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Turmeric, also known as Curcuma longa, is a type of spice that is widely cultivated in southern Asia. Turmeric powder is a major ingredient in curry powders and pastes. Turmeric is majorly used in cooking to add color and flavor to seafood, pickles, rice dishes, and others. In addition, it is widely used to make medicines, cosmetic products, and colorants for food products & textiles. Often, turmeric is used as a substitute for saffron, as it is less expensive and provides similar yellow color. Moreover, turmeric is used in home remedies for curing cough, cold, and stomach issues. Furthermore, it aids to prevent cardiac diseases, delay aging, improve brain functioning, fight inflammation, and boost antioxidant ability of the body. Currently, India is the major producer, user, and exporter of turmeric.
Wide applications of turmeric such as in home remedies, cosmetic products, food products have driven the market of the global turmeric market. Moreover, increase in popularity of ethnic food fuels the market growth. However, curcumin, naturally present in turmeric that gives the yellow color, is unstable and degrades with exposure to light. Thus, to maintain the color of turmeric, it is replaced by synthetic dyes such as mentail yellow, sunset yellow, Sudan dye, which are stable.
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However, According to the European Food Standards Agency, these synthetic dyes are considered as harmful food additives, and are thus banned for use, which is anticipated to restrain the market for turmeric in the near future. Conversely, shift in preference of consumers toward cosmetic products containing natural ingredients such as turmeric is expected to boost the market growth. In addition, the UV protecting packaging of turmeric to prevent the deterioration of its color fuels the market growth. Moreover, increase in trend of healthy living and use of turmeric in herbal food supplements are projected to offer lucrative opportunities for market expansion during the forecast period.
The global turmeric market is segmented based on type, end user, distribution channel, and region. By type, the market is bifurcated into raw and dried. Depending on end user, it is segregated into households, food & beverages industry, food service industry, cosmetics industry, and others. On the basis of distribution channel, it is classified into direct/B2B and indirect /B2C channel. The indirect/B2C channel is sub segmented into supermarkets/hypermarkets, convenience stores, retail stores, e-commerce, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The prominent players operating in the market include SHS Group, Everest Spices, DS Group, McCormick & Company, Inc., Barrington Chemical Corporation, Nani Agro Foods, MTR Foods Pvt. Ltd., MDH Spices, Olam International, and Bart Ingredients Co. Ltd.
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