Meticulous Research®—leading global market research company published a research report titled “Coleus and Turmeric Market by Product (Coleus, Turmeric Powder, Curcumin, Branded Turmeric), Application (Food and Beverages, Pharmaceutical & Health Supplements, Cosmetics, Other Applications), and Geography – Global Forecast to 2027.”
According to this latest publication from Meticulous Research®, the coleus and turmeric market is expected to record a CAGR of 7.4% from 2020 to 2027 to reach $6.9 billion by 2027. The growth of this market is expected to be driven by factors such as the growing demand for coleus forskolin in the sports nutrition industry, increasing consumption of weight loss supplements, consumer demand for natural products, and the growing Ayurveda sector. Moreover, increasing government initiatives and growing focus on curcumin research and development are expected to create lucrative opportunities for manufacturers in the market. However, health complications associated with excess intake and the adverse effects of climate change are expected to hinder market growth to some extent.
The coleus and turmeric market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on product, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on product, the coleus and turmeric market is mainly segmented into coleus forskohlii extract, turmeric powder, turmeric extract (curcumin), and branded turmeric. In 2020, the turmeric powder segment accounted for the largest market share due to the growing demand for turmeric powder across various industries due to its high nutritional content and several health benefits. Moreover, rising government initiatives to enhance turmeric cultivation and production in major turmeric production countries, including India, further support the growth of the turmeric powder market. However, the Coleus forskohlii extract segment is expected to register the highest growth during the forecast period.
The food and beverage segment commanded the largest share of the overall turmeric powder market in 2020, owing to its extensive use as a spice in cooking across South Asian countries and the Middle East. Moreover, rising awareness about the benefits of natural food products and its growing demand in canned beverages, baked items, yellow cakes, sauces, dairy items, popcorn, sweets, cereals, cake icings, ice creams, orange juices, and biscuits are further support the growth of this market.
In 2020, the pharmaceutical and health supplements segment commanded the largest share of the overall turmeric extract (curcumin) market. However, the food and beverages segment is expected to register the highest growth during the forecast period owing to increasing health consciousness and growing demand for natural food colors.
Moreover, in 2020, the pharmaceutical and health supplements segment commanded the largest share of the overall coleus forskohlii extract market. The large share of this segment is primarily attributed to the growing health consciousness and health benefits of coleus forskohlii extract in the healthcare and pharmaceutical industry.
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This research report evaluates major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (U.K., Germany, Netherlands, France, Spain, and RoE), Asia-Pacific (India, China, Japan, Australia, and RoAPAC), Latin America, and the Middle East & Africa. In 2020, Asia-Pacific commanded the largest share of the coleus and turmeric market, followed by the Middle East & Africa and Europe. The large share of this region is mainly attributed to the presence of key players, increasing demand for nutritional supplements, growing number of health-conscious people, rising government support for the cultivation of coleus & turmeric, growing medical tourism sector, and increasing demand for herbal medicines. However, North America is expected to register the highest CAGR during the forecast period due to the increasing demand for food & nutritional supplements, rising prevalence of chronic diseases, growing health awareness, rising number of product launches, and the growing demand for Ayurvedic and herbal medicinal formulation.
The key players operating in the coleus and turmeric market are Wacker Chemie AG (Germany), Ambe Phytoextracts Pvt Ltd. (India), OmniActive Health Technologies Limited (India), Natural Remedies (India), Herbochem (India), Inventia Healthcare Limited (India), Sabinsa Corporation (U.S.), Star Hi Herbs Pvt Ltd. (India), Arjuna Natural Pvt Ltd. (India), Plant Lipids Private Limited (India), Pharmavit (Netherlands), Indena S.p.A. (Italy), Olive Lifesciences Pvt Ltd (India), Alchem International Pvt. Ltd. (India), and Sanat Products Ltd. (India).
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