Turmeric Market Is Projected To Surpass USD 7.8 Billion By 2033

Updated · Dec 23, 2024

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Table of Contents

Introduction
Key Takeaways
Turmeric Statistics
Emerging Trends
Use Cases
Major Challenges
Market Growth Opportunities
Key Players Analysis
Conclusion

Introduction

The global Turmeric Market is poised for substantial growth, projected to increase from USD 4.4 Billion in 2023 to approximately USD 7.8 Billion by 2033, growing at a compound annual growth rate (CAGR) of 5.9%. This expansion is underpinned by multiple factors that boost the demand and popularity of turmeric across various industries.

The global turmeric market exhibits distinct regional dynamics, with the Asia Pacific (APAC) region dominating the market, holding a substantial share of 51.2%, valued at approximately $2.2 billion in 2024.

A primary driver of this growth is the extensive application of turmeric, particularly in the food and beverage sector, where it is cherished not only for its flavor but also for its preservative qualities and health benefits. The spice’s anti-inflammatory and antioxidant properties make it a favored ingredient in health-conscious diets worldwide, which is significantly contributing to its increased consumption.

Opportunities for market expansion are particularly notable in regions like India and the United States. India, being the largest producer and consumer of turmeric, is witnessing a surge in both domestic consumption and exports, driven by rising income levels and greater consumer awareness of health benefits.

In the United States, the demand for turmeric is fueled by its growing popularity in health and wellness products as well as in pharmaceutical applications. Moreover, the market is benefiting from a heightened interest in natural and organic ingredients, with turmeric being a key component due to its health advantages, such as potential cancer prevention and heart health improvement.

This trend is expected to continue driving the market’s expansion, as consumers increasingly favor products that contribute to a healthy lifestyle. Overall, the turmeric market’s future looks promising with increasing global demand, particularly for processed turmeric products which dominate the market due to their extensive use in a myriad of applications from culinary arts to cosmetic products

Key Takeaways

The Global Turmeric Market size is expected to be worth around USD 7.8 Billion by 2033, from USD 4.4 Billion in 2023, growing at a CAGR of 5.9% during the forecast period from 2024 to 2033.
Conventional Turmeric dominated the By Nature segment with an 84.5% market share.
Processed Turmeric dominated the By Product Form segment with 75.3% market share.
Food and Beverage Processing dominated the end-use segment with a 38.2% market share.
Hypermarkets/Supermarkets dominated the By Distribution Channel segment with 38.1% market share.
APAC dominates the global turmeric market with a 51.2% share, valued at $2.2 billion.

Turmeric Statistics

Turmeric’s Global Market and Consumer Trends

In the U.S., turmeric supplement sales increased from $25.6 million in 2013 to $151.7 million in 2021.
65.4% of consumers reported using turmeric for its potential health benefits in 2021.
The U.S. imported 14,239 U.S. tons of turmeric in 2020, valued at $41.992 million.

Turmeric Production and Trade

India is the largest producer and exporter of turmeric, with an area under turmeric cultivation exceeding 2 lakh hectares.
India’s turmeric production surpasses 11.5 lakh tons annually.
80% of India’s turmeric production is consumed domestically.
India exported 1,16,500 tons of turmeric.
The U.S. exported 922 U.S. tons of turmeric, valued at USD 2.156 million.

Turmeric’s Nutritional and Health Aspects

Turmeric contains curcumin, which comprises about 2-9% by weight of dried turmeric rhizome.
The average lead level in turmeric samples tested was 66 mg/kg, with a range of 0.1-740 mg/kg.
The FDA action level for lead in foods intended for children is 0.5 mg/kg.
The Environmental Protection Agency estimates the average daily turmeric consumption in the U.S. at 0.03 g/day.

Turmeric Farming and Consumer Preferences

75% of turmeric producers surveyed had farms less than 100 acres in size.
The average price for fresh turmeric ranged between $7-14 per pound in the Alabama study.
93.75% of turmeric producers surveyed were from Alabama.
66.67% of turmeric farmers surveyed reported that farming was not their primary source of income.

Emerging Trends

Increased Demand for Organic Turmeric: There is a rising trend towards organic and natural products, including turmeric. Consumers are becoming more health-conscious and prefer organic turmeric due to its perceived purity and benefits.
Innovative Product Introductions: Companies are leveraging turmeric’s health benefits to introduce innovative products. This includes turmeric-infused beverages, health supplements, and even personal care products, expanding its applications beyond traditional uses.
Expansion into New Markets: Turmeric’s health benefits are driving its adoption in non-traditional markets, particularly in Western countries. This expansion is supported by its growing use in pharmaceuticals and nutraceuticals.
Sustainability in Turmeric Production: There’s a growing emphasis on sustainable and environmentally friendly farming practices in turmeric production. This trend is in response to increasing consumer awareness about the impact of agriculture on the environment.
Geographical Shifts in Cultivation: There is a noticeable shift in turmeric cultivation to new regions, exploring different climatic conditions and soil types to optimize yield and quality of turmeric production.

