Global Turmeric Market, Trends & Growth Opportunity, By Product Type (Raw, Powder, Oil, Extract), By Application (Food & Beverages, Dietary Supplements, Cosmetics, Pharmaceuticals), By Distribution Channel (Supermarkets/Hypermarkets, Online stores, Others), By Region and Forecast till 2030.
Global Turmeric Market
The Global Turmeric Market was valued at USD 4.12 Bn in 2022 and is expected to expand to USD 6.27 Bn by 2030 at a CAGR of 4.46% during the forecast period of 2023-2030.
Turmeric is a perennial herbaceous plant that belongs to the ginger family. It is widely cultivated in tropical regions, especially in India, and is prized for its bright yellow-orange roots, which are used both as a spice and in traditional medicine.
Turmeric has a warm, bitter taste and a pungent aroma. It is most commonly used as a spice in Indian, Middle Eastern, and Southeast Asian cuisine, where it is a key ingredient in curry powders and other spice blends. It is also used to add color and flavor to rice dishes, soups, and sauces.
Turmeric has been used for centuries in Ayurvedic and traditional Chinese medicine to treat a wide range of ailments, including inflammation, digestive problems, and skin conditions. The active compound in turmeric is called curcumin, which has been found to have anti-inflammatory and antioxidant properties. It is also believed to have potential benefits for brain function, heart health, and cancer prevention, although more research is needed to confirm these effects.
Market Drivers
A major driver of the global turmeric market is the rising awareness of the health benefits associated with turmeric, particularly its anti-inflammatory and antioxidant properties. Turmeric supplements are gaining popularity as a natural remedy for a range of health issues, such as arthritis, digestive problems, and skin conditions. As a result, the demand for turmeric as a dietary supplement is growing, and this trend is expected to continue in the coming years.
The food industry is also a major consumer of turmeric, as it is used as a coloring and flavoring agent in a wide range of products, including curries, sauces, snacks, and beverages. As global demand for spicy and flavorful foods continues to rise, so does the demand for turmeric.
In addition to food and dietary supplements, the cosmetic industry is also driving the market for turmeric. Turmeric is believed to have skin-enhancing properties and is used in a variety of cosmetic products such as creams, lotions, and face masks. This has led to an increase in demand for turmeric from cosmetic companies, especially in the Asia-Pacific region.
Market Restraints
A significant restraining factor to the growth of the global turmeric market is the availability and supply of high-quality turmeric. Turmeric is primarily grown in Asia, and weather fluctuations and crop diseases can affect production and quality. Additionally, there are concerns about the sustainability of turmeric farming practices, and efforts are being made to promote more sustainable and eco-friendly practices.
Another challenge is the presence of substitute products in the market. For example, synthetic dyes can be used as a substitute for turmeric in the food industry, and there are other natural health supplements that offer similar health benefits to turmeric. As a result, the competition from substitute products could limit the growth of the turmeric market.
Market Segmentation
The global turmeric market is segmented by product types, such as raw, powder, oil, and extract. Based on the application, the market is segmented as food & beverages, dietary supplements, cosmetics, and pharmaceuticals. Further, the market is segmented by distribution channels, such as supermarkets/hypermarkets, online stores, and others.
Regional Analysis
The Asia-Pacific region is expected to witness fast growth in the turmeric market in the coming years. This is particularly due to India’s strong presence as a leading turmeric producer and consumer. Additionally, the increasing demand for turmeric-based products, both as a spice and as a health supplement, in countries such as China, Japan, South Korea, and Australia, is also supporting growth in this region. The Asia-Pacific region is home to a large population that is becoming increasingly health-conscious, and there is a growing demand for natural and organic products, which is driving the growth of the turmeric market in the region.
Key Players
Shakala Biosciences, Synthite Industries Ltd, Hindustan Mint & Agro Products Pvt Ltd, Arjuna Natural Extracts Ltd, Biomax Life Sciences Ltd, Sabinsa Corporation, Herboveda India Pvt Ltd, Star Hi Herbs Pvt Ltd, SV Agrofood, Helmigs Prima Sejahtera PT, Shaanxi Jiahe Phytochem Co Ltd, Konark Herbals & Health Care, Earth Expo Company.
