According to Future Market Insights’ latest report, the global turmeric market is simmering with potential, projected to reach a value of USD 7.579.2 million by 2033, with a compelling CAGR of 5.5%. This surge presents a golden opportunity for B2B investors seeking a foothold in a dynamic and lucrative market.
Rising applications of turmeric across several industries, especially food & beverage and pharmaceutical is expected to drive the global market forward during the assessment period.
Turmeric’s versatility and health benefits are driving its demand across various industries. In the food and beverage sector, turmeric is used for flavoring and coloring, contributing to its increased adoption in processed food products. The pharmaceutical industry is also embracing turmeric due to its antioxidant, anti-inflammatory, and antibacterial properties. Moreover, the cosmetics and personal care sector is incorporating turmeric for its skincare benefits, further fueling market demand.
Market Overview: A Spice Fit for Every Kitchen and Aisle
Turmeric, a vibrant yellow spice derived from the Curcuma longa plant, transcends cultural boundaries. It’s a common household staple and a functional ingredient increasingly sought after by various industries. From its traditional use in food to its emerging applications in pharmaceuticals and cosmetics, turmeric’s versatility fuels market growth.
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Demand on the Rise: Consumers Crave Wellness and Convenience
- Health and Wellness Focus: Consumers are increasingly health-conscious, seeking natural ingredients with perceived health benefits. Turmeric’s reputation as an anti-inflammatory and antioxidant powerhouse aligns perfectly with this trend.
- Convenience Reigns Supreme: Busy lifestyles necessitate convenient solutions. The growing popularity of ready-to-drink (RTD) beverages and processed food products containing turmeric caters to this demand.
- Functional Food Frenzy: Consumers are drawn to foods and beverages that offer more than just taste. The addition of turmeric as a functional ingredient elevates the perceived value of products.
Several factors contribute to the growing demand for turmeric. Firstly, the rise in health-conscious consumer trends, coupled with the increasing awareness of turmeric’s health benefits, is driving market growth. Additionally, the shift towards natural and organic ingredients is amplifying turmeric’s popularity, especially in the food and cosmetics industries. Furthermore, the aging population’s focus on maintaining health and vitality is driving the demand for turmeric-based supplements.
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 Nandini Roy Choudhury, Client Partner at Future Market Insights
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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.
Key Takeaways For Investors:
- Turmeric market is projected to reach USD 7.6 billion by 2033, driven by its widespread usage across various industries.
- Health-conscious consumer trends and the shift towards natural ingredients are significant growth drivers for the turmeric market.
- The pharmaceutical and cosmetics sectors are key contributors to turmeric demand due to its medicinal and skincare properties.
- Investing in turmeric presents lucrative opportunities, especially with the market’s steady growth trajectory and increasing consumer awareness.
- Companies in the turmeric industry are focusing on product innovation and expanding their market presence through strategic alliances and new product launches.
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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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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