According to Future Market Insights’ latest report, the global turmeric market is forecast to expand from US$ 4,419.3 million in 2023 to US$ 7,579.2 million by 2033. Overall turmeric sales are poised to rise at 5.5% CAGR from 2023 to 2033.
Rising applications of turmeric across several industries, especially food & beverage and pharmaceutical is expected to drive the global market forward during the assessment period.
Turmeric is known to provide considerable health advantages and can stave off several ailments, including cancer, coronary heart disease, and Alzheimer’s. It gradually increases antioxidants, helps lower cholesterol levels, and is useful in treating skin conditions.
Thanks to these potential health benefits of turmeric, its application area is growing rapidly day by day. This in turn will continue to boost turmeric sales and help the market to thrive swiftly during the projection period.
Subsequently, popularity of turmeric is growing as people embrace healthier lifestyles and the demand for organic and natural food ingredients rises. Additionally, the main element boosting market revenue is the rising demand for organically grown Curcuma longa.
Turmeric is one of the important spices that is widely used around the world and is mostly consumed by the packaged food industry. The use of turmeric components not only extends the shelf life of the products but also improves the flavor to give each cuisine a distinct aroma and taste.
During the forecast period, a significant increase in demand for processed food products is anticipated to create lucrative growth opportunities for turmeric manufacturers and suppliers.
Further, growing usage of turmeric in pharmaceuticals and personal care products due to its antiseptic, anti-inflammatory, and antioxidant properties will boost turmeric sales over the next ten years.
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Key Takeaways from the Report:
• Between 2018 and 2022, global sales of turmeric are forecast to surge at a CAGR of 5.5%.
• The global turmeric market size is anticipated to reach US$ 23,977.9 million by 2033.
• In terms of product form, the processed turmeric segment accounts for a dominant share of 78.4% of the total market in 2023.
• Based on variety, Alleppey turmeric segment holds a significant market share of 38.4% of the total turmeric market in 2023.
• By end use, food and beverage processing segment leads the turmeric market with a prominent share of 36.4% in 2023.
• The United Kingdom turmeric market is projected to expand at a CAGR of 6.1% during the forecast period from 2023 to 2033.
• Turmeric sales across India are likely to increase at a robust CAGR of 9.2% between 2023 and 2033.
• The USA turmeric market is forecast to exhibit a CAGR of 4.5% during the assessment period.
“Growing awareness about the potential health benefits of turmeric is anticipated to help the market thrive steadily during the projection period (2023 to 2033),” says Nandini Roy Choudhury, Client Partner at Future Market Insights
Who is Winning?
Leading turmeric manufacturing companies profiled in the report include The Archer Daniels Midland Company, Naturex S.A., Everest Spices, Symrise AG, Sabinsa Corporation, Kancor Ingredients Limited, Chr. Hansen A/S, MDH Spices, Roha Dyechem Pvt. Ltd., DDW The Colour House Corporation, Biomax Life Sciences Ltd., Kalsec, Inc., ITC Limited, Vigon International, Inc., Universal Oleoresins, McCormick & Company, BOS Natural Flavors (P) Limited, Ungerer & Company, Sensient Technologies Corporation, and Frutarom Industries Ltd.