Use Cases

Health and Wellness Supplements: Turmeric is increasingly used in health supplements due to its anti-inflammatory and antioxidant properties. It is common in products aimed at improving joint health, reducing inflammation, and supporting immune system function.
Food and Beverage Flavoring: As a spice, turmeric is essential in many cuisines, particularly in South Asian and Middle Eastern dishes. It’s used to enhance the flavor and color of curries, rice, and even pastries.
Natural Food Coloring: Turmeric serves as a natural food coloring, adding a bright yellow hue to products like mustards, butter, and cheeses without the need for artificial additives.
Cosmetic Applications: In the personal care industry, turmeric is found in various skincare products. It is valued for its effects on improving skin appearance, reducing scars, and treating inflammatory conditions like acne.
Pharmaceutical Uses: Turmeric’s active component, curcumin, is utilized in the pharmaceutical sector for its potential to treat and manage conditions like arthritis, digestive disorders, and heart diseases.

Major Challenges

Climate Impact on Crop Yield: Turmeric cultivation is highly susceptible to weather conditions. Unfavorable weather, such as insufficient rainfall or prolonged dry spells, can severely impact turmeric yields, affecting overall production levels.
Shifts in Cultivation Area: Farmers are increasingly shifting to more profitable crops, which can lead to a decrease in turmeric cultivation areas. This shift is partly due to the lower returns on turmeric compared to other crops, compounded by the labor-intensive nature of its cultivation.
Price Volatility: The turmeric market experiences significant price volatility. This is influenced by varying production levels, export demands, and market speculation. High price volatility can deter long-term planning and investment in turmeric cultivation.
Quality Control and Adulteration: Maintaining the quality of turmeric is challenging. The spice can be adulterated with cheaper materials to increase weight or enhance color, which poses a risk to consumer health and trust.
Export Challenges: High domestic prices and limited availability have sometimes hindered the export of turmeric. Restrictions in the global market due to quality concerns also pose challenges for maintaining consistent export levels.

Market Growth Opportunities

Increased Consumer Health Awareness: As more people learn about the health benefits of turmeric, including its anti-inflammatory and antioxidant properties, demand continues to rise. This is pushing growth across multiple sectors, from supplements to functional foods.
Natural and Organic Product Trends: There is a noticeable shift towards natural and organic products. Turmeric, especially organically grown, is increasingly favored by health-conscious consumers, further driving its demand in the market.
Growth in Functional Foods and Nutraceuticals: Turmeric is being incorporated more frequently into functional foods and nutraceuticals. This includes everything from snacks and beverages to dietary supplements, which broadens its market presence and usability.
Pharmaceutical Industry Expansion: The pharmaceutical sector is exploring turmeric’s potential in creating natural alternatives to synthetic drugs. This is particularly relevant for conditions like arthritis and depression, where turmeric’s medicinal properties can be utilized.
Skincare and Cosmetics Demand: The cosmetics industry is capitalizing on turmeric’s benefits for skin health, including anti-aging properties and acne reduction, thus increasing its use in skincare products.

Key Players Analysis

Arjuna Natural specializes in botanical extracts, including a turmeric extract known for its high bioavailability. Their products are geared towards enhancing health and wellness with a focus on innovative extraction techniques that ensure potency and purity. Arjuna Natural is a major player globally, supplying standardized extracts to over 60 countries.
Biomax Life Sciences Ltd. is recognized for its advanced biotechnological approaches in the nutraceutical sector, particularly in enhancing the bioavailability of curcumin, the active ingredient in turmeric. Their technologies focus on maximizing the health benefits of turmeric for use in various medical and health products.
BOS Natural Flavors (P) Limited is well-known for producing high-quality essential oils, oleoresins, and natural colors, utilizing turmeric among other botanicals. They cater to both the food industry and other sectors, including pharmaceuticals, emphasizing the use of natural ingredients to enhance product flavors and colors sustainably.
Chr. Hansen A/S is a bioscience company that innovates in natural solutions for the food, nutritional, pharmaceutical, and agricultural industries. They are involved in developing new ways to exploit the benefits of turmeric, especially in dietary supplements and food products.
DDW The Colour House Corporation focuses on creating natural coloring solutions for the food and beverage industry, utilizing turmeric to provide natural colorants that meet consumers’ growing demand for clean-label ingredients.
Everest Spices offers a wide range of spice blends that include turmeric, known for its purity, freshness, and aromatic qualities, catering to diverse culinary needs and enhancing the flavor profile of traditional and modern cuisines.
Frutarom Industries Ltd. combines extensive market knowledge with innovation in biotechnology to supply fine ingredients, including turmeric, primarily for the pharmaceutical, food, and cosmetic industries, focusing on the health benefits and flavor enhancement properties of turmeric.
ITC Limited has a diversified presence in the Indian market with consumer goods, hotels, paperboards, packaging, and agricultural businesses, leveraging turmeric in its food products to meet consumer expectations for both flavor and health benefits.
Kalsec Inc. is known for its natural spice and herb extracts, colors, and antioxidants designed to improve product quality and stability, with turmeric being a key product in their portfolio, especially for its anti-inflammatory properties and as a natural food colorant.
Kancor Ingredients Limited extracts the best from nature to bring flavor, color, and functional solutions to the food industry. Turmeric is one of their key products, used widely for its health benefits and as a natural colorant.
McCormick & Company incorporates turmeric in various spice blends and flavor solutions aimed at enhancing culinary experiences worldwide, promoting turmeric not only for its flavor but also for its health benefits.
MDH Spices, a stalwart in the spice industry, actively engages in the turmeric market by leveraging its longstanding reputation for high-quality spices. Their turmeric is prized for its authenticity and purity, catering to both domestic and international markets, and enhancing traditional cuisines with its rich color and flavor.
Naturex S.A. focuses on extracting and supplying natural ingredients, including turmeric, which is used in various applications such as food and beverages, nutraceuticals, and cosmetics. Their commitment to sustainable sourcing and innovative extraction techniques positions them as a key player in the natural products sector.
Roha Dyechem Pvt. Ltd specializes in color solutions, including natural food colors derived from turmeric. Their expertise in formulation and application helps manufacturers across food and beverage industries incorporate natural coloring effectively, meeting consumer demand for cleaner labels.
Sabinsa Corporation develops and manufactures herbal extracts, including a significant lineup of turmeric-based products. They focus on scientific research to back the health benefits of turmeric, particularly its use in dietary supplements for its anti-inflammatory and antioxidant properties.
Sensient Technologies Corporation, a global leader in developing specialized ingredients, offers turmeric extracts that are widely used in the food and cosmetic industries. Their products are known for high quality and consistency, enhancing the sensory properties of end products.
Symrise AG integrates turmeric into its vast portfolio of flavoring and fragrance ingredients. They focus on creating turmeric extracts and compounds that are used in a variety of products, from perfumes to processed foods, highlighting its versatile application range.
Synthite Industries Ltd. is the largest producer of spice oleoresins, including turmeric extracts. They cater to the global food and cosmetic industries, providing high-potency extracts used for coloring and flavoring a wide array of products.
The Archer Daniels Midland Company (ADM) utilizes turmeric in various forms, including powders and extracts, across multiple sectors such as food, beverage, and pharmaceuticals. Their global distribution network ensures the availability of turmeric products worldwide.
Universal Oleoresins is dedicated to producing spice extracts, including turmeric, known for their purity and intensity. They serve a global clientele, providing essential ingredients that enhance the flavor and health profile of food and beverage products.
Vigon International, Inc. specializes in high-quality flavor and fragrance ingredients, including turmeric extracts. They focus on providing exceptional sensory experiences through their products, which are used in a wide range of consumer goods.
Frutarom Industries Ltd., now part of IFF, continues to innovate in the use of turmeric, focusing on its integration into dietary supplements and functional foods. Their approach combines traditional knowledge with modern research to maximize the health benefits of turmeric.

Conclusion

The Turmeric Market is poised for continued growth, driven by a heightened awareness of its health benefits and expanding applications across various industries. As consumers increasingly seek natural and organic products, turmeric’s appeal is broadening beyond culinary uses to include pharmaceuticals, nutraceuticals, and personal care products.

Companies active in the turmeric sector are leveraging innovative technologies to improve the bioavailability and effectiveness of turmeric-based products, further stimulating market demand. Additionally, the global push towards healthier lifestyles is likely to sustain the popularity of turmeric, making it a staple ingredient in health and wellness products. The future of the turmeric market looks vibrant, with opportunities for growth in both traditional and novel applications, ensuring its prominence in global commodity markets.