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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.
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 -
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.
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.
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.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Turmeric: Supply chain and trade scenario
PART 07: Market segmentation by application
PART 08: Geographical segmentation
PART 09: Key leading countries
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Competitor analysis
PART 16: Appendix
Tags: turmeric extract, herbal supplements, food suppliers, food ingredients, turmeric market share, food top companies,
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