LONDON--(EON: Enhanced Online News)--Technavio’s latest report on the global turmeric market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
“Certified organic turmeric, which cannot be legally tampered with, will always have the full amount of curcumin, usually between 3%-5%. Curcumin is one of the turmeric’s most active components, which possesses many health benefits”
The research study by Technavio on the global turmeric market for 2017-2021 provides a detailed industry analysis based on application (food and beverage, and pharmaceuticals) and geography (APAC, the Americas, Europe, and ROW).
The global turmeric industry is projected to be worth USD 248.3 million by 2021, growing at a CAGR of more than 6% over the forecast period. The rising number of product line extensions which have turmeric as a functional ingredient is one of the key factors responsible for the growth of the global market.
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The top three emerging trends driving the global turmeric market according to Technavio food and beverage research analysts are:
- Increase in use of turmeric in cosmetic products
- Continuous product innovation with turmeric as an ingredient in food and beverages
- Consumer focus shifting towards organic turmeric
Increase in use of turmeric in cosmetic products
“Even though turmeric is mainly cultivated as a spice, it has other applications as well. The demand for turmeric from the cosmetic industry is slowly gaining prominence, owing to its various skin conditioning and healing properties,” says Manjunath Reddy, a lead analyst at Technavio for food research.
A majority of the consumers who prefer using herbal and natural cosmetics opt for those containing turmeric as a functional ingredient for beauty and health benefits. Owing to this, many cosmetic companies are increasing the use of turmeric, which is acting as a key driver for the market.
Continuous product innovation with turmeric as an ingredient in food and beverages
Continuous product development and innovation are essential for the continued popularity of any industry. The food and beverage manufacturers focus on product innovations to increase their foothold in a market and remain ahead of competitors by catering to the growing health-conscious consumers' needs. To this end, manufacturers have been launching several new product varieties with turmeric as a functional ingredient, which is driving the growth of the market.
Consumer focus shifting towards organic turmeric
Consumers are ready to pay premium prices to procure organic products owing to their health benefits. Organic turmeric is a high demand by consumers looking to reap full health benefits of turmeric’s functional properties.
“Certified organic turmeric, which cannot be legally tampered with, will always have the full amount of curcumin, usually between 3%-5%. Curcumin is one of the turmeric’s most active components, which possesses many health benefits,” says Manjunath.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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