Turmeric Market To Dominate in Terms of Value Share

​“Turmeric Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017 – 2027),” a new report by Future Market Insights examines the global turmeric market for a period of 10 years from 2017 to 2027. This market is anticipated to grow at a robust CAGR of 5.5% by value during the forecast period. By the end of 2027, the global turmeric market is expected to touch a value of US$ 5,653 Mn, while by volume, the consumption of turmeric is estimated to be 1,049,490.5 MT by 2017 end, and is forecast to reach 1,696,519.8 MT by the end of 2027 at a CAGR of 4.9%. This growth is primarily driven by rise in global consumption of spices, increasing aging population, and rising life expectancy and epidemiological transition.

Global Turmeric Market: Restraints

·Increasing number of recalls in turmeric industry is affecting the market revenues, globally. In recent past, growing number of turmeric recall incidents have affected the sales of turmeric across the globe

·Spices and herbs demand including pepper, cloves, cinnamon, turmeric and others has increased significantly in the recent past, while the production is limited. As a result, import prices of these spices has increased remarkably in the region depicting a huge supply and demand gap

·Shortage of raw material, availability of substitute and high cost associated with exports

·Despite higher adoption rate and wide product availability, the Latin American turmeric market is hampered by the regulations by governments of various countries of Latin America

·Growing number of claims and criticism on use of adulterated synthetic curcumin products in the market affecting the sales of curcumin-based product

·Dependency on other countries for turmeric-based products

Global Turmeric Market: Forecast by Sales Channel

On the basis of sales channel, the global turmeric market is segmented into direct sales and indirect sales. Indirect sales is sub-segmented into wholesaler, trader and retailer. Direct sale channel is the preferred distribution mode for turmeric across various countries in the globe. The segment is projected to be valued at US$ 1,862.3 Mn by the end of 2017, and is anticipated to increase at a Compound Annual Growth Rate of 5.6% throughout the forecast period. The segment is likely to be valued at US$ 3,218.8 Mn 2027 end, creating absolute dollar opportunity of US$ 83.1 Mn in 2017 over 2016 and an incremental dollar opportunity of US$ 1,356.5 Mn between 2016 and 2027.

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Global Turmeric Market: Forecast by Application

On the basis of application segment, the global turmeric market is segmented into industrial, commercial and households segment. Industrial segment is further segmented into food and beverages processing, health and personal care products and other. Food and beverages segmented is sub-segmented into curry powders, meat and meat products, dairy products, beverages, baked products, sauces and seasoning, tea infusions and others. Commercial segment is segmented in to the segments like hotels, restaurants and cafes and institutional foods. By value, industrial segment projected to be the most attractive in the global turmeric market during the estimated period and is anticipated to remain dominant accounting for a market share of 57.0% by the end of 2027.

Global Turmeric Market: Forecast by Product Type

Product type consist of raw and processed turmeric segments. Processed segment is further segmented into powder, oleoresin and turmeric oil and curcumin. By product type, processed turmeric segment dominated the global turmeric market in 2016, and is expected to continue to do so over the forecast period. Turmeric is widely used as a spice in Asian market due to ethnic taste preference of the domestic population.

Global Turmeric Market: Forecast by Origin

By origin the market is segmented into Madras turmeric, Alleppey turmeric, West Indian Turmeric and others. By value, Alleppey turmeric segment is projected to be the most attractive segment in the global turmeric market during the forecast period and is expected to remain dominant accounting for a market share of 32.7% by the end of 2027.

Global Turmeric Market: Forecast by Region

Seven regions have been covered in this market such as Latin America, Eastern Europe, Western Europe, Latin America, MEA, APEJ and Japan. Western Europe turmeric market is expected to capture the market share both the 2017 and in 2027. Presence of multicultural population in European countries, coupled with extended applications of turmeric as a natural food supplement and natural herbal product is expected to result in higher market revenue.

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