As per the latest market research study by Technavio, the global turmeric market is expected to grow at a CAGR of over 6% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global turmeric market regarding revenue and emerging market trends. The report also includes a current breakdown and forecasts for several market segments and all geographical regions.
Technavio research analysts divide the market based on the application
The top two revenue contributing application segments are discussed below:
Global turmeric market for food and beverages: The extensive use of turmeric as a natural preservative will drive the demand for this spices in the global food and beverage market. The most common application of turmeric is as an edible coloring agent in a wide assortment of foods including curries, chicken, potatoes, coconut, beans, lentils, chutneys and relishes, soups, and even desserts. Moreover, recent studies have been conducted by various laboratories that state the paste of turmeric roots is used to marinate different types of meat extends its shelf life.
“APAC is the largest end-user of this spice followed by North America and Europe, and it is mostly used in curry spices. This spice has a distinctive bitter taste and it adds flavor to sautéed and steamed vegetables, like broccoli, cauliflower, and onions. Turmeric is also used in a wide assortment of beverages such as turmeric-based hot teas and smoothies. The introduction of certified organic turmeric that does not contain any artificial additives and sweeteners will revolutionize the market,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
Global turmeric market for pharmaceuticals: The increasing use of turmeric as an ingredient in medicinal oils, ointments, and poultice is fueling the demand for this spice in the pharmaceutical industry. Turmeric is used as an anti-inflammatory medicine and in the treatment of many health-related issues such as liver problems, digestive disorders, and skin diseases. Moreover, the presence of an active ingredient known as curcumin is resulting in an increase in its applications in the therapeutic market. Various leading manufacturers are using this spice to produce medicines that provide fast-acting relief from severe pain and inflammation.
The leading vendors functioning in the global turmeric market are:
- Earth Expo Company
- ITC Spices
- Nani Agro Foods
- RK
The other prominent vendors in the market include Everest Spices, Gandhi Spices, Grover Sons, Green Earth Products, MDH Spices, Shalimar Food Products, Sino-Nature, and Taj Agro International.
A more detailed analysis is available in the Technavio report titled, ‘Global Turmeric Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Spices and Seasonings Market 2017-2021
- Global Dried Processed Food Market 2016-2020
- Global Tea Market 2016-2020
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