Global Turmeric Ingredient – Market Outlook
The most popular turmeric ingredient gaining popularity among the consumers as well as food manufacturers is turmeric oleoresin. Apart from turmeric powder, it is the most commonly used ingredient as food colorant by food manufacturers.
Due to the prevalence of artificial ingredients in food, drugs, and cosmetics, health issues are the main factors that motivate manufacturers to incorporate organic ingredients in product formulation. That is expected to drive the turmeric ingredient market.
Turmeric oleoresin is extensively used in the food industry as a flavoring agent. Rising demand for packaged spices in food products has raised turmeric oleoresin production. Due to its soluble characteristics, turmeric ingredients is globally used as a food additive in various food products
Growing consumer interest in natural ingredients has strengthened the growth of the global turmeric ingredient market
Natural ingredients are now a priority for consumers and are willing to pay premium prices for the procurement of organic products, due to their health benefits. Organic turmeric ingredient is in high demand among consumers who seek to reap the full health benefits of functional properties of the turmeric.
Increasing R&D investment, technological advancements in the processing of ingredients, and cost-effective manufacturing technologies are other factors that are expected to further drive turmeric ingredient market growth.
Increased spending on the development of innovative plant extracts into different personal care is expected to foster demand over the forecast period. In addition, different regulations which promote the use of the natural ingredient in products are likely to boost the market growth.
Natural food colorant demand is fueling the turmeric ingredient market
Turmeric oleoresin finds wide use in a range of food and beverage products such as salad dressings, pickles, juices, cereals, baking products, and dairy products as a natural colorant. The population of health-conscious customers has risen exponentially, instigating demand for organic products like natural and organic food color.
Increased health awareness, multiple health benefits of turmeric ingredient, and increased need for natural & organic supplements have fuelled demand for turmeric essential oil in recent years, propelling turmeric ingredient market growth. In addition, factors such as living a healthy life, increasing demand for organic foods, as well as medicinal formulations, and pharmaceutical innovations are also boosting the overall market in all regions.
Global turmeric Ingredient Market - Segmentation
Based on nature the global turmeric ingredient market is segmented as
Based on application the global turmeric market is segmented as
Based on the region the global turmeric ingredient market is segmented as
Global Turmeric Ingredient Market – Key Players
Some of the key players of the global turmeric ingredient market are d?TERRA, Kancor Ingredients Limited, Synthite Industries Ltd., Universal Oleoresins, Naturite Agro Products Ltd., DDW, INDO WORLD TRADING CORPORATION and others.
Impact of COVID-19 on global turmeric ingredient market
Among all the problems faced by the companies’ shortages of supply was major. The rise and change in customer and consumer demand from the foodservice channel to retail, resulting from increased use at home due to COVID-19 would lead to a considerable increase in volume, revenue and profit by some consumer packaged goods manufacturers
Plant-based foods and ingredient are expected to gain momentum, demand for healthy and functional items, especially those that give ingredients that boost immunity may expect northward growth
Global Turmeric Ingredient Market - Opportunity
With the increasing popularity of aromatherapy, cosmetics companies are gradually using essential oils within their products. Consumers willing to pay more for natural ingredients are causing advancements and new formulations in the Personal care industry which will create space for the turmeric ingredient manufacturers. Particularly the natural flavor industry has performed exceptionally well above all other categories and occupies a large share of the market for natural ingredients. Adding new natural colors to beverages has provided new opportunities for new market entrants.
With a growing emphasis on aromatherapy, where the essential oil is used on the skin to treat different health problems, turmeric oil is gaining popularity. With a new application in the personal care industry, aromatherapy is growing rapidly.to cater to the growing demand for such products, companies concentrate on product creation by rapidly developing new formulations.