Turmeric is one of the spice which is derived from turmeric plant and also known as curcumin. Taste of turmeric is peppery, warm and bitter and it is one of the key ingredient which is used in culinary dishes. Demand of turmeric is very high at global market due to its uses in different purposes such as food, medicine, cosmetic, coloring and also for dyeing purpose. It has high nutritive value due to which it increases the nutritional component of food and also beneficial for health because of its ingredient curcumin. Globally the demand of turmeric in food industry is also increased because of its unique flavor, required to enhance the color and taste of dishes.
Market Dynamics of Turmeric Market:
One of the key driver in turmeric market which is influencing its demand at global level is because it can be used for differential purposes whether it is for ingredient, color and pharmaceutical and for many other purposes. On the other side, though the turmeric has higher demand in food industry as per the current trend, turmeric market also gaining its demand from the side of medicinal and cosmetic sector. Nowadays customers mainly prefer those products which has natural ingredient. For medicinal purpose, it is used as an inflammatory agent to combat with various health diseases and while cosmetic companies are using turmeric has herbal product in their products.
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Market Segmentation of Turmeric Market:
Turmeric market is segmented on the basis of its form and application. In terms of form, turmeric is categorized into three different forms which are dried, powder and liquid form. As per application, it is segmented as food and beverages, medicinal and cosmetics. Market segment of turmeric in perspective to food and beverage type, it is segmented as per its usage in culinary dishes, bakery products, dairy products and beverages. Further in context to health care segment, turmeric has application to combat with health issues related to digestion, liver, cancer, cholesterol, osteoarthritis and many other health disorders. Another application of turmeric is in cosmetic industry where it is used as an herbal product in skin and body care products. Further the market of food type can be segmented in terms of using the turmeric for different purposes such as an ingredient, taste enhancer and coloring purpose and in terms of beverage it is used in tea, juices and canned beverages.
From the above market segment in terms of application insight, the figures of graph will propel higher value towards the market of food and medicinal purpose. Reason being behind the higher market share is due to increase in food consumption level among consumers due to availability of varieties of dishes. On the other side, in context to medicine purpose it will gain its demand due to presence of curcumin which has inflammatory agent to fight with various types of health diseases. In addition to this, many pharmaceutical companies are focusing their attention towards turmeric as how it can be used as one of the effective remedial product in health care sector. Moreover on concerning the nutritional components of turmeric, it is very rich in terms of protein, carbohydrates, fiber and in many other vitamins and minerals. Owing to this, it justifies that its demand will also increase among health conscious consumers who always preferred to eat healthy food and seeks for product which has naturally rich in terms of ingredients.
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Regional Segment of Turmeric Market:
As per the regional segment, turmeric market is categorize into seven different regions includes North America, Latin America, Eastern Europe, Western Europe, and Asia-Pacific region, Japan, Middle East and Africa. Asia-Pacific region is one of the largest turmeric producer in world and majority of the production is from India and China. On the other side American and European region are the two major importers of turmeric.
Key Market Players in Turmeric Market:
Key market players in turmeric market are mainly belongs from Asia-Pacific region and some of the global market players of this industry are Taj Agro Products, Nani Agro Foods, Earth Expo Company, Curcuminea, Sino-Nature, Shah Ratanshi Khimji and Co., Everest Spices, MDH Spices, Natural-Spices and ITC Spices.