As a functional ingredient, the growth rate of curcumin in the global market has been very obvious in the past two years. According to the latest market research report by Allied Market Research, the market size of curcumin in the world reached US$52.45 million in 2017, and it is expected to reach US$104 million in 2025, with a compound annual growth rate of 8.9%. At present, the most widely used field of curcumin is pharmaceuticals. The main reason is that consumers' awareness of curcumin for treating stomach diseases and Alzheimer's disease is increased, which is conducive to product demand. However, as consumers' demand for natural foods continues to increase, it is expected that the proportion of curcumin used in food and beverage will increase in the next few years, especially in terms of functional products. In 2017, food and beverage accounted for 33.2% of the curcumin market, and the future CARA is expected to be 9.5%.
Taking the new curcumin products launched worldwide as an example, Innova Market Insights market data shows that the number of new curcumin products launched in the past five years (2013-2017) has increased by 1.5 times, with a compound annual growth rate of 9%, and food and beverage growth is the most rapid. From the power of turmeric in Japan to the turmeric latte in the UK, to the turmeric vinegar in Temple Turmeric in the United States, turmeric drinks are popular in the global health community. Among the new food and beverage products launched in the past five years, joint health claims to grow rapidly. The compound annual growth rate of curcumin as a raw material is 82%; the demands of sports recovery and immune health are also growing rapidly, using curcumin as a raw material. The compound annual growth rate of products reached 51% and 48% respectively.
Recently, the 2017 American Herbal Dietary Supplement Industry Report released by the American Board of Plants (ABC) showed that in terms of natural channels, turmeric has been on the list of herbal supplements for five consecutive years, with sales in 2017 of $50.35 million compared to 2017. In 2016, it grew by 12.2%, and the products that relieve pain/inflammation claim to be the highest-selling in the natural channel. In terms of mainstream channels, turmeric jumped from the top 10 best-selling materials in 2016 to the 5th in 2017, with sales in 2017 of US$32.45 million, an increase of 46.7% compared to 2016. Turmeric products that are not targeted for specific health conditions are selling well in mainstream channels.
In terms of the global curcumin market, North America and Europe dominate, and the new products of curcumin in North America are very fast, and the market growth rate is also very high. The size of the European market is expected to exceed $25 million in 2024. The increase in consumer spending on food and medicine, coupled with active regulatory support, is a key factor in stimulating regional demand. As for the Asia-Pacific market, in 2017, it accounted for 14% of the global curcumin market. The market capacity and growth rate have great potential for development. Japan's turmeric market has exceeded 50 billion yen, involving health, beauty, medical and other fields. The trial production of curcumin as a hangover raw material has steadily increased, and other aspects such as beauty, sleep, and anti-depression have also increased. In 2017, China's curcumin accounted for 36.5% of the Asia-Pacific market. At present, it is mainly based on food additives. In the future, with the breakthrough of regulations, it may usher in new vitality. India is still the main producer of curcumin, and 78% of the world's raw materials are concentrated in the region, so accidental environmental hazards may lead to instability in supply, which will affect the price trend of the curcumin market.