USD 5.23 billion
Report ID: SQSG30B2011 | Region: Global | Published Date: December, 2022 | Pages: 267 | Tables: 67 | Figures: 75
Coleus And Turmeric Market size was valued at USD 5.23 billion in 2021 and is poised to grow from USD 5.65 billion in 2022 to USD 11.4 billion by 2030, growing at a CAGR of 8.1% in the forecast period (2023-2030).
Coleus forskohlii is a well-known traditional medicine used to treat a variety of diseases and disorders. Coleus forskohlii roots are used to extract forskolin. Forskolin, as a herbal compound, is used to treat a variety of health issues, including obesity, respiratory disorders, insomnia, and digestive disorders, among others. Turmeric, also known as Curcuma longa, is a popular spice in Southern Asia. It contains a lot of curcumin, volatile oil, and curcuminoids. It has anti-inflammatory, antioxidant, and anti-tumor properties, among other things. However, health complications associated with excessive consumption, as well as the negative effects of climate change, are expected to stymie market growth to some extent.
However, due to the growing importance of hygienic and nutritious foods, the pandemic has resulted in the adoption of some best-practice models for the food industry. Furthermore, dietary supplement sales increased during the pandemic because they boost the immune system's resistance to COVID-19. In the last week of March 2020, overall dietary supplement sales increased by more than 35% in the United States. Moreover, during the pandemic, the global demand for immunity-boosting products increased. Indian spices, particularly turmeric, have seen an increase in demand due to their reputation as a physical immunity booster. Immunity-boosting spices like turmeric saw a 19% increase in spice and spice product exports during the first half of 2020. India is the world's leading producer, consumer, and exporter of turmeric, accounting for approximately 75-80% of total production and 60% of export. The demand for Indian spices is primarily seen in major markets such as the United States and Europe.
US Coleus And Turmeric Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.23 billion
coleus forskohlii extract
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Global Coleus and Turmeric Market is segmented based on the Product, Application, and region. Based on Product, the market is segmented into coleus forskohlii extract, turmeric powder, turmeric extract (curcumin), and branded turmeric. Based on Application, the market is segmented into food and beverage, pharmaceutical and health supplements, cosmetics, other applications. Based on region, the market is segmented into North America, Asia Pacific, Europe, Latin America, and MEA.
Coleus And Turmeric Market Analysis by Product
Turmeric powder held the largest market share in 2021, owing to its growing demand across various industries due to its high nutritional content and numerous health benefits. Furthermore, rising government initiatives to improve turmeric cultivation and production in major turmeric producing countries, such as India, support the turmeric powder market's growth.
Due to the increasing trend of plant-based beauty products, increasing consumer awareness about individual health and wellbeing, and high demand from the healthcare and pharmaceutical industries, the coleus forskohlii extract segment is expected to grow the most during the forecast period.
Coleus And Turmeric Market Analysis by Application
In 2021, the food and beverage segment held the largest share of the overall turmeric powder market. This segment's largest share and fastest growth can be attributed to its widespread use as a spice in cooking throughout South Asian countries and the Middle East. Furthermore, rising consumer awareness of the benefits of natural food products, as well as increased demand for canned beverages, baked goods, yellow cakes, sauces, dairy products, popcorn, sweets, cereals, cake icings, ice creams, orange juices, and biscuits, are driving the growth of this market.
The pharmaceutical and health supplements segment held the largest share of the overall turmeric extract (curcumin) market in 2021, due to increasing demand for ayurvedic and herbal medicinal formulations. However, due to increasing consumer health consciousness and demand for natural food colouring additives, the food and beverages segment is expected to grow the most during the forecast period.
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Asia-Pacific was indeed the largest Global Coleus and Turmeric Market in 2021, followed by the Middle East and Africa, Europe, North America, and Latin America. The presence of key players, rising demand for nutritional supplements, an increasing number of health-conscious people, rising government support for coleus and turmeric cultivation, a growing medical tourism sector, and rising demand for herbal medicines all contribute to Asia-large Pacific's share.
Because of rising demand for food and nutritional supplements, rising prevalence of chronic diseases, rising health awareness, increasing number of product launches, and the expanding Ayurveda industry, North America is expected to have the highest CAGR during the forecast period. Furthermore, the presence of a plethora of premium cosmetic brands, as well as a growing consumer preference for organic ingredients like coleus and turmeric, contribute to the market's growth.
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Coleus And Turmeric Market Driver
Growth in this market is being driven by rising demand for coleus forskolin in the sports nutrition industry, rising consumption of weight loss supplements, consumer demand for natural products, and the expanding Ayurveda sector. Furthermore, rising government initiatives and a greater emphasis on curcumin research and development are expected to provide market participants with lucrative opportunities.
Coleus And Turmeric Market Restraint
Health complications associated with excessive consumption, as well as the negative effects of climate change, are expected to impede market growth to some extent.
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Due to the rising awareness for health, producers are partnering with other market participants to improve production capacity. Manufacturers are developing cutting-edge technology to boost manufacturing capacity.
Coleus And Turmeric Market Top Player's Company Profiles
Coleus And Turmeric Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Coleus and Turmeric Market, as a result of the COVID-19 outbreak in 2020, a number of countries have increased their consumption of immunity-boosting and Ayurvedic products, such as turmeric. This shift in consumption habits, along with a greater emphasis on health and wellness, will drive market growth in the coming years. Global Coleus and Turmeric Markets are expanding due to rising consumer demand for natural products. The turmeric powder segment dominated the Market in 2021. Because turmeric powder is widely used as a spice in cooking in South Asian countries and the Middle East, the food and beverage segment dominated the turmeric powder market.
|Market size value in 2021||USD 5.23 billion|
|Market size value in 2030||USD 5.65 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Coleus And Turmeric Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Coleus And Turmeric Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG30B2011