Press release
Curcumin Market Projected to Garner Significant Revenues by 2021
Curcumin based supplements have a huge market as they are easily available over the counter without the existence of government regulations. In addition, curcumin is also gaining popularity as an ingredient in cosmetic and herbal skin care products. Therefore, growing demand for ayurvedic and herbal skin care products is expected to drive the market during the forecast period. Moreover, rigorous research and development activities regarding the application of curcumin in dye sensitized PV technologies serve as an opportunity for the market as this application would drive new market avenues for curcumin during the forecast period.
In terms of application, global curcumin market is categorized into pharmaceuticals, food, cosmetics and others. Pharmaceutical held the largest market share due to rising demand for curcumin based supplements. Increasing demand for herbal cosmetic products is expected to drive the global market of curcumin in cosmetic applications as it serves as a remedy for various skin diseases. Shifting consumer preference towards natural food coloring food substances is expected to increase the demand of curcumin in food applications. However, existence of cheap synthetic food colors serves as a restraining factor in the growth of curcumin market in Rest of the World (RoW) and Asia Pacific region.
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North America held the largest market and is expected to witness significant growth during the forecast period due to growing demand for curcumin based supplements in this region. In addition, increasing demand for curcumin in cosmetic applications is further driving the market hence demand of curcumin is expected to be high during the forecast period in North America. Europe followed North America and the market is expected to grow at a high rate during the forecast period owing to the increasing applications of curcumin in food and pharmaceutical industry. Moreover, research and development activities regarding growing applications of curcumin in treatment of cancer also acts as a driving factor in the growth of curcumin market in Europe. Demand for curcumin is expected to be high in Asia Pacific owing to the growing demand from skin care and cosmetic manufacturers. Herbal products offered by these manufacturers are gaining fast penetration in North American and European markets. This acts as a driving factor in the growth of curcumin market in Asia Pacific region. In addition, manufacturers are highly concentrated in India due to high content of curcumin in Indian turmeric products .Moreover, close proximity to raw materials suppliers is another factor fuelling the growth of curcumin market in India .Hence, demand for it is expected to be high during the forecast period.
Global key participants in the industry include Konark Herbals & Health Care, Biomax Life Sciences Ltd., Hindustan Mint & Agro Products Pvt. Ltd., SV Agrofood, Herboveda India Pvt. Ltd., Hebei Food Additive Co. Ltd., Synthite Industries Ltd. and Arjuna Natural Extracts Ltd. among others.
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