Turmeric Market Outlook 2024: Global Opportunity Assessment and Demand Analysis, Market Forecast, 2016-2024

Global Turmeric Market 

Market Overview

Turmeric is an extract from rhizomatous herbaceous perennial plant which is from ginger family. Turmeric is also known as curcumin. Major contributing region to turmeric market is Asia. It is being used for medicinal as well as food preparation purposes. Turmeric is also used as food preservatives as well as coloring agent in food items. It requires a considerable amount of rainfall every year with a temperature of 70°F and 90°F to grow efficiently. Turmeric has bitter and warm taste which is used in almost dishes. Due to presence of certain phytochemicals such as differuloylemethane and demothoxycurcumin it is used for many medicinal purposes. Turmeric is also used as dyeing agent because of their color. On the top of that, turmeric contains some essential nutrients which help in growth and development of body. It also aids in healing diseases such as lowering bleed pressure and fighting cancer.

Asia Pacific is the largest region in global turmeric market because of the ancient ayurvedic medication knowledge and growing awareness in population regarding turmeric benefits. Turmeric market in Asia Pacific holds a market share of around 40% in 2016. According to our report India and China is the major producer of turmeric while North America and Europe are the two major importer of turmeric. One of the major key driver in turmeric market is that use of turmeric are in various fields such as it is used in food industry, pharmaceutical industry, in cosmetics and as dyeing agent. The restraint that curtails the growth of global turmeric market is that turmeric can have cheaper alternatives available in food colour industry.

Market Segmentation

On the basis of forms

• Dried
• Powder
• Liquid

On the basis of application

• Cosmetic Industry
• Food and Beverage Industry
• Dyeing Agent
• Others (pharmaceutical)

On the basis of region

• North America (US, Canada) {Market Share (%), Market Size (USD Million), Import/Export (Units)}
• Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Million) , Import/Export (Units)}
• Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Million), Import/Export (Units)}
• Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Million), Import/Export (Units)}
• Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Million), Import/Export (Units)}
• Rest of the World{Market Share (%), Market Size (USD Million), Import/Export (Units)}

Market Size and Forecast (2016-2024)

Global turmeric market is one of the oldest markets and population in North America and Europe are willing to pay more than 20% to 25% for organic turmeric. The global turmeric market is expected to attain the value of USD 300.3 million by 2024 from USD 183.5 million in 2016 at a CAGR of 7% over the forecast period. Based on the form, powder segment hold the largest market share of around 45% in 2016 and is expected to dominate the market value of USD 135.13 million by 2024 from USD 83.1 million in 2016 due to vast use of powered turmeric in various dishes by food and beverage industry.

On the basis of application, health benefits have dominated the market till 2016 with at a CAGR of 7% over the forecast period. Due to the presence of certain phytochemicals such as differuloylemethane and demothoxycurcumin it is used for many medicinal purposes. Geographically, Asia Pacific dominates global turmeric market due to the increasing number of key vendors and favorable climatic conditions. Owing to increased productivity and also improved quality, India earned USD 299 million from the export of spices annually in 2016.

North America market is expected to reach USD 120.4 million by 2024 from USD 74.12 million in 2016, being the biggest importer of turmeric. Less import restrictions are imposed by North American government which allows key players of turmeric market to export turmeric products in North America. Europe is accounted for a market value of USD 75.02 million by 2024 from to USD 47.27 million in 2016 due to rising number of food retail industry and increasing usage of organic turmeric.

 Key Trends and Growth Drivers

The global turmeric market is driven by factors such as increasing number of restaurants, use of turmeric in health benefits (inflammatory agent), cosmetics (herbal products), as dyeing agents and in culinary dishes to add flavors and propel the growth of global food services disposable market. Rise in number of product line with turmeric as the major functional component and the consumer’s shifting focus towards organic turmeric also are the emerging trend in global turmeric market.

Restraints                                                                                                         

However, restrictions that curtail the growth for key vendors in global turmeric market are: - availability of various turmeric alternatives in food and beverage industry such as food colors and adverse weather and climatic condition with its uncertainties, certain stringent import and export regulations imposed by government.

Key Players

• Earth Expo Company
  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis
• 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
•  New WinCup Holdings Inc.
• Pactive LLC

Scope Background

Market Synopsis

Market Segmentation

The global turmeric market is segmented as follows:

• On the basis of forms (Market Size, Demand Analysis and Growth Analysis)
• On the basis of application (Market Size, Demand Analysis and Growth Analysis)

Global Turmeric Market report covered insights of below mentioned regions:

• North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific (China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World  {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

• Risk Factors
• Regional Variations
• Recent Trends and Developments

Key Market Players

• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks