Turmeric Market Forecasted to Reach US$ 7.58 Billion by 2033, Driven by 5.5% CAGR Growth and Rising Demand for Health Benefits and Natural Food Ingredients

Posted on 2024-03-28 by Future Market Insights in Food & Beverage // 0 Comments

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.

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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.

“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

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.

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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.

Get More Valuable Insights

Future Market Insights, in its new offering, provides an unbiased analysis of the Turmeric market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study provides compelling insights into the Turmeric market based on Variety (Madras Turmeric, Alleppey Turmeric, West Indian Turmeric), Product Form (Whole Turmeric, Processed Turmeric), End Use (Food and Beverage Processing, Pharmaceuticals & Dietary Supplements, Cosmetics & Personal Care, Textiles, Foodservice/HoReCa, Retail/Household), and Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Convenience Stores, Online Retail), Nature (Organic, Conventional) across several regions.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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