Future Market Insights predicts a robust expansion in the global turmeric market, projecting an increase from US$ 4,419.3 million in 2023 to US$ 7,579.2 million by 2033, with a 5.5% Compound Annual Growth Rate (CAGR) from 2023 to 2033.
The surge in turmeric’s applications across diverse industries, particularly in food & beverage and pharmaceuticals, is expected to fuel market growth during the forecast period. Recognized for its substantial health benefits, turmeric proves effective against various ailments, including cancer, coronary heart disease, and Alzheimer’s. Its ability to boost antioxidants, lower cholesterol levels, and address skin conditions amplifies its appeal.
The escalating awareness of turmeric’s health advantages is rapidly expanding its application areas. This trend is anticipated to propel turmeric sales, fostering swift market growth in the foreseeable future.
The rising preference for healthier lifestyles and the increasing demand for organic and natural food ingredients further contribute to turmeric’s popularity. The key driver behind market revenue is the growing demand for organically cultivated Curcuma longa.
Widely utilized in the global packaged food industry, turmeric acts not only as a preservative, extending product shelf life but also enhances flavor, imparting a unique aroma and taste to cuisines worldwide.
The forecasted surge in demand for processed food products presents lucrative growth opportunities for turmeric manufacturers and suppliers. Additionally, the expanding use of turmeric in pharmaceuticals and personal care products, owing to its antiseptic, anti-inflammatory, and antioxidant properties, is expected to drive turmeric sales over the next decade.
In essence, the burgeoning global turmeric market presents an enticing prospect for wholesalers, retailers, and agro processors, with the potential for sustained growth in the coming years.