Curcumin Market Size, Share & Trends Analysis Report By Application (Pharmaceutical, Food, Cosmetics), By Region (North America, Europe, Asia Pacific, CSA, MEA), And Segment Forecasts, 2020 - 2028

Report Overview

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. Turmeric is widely consumed in the South East Asian countries in both food and medical products due to its therapeutic properties.

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.

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.

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.

Application Insights

The pharmaceutical application segment led the market in 2020 with the highest revenue share of more than 51%. The segment is estimated to expand further at the fastest CAGR from 2020 to 2028. For many centuries, curcumin has been widely used in traditional Asian herbal medicines to treat infections and inflammation. The cosmetics application segment is estimated to have significant growth over the forecast period. The product’s applicability in cosmetic applications can be largely attributed to its antioxidant, anti-inflammatory, and antiaging properties. Exposure to UV radiations causes the formation of free radical species, which reacts with protein, DNA, and fatty acids, which further creates irritation on the epidermis.

These free radicals also damage the skin, causing visible photo-aging effects, such as hyperpigmentation, wrinkles, and loss of skin firmness. Curcumin-infused products can reduce these effects. Thus, brand owners in the personal care and cosmetic verticals are increasingly incorporation it as an additive. Rising consumer awareness regarding the product benefits along with consumer inclination for organically produced products will bolster the market growth during the forecast period. The food application segment is estimated to register the second-highest CAGR of 16.0% over the forecast period on account of wide product usage as a food additive.

Regional Insights

Europe is expected to register the fastest CAGR of 16.7% during the forecast period. A major factor driving the regional market is the well-established personal care & cosmetics industry in Western European countries, such as Italy, Germany, and Spain. North America accounted for the highest revenue share in 2020 due to the high product demand in food & nutritional supplements. North America is also the home for numerous premium cosmetic brands and these companies are increasingly inclined towards incorporating organic ingredients in their products, which, in turn, provides growth opportunities to the market.

Asia Pacific is estimated to register the second-fastest CAGR over the forecast period This is majorly due to lower consumer awareness in the region about the health benefits of curcumin. However, lower consumer awareness creates a great opportunity for brand owners to educate the population and launch products to cater to the regional demand. The rising demand for curcumin-based ayurvedic and herbal personal care products is also expected to fuel regional market growth.

Key Companies & Market Share Insights

The global market is highly competitive & fragmented and majorly driven by its applicability in the nutraceuticals and cosmetics industry. This product is extracted from turmeric and ginger and hence production plants are needed to be in the vicinity of the raw material source, which lowers down the cost of the final product and removes the strains observed in logistics. India is a major producer of turmeric accounting for over 78% of the global production. Companies are increasingly concentrating on setting up their production plants in the country. The favorable regulatory regimes and supportive government policies further strengthen the future of the market over the coming years. Some of the prominent players in the global curcumin market include:

• 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

• Konark Herbals & Healthcare

• Rosun Natural Products Pvt. Ltd.

• SabinsaCorp.

Curcumin Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global curcumin market report on the basis of application and region:

• Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

  • Pharmaceutical

  • Food

  • Cosmetics

  • Others

• Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Poland

    • Russia

    • Denmark

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • Malaysia

    • Indonesia

    • Thailand

    • South Korea

    • Vietnam

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa