Global Turmeric Market 2017-2021

Overview of the global turmeric market

According to Technavio’s analyst, the global turmeric market is anticipated to grow at a steady rate and will post a CAGR of more than 6% during the forecast period. The health benefits associated with turmeric will drive the growth prospects for the global turmeric market until the end of 2021. According to the industry research report, turmeric has numerous health benefits due to the presence of phytochemicals such as diferuloylmethane, demethoxycurcumin, and bisdemethoxycurcumin.  Moreover, turmeric curcumin contains essential nutrients that are required for the growth and development of the body and also gives flavor and color to the cooked food items. Some of the major health benefits are its ability to lower blood sugar levels, improve liver health, fight cancer, boost the effects of chemotherapy, turmeric anti-inflammatory properties and other properties, such as antioxidant, antibacterial, antiviral, and anti-fungal.

The increasing use of turmeric in cosmetic products will drive the growth prospects for the global turmeric market until the end of 2021. One of the major factors responsible for the growing use of turmeric in cosmetic products is its skin conditioning and healing properties, which is used as a functional ingredient in beauty and health products. The deep cleansing, anti-acne and anti-septic properties and benefits of turmeric allow it to control wrinkles and crease formation on the skin's surface.

Competitive landscape and key vendors

The global turmeric market is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. Some of the major factors responsible for the growing sales volume and market share of the vendor include the company's brand value, quality of turmeric, pricing, distribution, and other such differentiating factors. Moreover, these vendors face market challenges such as intense competition, fluctuating raw turmeric prices, and risks associated with adverse weather conditions. However, to sustain in the market, these vendors are increasingly focusing on distinguishing their product offerings through a clear and unique value proposition.

Key vendors in this market are -

• Earth Expo Company
• ITC Spices
• Nani Agro Foods
• Shah Ratanshi Khimji

Other prominent vendors in the market include Everest Spices, Gandhi Spices, Grover Sons, Green Earth Products, MDH Spices, Shalimar Food Products, Sino-Nature, and Taj Agro International.

Segmentation by application and analysis of the turmeric market

• Food and beverages
• Pharmaceuticals

The food and beverages segment accounted for the majority market share during 2016 and will continue to dominate the market for the next four years. Some of the major factor responsible for the growing demand for turmeric in food and beverages industry is its extensive use as an edible coloring agent in a wide assortment of foods including curries, chicken, and potatoes. Also, the paste of turmeric roots is used to marinate different types of meat and extend shelf life. Furthermore, it is also used in turmeric tea and smoothies, which are prepared with certified organic turmeric and do not contain any artificial additives and sweeteners.

Segmentation by geography and analysis of the turmeric market

• Americas
• APAC
• Europe
• ROW

In terms of geography, APAC accounted for the majority market share during 2016 and will continue to dominate the market during the forecasted period. One of the major factors responsible for the market’s growth in APAC is the high rate of culinary use of turmeric extract in the region. Moreover, the market is increasingly witnessing a high demand for turmeric from developing economies, particularly China and India due to the growing awareness of turmeric health benefits.

Key questions answered in the report include

• What will the turmeric market size and growth rate be in 2021?
• What are the key factors driving the global turmeric market?
• What are the key market trends impacting the growth of the global turmeric market?
• What are the challenges to market growth?
• Who are the key vendors in the global turmeric market?
• What are the market opportunities and threats faced by the vendors in the global turmeric market?
• What are the trending factors influencing the market shares of the Americas, APAC, Europe, and ROW?
• What are the key outcomes of the five forces analysis of the global turmeric market?

Technavio also offers customization on reports based on specific client requirement.

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