In its latest report, Future Market Insights projects robust growth for the global turmeric market, with anticipated expansion from USD 4,419.3 million in 2023 to USD 7,579.2 million by 2033, marking a substantial 5.5% CAGR over the forecast period.
The surge in turmeric’s applications across various industries, notably in food & beverage and pharmaceutical sectors, is expected to be a key driver for market growth in the coming years.
Turmeric has garnered attention for its numerous health benefits, including its potential to combat ailments such as cancer, coronary heart disease, and Alzheimer’s. Recognized for its antioxidant properties and cholesterol-lowering effects, turmeric is increasingly becoming a staple in health-conscious consumer diets.
The growing preference for organic and natural food ingredients, in line with the trend towards healthier lifestyles, is further fueling the demand for turmeric. Particularly noteworthy is the rising popularity of organically grown Curcuma longa, contributing significantly to market revenue.
With its widespread use in the packaged food industry, turmeric plays a vital role in enhancing product shelf life while imparting distinctive flavors to cuisines worldwide.
Over the forecast period, the anticipated surge in demand for processed food products is expected to present lucrative opportunities for turmeric manufacturers and suppliers. Additionally, the expanding usage of turmeric in pharmaceuticals and personal care products, attributed to its antiseptic, anti-inflammatory, and antioxidant properties, is poised to drive further sales growth in the years to come.
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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.
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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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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