Tough competition and vast fragmentation encircle global curcumin market says thelatest report by Transparency Market Research (TMR). Industries like foodprocessing have involved curcumin owing to its various functional properties.The market is driven by major players like Biomax Life Sciences, SynthiteIndustries, Herboveda India, SV Agrofood, and Hindustan Mint and Agro Products.These players are building channels of small supply chains to take control ofthe global market. They are able to achieve this target as a result ofcollaborations of exporters and producers in various countries across theglobe. This allows both the entities to eliminate middleman resulting in thereduction of the cost and better profit.
According to the latest report by TMR, global curcumin market isestimated to worth US$ 465.8 million by the end of 2026. It is noticeable thatby the end of 2018, net worth of the market was estimated at around US$ 282.2million. This means the market is expected to grow at least 6.5% in terms ofCAGR from 2018 to 2026.
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TMR report presents an in-depth analysis of various segments of theglobal curcumin market. The market is segmented on the basis of nature, end-users,form, and application. Out of these segments, nature segment tends to showmaximum growth in the forecast period. The segment is further bifurcated intoorganic and conventional curcumin. Amongst the two, Organic Curcumin is likelyto show the highest CAGR in the forecast period. This can be the result ofrelatively fewer side-effects on the users as compared to conventionalcurcumin.
The global curcumin market isfragmented across regions like North America, Europe, Asia Pacific, Middle East& Africa, and Latin America. TMR report estimates that North America tendsto show the highest growth among all regions around the globe. This hike isaccounted to the increasing awareness of health benefits of curcumin. Also, therising demand for natural products in various cosmetic and personal care inNorth America is also one of the major reason that is making this region growat an exponential rate in the forecast period.
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Raise in Natural Product for Skincare Fueling theGlobal Curcumin Market
Inspired by its presence in Ayurveda, curcumin plays a vital role inmany beauty products. Ever since people have become more cautious about theingredients and chemical present in their skin care products, they have shownmore inclination towards products made by natural ingredients. Owing to thisincreasing demand of natural products in cosmetics and skin care products, themarket of curcumin is growing across the world. Also, curcumin is one of themost prominent constituents of major food dishes, and growing spurge of servingcuisines from various countries in international hotels is also helping globalcurcumin market to grow exponentially.
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Growing Demand for Quality Products shall Helpcompanies to Overcome the Challenge of Short Supply
The world economy is getting stable day by day. This provides a betteramount of disposable income for the people. As a result, people are focusingmore on quality of the product they are using. This focus allows businesses toincorporate curcumin in their product globally. Although these companies tendto face some challenges in acquiring the curcumin as a result of short supply,they can generate with the number so products they sell and grow during theforecast period of 2018 to 2026.
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