Curcumin Market: Introduction
Curcumin is an extract of the Curcuma Longa root widely known as “Turmeric” and is found in turmeric two to eight percent by weight. Curcumin, chemically called diferuloylmethane, gives turmeric its characteristic yellow color.
Curcumin is a natural herb that has numerous benefits, which improve the overall health of consumers. Since ages, curcumin has been used as a pain relieving agent. It plays a vital role in the treatment of jaundice, hemorrhage and hematuria, to name a few. In modern times, curcumin is one of the most widely studied natural products. Research has proved that curcumin has the ability to prevent cancer by avoiding carcinogens. Along with this, curcumin also protects the liver against damages caused by infections. It is an anti-inflammatory substance that is able to reduce exhaustion and fatigue, which might lead to the inflammation of the liver. Curcumin improves digestion and prevents kidney failure due to diabetes. It directly nourishes the skin cells and maintains normal blood cholesterol levels. Curcumin, offers a soothing effect for sore throat and mouth ulcers and enhances the overall immune system. It has also been stated in recent studies that curcumin can potentially prevent Alzheimer’s. Curcumin also exhibits a spot removal property useful in the textile industry.
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Curcumin Market: Dynamics
Recently, the volumetric demand for curcumin has surged, owing to the shift of end users from synthetic products to natural products due to rising awareness. Increasing focus of researchers towards natural products and the commercialization of curcumin to exploit its properties are the key factors driving the curcumin market. Majority of the demand for curcumin stems from dietary supplement and pharmaceutical industries and hence, the growth of these industries will drive the curcumin market as well. Being a developing market, a vast opportunity exists for new products and production technologies. With optimistic support from governments for natural products and restrictions on synthetic products, the curcumin market is expected to experience significant growth throughout the forecast period.
However, manufacturers also face a risk due to the supply of adulterated curcumin from local vendors. Also, a confusion exists among customers regarding the bioavailability of curcumin. It has been found that alternative synthetic products are entering the market, which could harm curcumin’s market share. The presence of economical food colors in the market might also affect its growth in the food and beverage segment. Being a market largely driven by research, several market players have established their own R&D centers and most of the products are found to be patented.
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Curcumin Market: Regional Outlook
India dominates the market in terms of turmeric cultivation and the country accounts for over 75% of the total turmeric grown globally. However, attributing to the low awareness among the country’s population, majority of the turmeric is exported to North America. In terms of consumption, North America consumes a large amount of curcumin, owing to its applications in the personal care industry with herbal products gaining traction in the market. According to the Food and Agriculture Organization of the United Nations, roughly 2400 Metric Tons per Annum of turmeric is imported in the U.S. Europe follows North America in terms of the demand for curcumin. Research and development regarding the application of curcumin for cancer treatment is driving the growth of curcumin in Europe. Manufacturers are concentrated in the Asia Pacific region, mainly in India, owing to the proximity to raw materials and penetration of herbal products.
Curcumin Market: Market Participants
Some of the market participants in the global curcumin market identified across the value chain include Biomax Life Sciences Ltd., hindustan mint & agro products pvt. Ltd., Arjuna Natural Ltd, SVagrofood, Star Hi-Herbs Pvt. Ltd., Synthite Industries Ltd., Sabinsa Corp., Herboveda India Pvt. Ltd, Helmigs Company, Hebei Food Additive Co. Ltd., PT Tri Rahardja, Konark Herbals & Health Care.
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