Curcumin Market size worth $99.3mn by 2024: Global Market Insights Inc. Curcumin Market size is expected to reach USD 99.3 million by 2024; according to a new research report by Global Market Insights, Inc. Strong application scope in pharmaceutical and cosmetics owing to the presence of anti-oxidation, anti-cancer and anti-inflammatory properties should drive global curcumin market growth. Growing consumer awareness pertaining to benefits from ayurvedic skin care and herbal ingredients may fuel product demand. Cough cure, arthritis, biliary disorders, diabetic wounds, anorexia, sinusitis, tumors, hepatic disorders and rheumatism treatments are key buying properties. Europe curcumin market size, dominated by France, UK, Spain, Italy and Germany, expects over USD 25 million valuation by 2024. Rise in consumer spending on food and pharmaceutical accompanied by positive regulatory support are key factors stimulating regional demand. European Food Safety Authority (EFSA) approval to include curcumin in commercial products coupled with extensive R&D for cancer treatment are other lucrative factors.
Pharmaceutical applications accounted for over 52% in 2015 of the overall industry share due to rise in customer acknowledgement for curcumin for diseases treatment such gastric ailments and alzheimer, have favored product demand. Shift in consumer preference for natural flavoring and colorant substances owing to its antioxidant property which can prevent food rancidity would fuel product demand in food applications. Over 78% of the global curcumin production is concentrated in India. Unstable turmeric prices due to in contingent environment hazards may result in unstable supply hence affecting curcumin market price trend.
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