is used for many medicinal purposes.
The global turmeric market is expected to have a value of USD 300.3 million by 2024 from USD 183.5 million in 2016 with growth of USD 116.3 million at a CAGR of 7% over the forecast period.
Geographically, Asia Pacific is the largest market due to revenue generation from exports of turmeric. Turmeric market in Asia Pacific is accounted for USD 120.12 million by 2024 from USD 47.02 million in 2016.
Diverse Nutraceuticals properties of turmeric: Major boost
Turmeric is used for various purposes such as it is used in cooking as well as it is also used for medical benefits. Turmeric also has healing properties against Alzheimer disease. Turmeric provides relieve against gastrointestinal and respiratory disorders, turmeric herbs are used in cosmetics for skin care and colouring. Johnson & Johnson, a U.S based company also makes turmeric bandages. So, besides cooking, turmeric has various neutraceuticals properties that boost the demand of turmeric in global turmeric market.
Advancement various turmeric products: Innovation
Key players of turmeric such as “Better You” are making different innovative products such as “turmeric oral spray” for better health benefits. Recently this product has been honoured as one of the greatest health benefit product and has also been awarded in prestigious award ceremony.
“Global turmeric Market Outlook 2024” It contains detailed overview of the global turmeric market in terms of market segmentation by form type and by application type. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes competitive outlook of some of the major players of the global turmeric market which includes profiling of companies of Earth Expo Company, ITC Spices, Anchor packaging Inc, Nani Agro Foods, Shah Ratanshi Khimji, Everest Spices, Gandhi Spices, Grover Sons, Green Earth Products, MDH Spices, Shalimar Food Products, Sino-Nature, Taj Agro International., D&W fine pack LLC, Gold plast spa, Berry plastic group, Dopla S.p.A etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global turmeric market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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