According to Future Market Insights’ latest report, the global turmeric market is forecast to expand from US$ 4,419.3 million in 2023 to US$ 7,579.2 million by 2033. Overall turmeric sales are poised to rise at 5.5% CAGR from 2023 to 2033.
Increasing use of turmeric in various industries, particularly food and beverage and pharmaceutical, is anticipated to propel the global market forward during the course of the evaluation year.
Numerous illnesses, such as cancer, coronary heart disease, and Alzheimer’s disease, might be warded off by turmeric, which is proven to offer significant health benefits. It progressively boosts antioxidant levels, aids in lowering cholesterol, and helps treat skin issues.
Golden Growth: Turmeric Market Set to Reach $7.58 Billion by 2033 with 5.5% CAGR – Unveiling Health and Industry Benefits :
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Due to these possible health advantages of turmeric, its application field is expanding quickly every day. This will further increase turmeric sales and support the market’s rapid growth over the course of the projection period.
As a result of individuals adopting healthier lifestyles and a growing desire for organic and natural food ingredients, turmeric is becoming more and more popular. Additionally, the demand for organically grown Curcuma longa is the primary factor driving market revenue growth.
Turmeric is one of the important spices that is widely used around the world and is mostly consumed by the packaged food industry. The use of turmeric components not only extends the shelf life of the products but also improves the flavor to give each cuisine a distinct aroma and taste.
During the forecast period, a significant increase in demand for processed food products is anticipated to create lucrative growth opportunities for turmeric manufacturers and suppliers.
Further, growing usage of turmeric in pharmaceuticals and personal care products due to its antiseptic, anti-inflammatory, and antioxidant properties will boost turmeric sales over the next ten years.
Key Takeaways from the Report:
- Between 2018 and 2022, global sales of turmeric are forecast to surge at a CAGR of 5.5%.
- The global turmeric market size is anticipated to reach US$ 23,977.9 million by 2033.
- In terms of product form, the processed turmeric segment accounts for a dominant share of 78.4% of the total market in 2023.
- Based on variety, Alleppey turmeric segment holds a significant market share of 38.4% of the total turmeric market in 2023.
- By end use, food and beverage processing segment leads the turmeric market with a prominent share of 36.4% in 2023.
- The United Kingdom turmeric market is projected to expand at a CAGR of 6.1% during the forecast period from 2023 to 2033.
- Turmeric sales across India are likely to increase at a robust CAGR of 9.2% between 2023 and 2033.
- The USA turmeric market is forecast to exhibit a CAGR of 4.5% during the assessment period.
“Growing awareness about the potential health benefits of turmeric is anticipated to help the market thrive steadily during the projection period (2023 to 2033),” says a lead analyst at Future Market Insights.
Who is Winning?
Leading turmeric manufacturing companies profiled in the report include The Archer Daniels Midland Company, Naturex S.A., Everest Spices, Symrise AG, Sabinsa Corporation, Kancor Ingredients Limited, Chr. Hansen A/S, MDH Spices, Roha Dyechem Pvt. Ltd., DDW The Colour House Corporation, Biomax Life Sciences Ltd., Kalsec, Inc., ITC Limited, Vigon International, Inc., Universal Oleoresins, McCormick & Company, BOS Natural Flavors (P) Limited, Ungerer & Company, Sensient Technologies Corporation, and Frutarom Industries Ltd.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Turmeric market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study provides compelling insights into the Turmeric market based on Variety (Madras Turmeric, Alleppey Turmeric, West Indian Turmeric), Product Form (Whole Turmeric, Processed Turmeric), End Use (Food and Beverage Processing, Pharmaceuticals & Dietary Supplements, Cosmetics & Personal Care, Textiles, Foodservice/HoReCa, Retail/Household), and Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Convenience Stores, Online Retail), Nature (Organic, Conventional) across several regions.
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Turmeric Industry Segmentation
By Variety:
- Madras Turmeric
- Alleppey Turmeric
- West Indian Turmeric
- Others (Rajapore, BKK, etc.)
By Product Form:
- Whole Turmeric
- Processed Turmeric
- Powder
- Oleoresin
- Curcumin
- Turmeric Oil
By End Use:
- Food and Beverage Processing
- Processed Food Products
- Dairy Products
- Meat, Poultry, and Seafood
- Confectionery
- Baked Goods
- Sauces, Dressings, and Condiments
- Spices and Seasoning
- Beverages
- Others (Infusions, etc.)
- Pharmaceuticals & Dietary Supplements
- Cosmetics & Personal Care
- Textiles
- Foodservice/HoReCa
- Retail/Household
By Distribution Channel:
- Hypermarkets/Supermarkets
- Specialty Stores
- Convenience Stores
- Online Retail
By Nature:
- Organic
- Conventional
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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