Market Taxonomy
By Product Type
• Raw
• Powder
• Oil
• Extract
By Application
• Food & Beverages
• Dietary Supplements
• Cosmetics
• Pharmaceuticals
By Distribution Channel
• Supermarkets/Hypermarkets
• Online stores
• Others
By Region
• North America (USA, Canada, Mexico)
• Europe (Germany, France, UK, Rest of Europe)
• Asia Pacific (China, India, Japan, Rest of Asia Pacific)
• Latin America (Brazil, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa)
Global Turmeric Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Turmeric Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing Economic Downturn
4.2.6 Post Covid-19 World Supply and Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Turmeric Market, By Product Type
5.1 Y-o-Y Growth Comparison, By Product Type
5.2 Global Turmeric Market Share Analysis, By Product Type
5.3 Global Turmeric Market Size and Forecast, By Product Type
5.3.1 Raw
5.3.2 Powder
5.3.3 Oil
5.3.4 Extract
6 Global Turmeric Market, By Application
6.1 Y-o-Y Growth Comparison, By Application
6.2 Global Turmeric Market Share Analysis, By Application
6.3 Global Turmeric Market Size and Forecast, By Application
6.3.1 Food & Beverages
6.3.2 Dietary Supplements
6.3.3 Cosmetics
6.3.4 Pharmaceuticals
7 Global Turmeric Market, By Distribution Channel
7.1 Y-o-Y Growth Comparison, By Distribution Channel
7.2 Global Turmeric Market Share Analysis, By Distribution Channel
7.3 Global Turmeric Market Size and Forecast, By Distribution Channel
7.3.1 Supermarkets/Hypermarkets
7.3.2 Online stores
7.3.3 Others
8 Global Turmeric Market, By Region
8.1 Global Turmeric Market Share Analysis, By Region
8.2 Global Turmeric Market Size and Forecast, By Region
9 North America Turmeric Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 North America Turmeric Market Share Analysis, By Product Type
9.3 North America Turmeric Market Size and Forecast, By Application
9.4 North America Turmeric Market Size and Forecast, By Distribution Channel
9.5 North America Turmeric Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Turmeric Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Europe Turmeric Market Share Analysis, By Product Type
10.3 Europe Turmeric Market Size and Forecast, By Application
10.4 Europe Turmeric Market Size and Forecast, By Distribution Channel
10.5 Europe Turmeric Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4 Rest of Europe
11 Asia Pacific Turmeric Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Asia Pacific Turmeric Market Share Analysis, By Product Type
11.3 Asia Pacific Turmeric Market Size and Forecast, By Application
11.4 Asia Pacific Turmeric Market Size and Forecast, By Distribution Channel
11.5 Asia Pacific Turmeric Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Rest of Asia
12 Latin America Turmeric Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Latin America Turmeric Market Share Analysis, By Product Type
12.3 Latin America Turmeric Market Size and Forecast, By Application
12.4 Latin America Turmeric Market Size and Forecast, By Distribution Channel
12.5 Latin America Turmeric Market Size and Forecast, By Country
12.5.1 Brazil
12.5.2 Rest of Latin America
13 Middle East Turmeric Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Middle East Turmeric Market Share Analysis, By Product Type
13.3 Middle East Turmeric Market Size and Forecast, By Application
13.4 Middle East Turmeric Market Size and Forecast, By Distribution Channel
13.5 Middle East Turmeric Market Size and Forecast, By Country
13.5.1 Saudi Arabia
13.5.2 UAE
13.5.3 Egypt
13.5.4 Kuwait
13.5.5 South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Shakala Biosciences
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Synthite Industries Ltd
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Hindustan Mint & Agro Products Pvt Ltd
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Arjuna Natural Extracts Ltd
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Biomax Life Sciences Ltd
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Sabinsa Corporation
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Herboveda India Pvt Ltd
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Star Hi Herbs Pvt Ltd
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 SV Agrofood
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Helmigs Prima Sejahtera PT
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
15.11 Shaanxi Jiahe Phytochem Co Ltd
15.11.1 Overview
15.11.2 Offerings
15.11.3 Key Financials
15.11.4 Business Segment & Geographic Overview
15.11.5 Key Market Developments
15.11.6 Key Strategies
15.12 Konark Herbals & Health Care
15.12.1 Overview
15.12.2 Offerings
15.12.3 Key Financials
15.12.4 Business Segment & Geographic Overview
15.12.5 Key Market Developments
15.12.6 Key Strategies
15.13 Earth Expo Company
15.13.1 Overview
15.13.2 Offerings
15.13.3 Key Financials
15.13.4 Business Segment & Geographic Overview
15.13.5 Key Market Developments
15.13.6 Key Strategies
