9.1% CAGR for Curcumin Market is Predicted to Reach $ 135.5 Mn by 2028, Globally, by 2028 Says, The Insight Partners
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NEW YORK, UNITED STATES, February 1, 2023 /EINPresswire.com/ -- According to The Insight Partners latest study, titled "Curcumin Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Category, Application and Geography," the market is expected to grow from US$ 73.8 million in 2021 to US$ 135.5 million by 2028; it is estimated to record a CAGR of 9.1% from 2022 to 2028.
Curcumin is a bioactive compound found in the roots of Curcuma longa, also known as turmeric. The demand for curcumin is mainly attributed to increasing consumer awareness regarding its benefits, rising medicinal value of curcumin to treat various diseases, and changing consumer preference toward natural and organic ingredients in food, medicine, and cosmetic products.
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Companies are actively looking for ways to increase the effectiveness of ingredients and products. The application of turmeric and turmeric-derived ingredients is increasing as manufacturers are becoming familiar with its beneficial properties. In 2021, Food Trending named turmeric one of the most sought-after ingredients due to its anti-inflammatory and immune-boosting properties.
Turmeric is a widely used medicinal herb in Chinese medicine, Ayurvedic, and Unami medicine as a key element of natural remedies for treating various pathologies, including atherosclerosis, liver disease, diabetes, rheumatism, and oncological and infectious illnesses.
Ingredient manufacturers are likely to capitalize on its popularity and develop turmeric-derived ingredients with higher levels of effectiveness. In addition, several new products containing turmeric have been launched, and more innovation is expected in the future. In 2022, OmniActive Health Technologies launched its Curcuwin Ultra+ ingredient. This product is marketed as being 144 times more bioavailable than the standard curcumin at the same dose. Furthermore, the company states that absorption is 40% faster compared with the standard extract.
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Asia Pacific holds the largest share of the curcumin market. The market growth in Asia Pacific is attributed to increasing consumer inclination toward using natural ingredients, rising demand from the traditional medicine industry of China and India, and increasing requirements from the food & beverages industry in the region. In addition, the demand for curcumin has surged in North America, owing to expanding food & beverages and pharmaceutical industries.
Consumer inclination toward organic and natural products, coupled with a rise in awareness about the health benefits of curcumin, has surged the demand for curcumin in the region. However, the COVID-19 pandemic hampered the curcumin market growth due to interrupted supply chains, which resulted in a shortage of raw materials and products.
Wacker Chemie AG; Arjuna Natural; Herboveda; Rosun Groups; SabinsaCorp; Glanbia plc; Bioprex Labs; Xi'an Green Spring Technology Co., Ltd; The Green Labs LLC; and SV AGROFOOD are among the key market players profiled during the study. Several other major companies were also studied and analyzed to get a holistic view of the curcumin market and its ecosystem.
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