(PharmaNewsWire.Com, August 09, 2022 ) According to a new market 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”, the coleus and turmeric market is expected to reach $6.9 billion by 2027, at a CAGR of 7.4% during the forecast period.
Coleus forskohlii is a popular traditional medicine for treating various diseases and disorders. Forskolin is extracted from the roots of the Coleus forskohlii. As an herbal compound, forskolin is used to treat various health complications, such as obesity, respiratory disorders, insomnia, and digestive disorders, among others.
Turmeric, also known as Curcuma longa, is a type of spice widely cultivated in Southern Asia. It is a key source of curcumin, volatile oil, and curcuminoids. It possesses several medicinal features as well as anti-inflammatory, antioxidant, and anti-tumor characteristics.
The coleus and turmeric market is segmented based on product type, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
The Impact of COVID-19 on the Coleus and Turmeric Market
The COVID-19 disease caused by the novel coronavirus SARS-nCoV-2 has created a severe public health emergency globally, with its quick spread in more than 215 countries. To combat & control the spread of this disease, many countries worldwide have declared emergencies and announced complete nationwide, statewide, or citywide lockdown, putting off all the travel, transport, manufacturing, educational institutions, and non-essential trade. This has had a significant impact on many industries globally, hitting hard in terms of reduced manufacturing and distributions across the globe.
In the first quarter of 2020, a major slowdown in the sales of coleus and turmeric was witnessed due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from production, packaging, and distribution of the final coleus and turmeric products.
However, the pandemic has led to the adoption of some best-practice models for the food industry due to the growing importance of hygienic and nutritious foods. Further, dietary supplement sales increased during the pandemic as they enhance the immune system against COVID-19. During the last week of March 2020, the sales growth for overall dietary supplements escalated to more than 35% in the U.S.
Also, during the pandemic, the demand for immunity-boosting products increased throughout the globe. Indian spices, especially turmeric, experienced a surge in demand as they are considered a physical immunity booster. During the first half of 2020, immunity-boosting spices, such as turmeric, witnessed a 19% growth in the export of spices and spice products (Source: Spice Board India). India is the world's largest producer, consumer, and exporter of turmeric, accounting for about 75-80% of its total production and 60% of its export (Source: Agricultural Market Intelligence Centre, PJTSAU). The demand for Indian spices is mainly seen in major markets, like the U.S. and Europe.
Similarly, countries like Bangladesh, Morocco, Iran, Malaysia, China, and Pakistan are also witnessing enhanced demand for Indian spices, including turmeric. In 2020, due to the outbreak of COVID-19, there has been a growth in the consumption of immunity-boosting and Ayurvedic products, including turmeric, in various countries. This change in consumption pattern and growing focus on health and wellness are expected to drive the growth of this market in the coming years.
In conclusion, the increasing awareness about the health benefits of turmeric and coleus, huge demand for dietary supplements, and growing demand for immunity-boosting products positively impact the coleus and turmeric market.
Key Findings in the Coleus and Turmeric Market Study
Meticulous Research® has segmented this market based on product, application, and geography. The coleus and turmeric market is mainly segmented by product (coleus forskohlii extract, turmeric powder, turmeric extract (curcumin), and branded turmeric), application (food and beverages, pharmaceutical and health supplements, cosmetics, other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.
Based on product, in 2020, the turmeric powder segment accounted for the largest share of the overall coleus and turmeric market. The growth in turmeric powder sales will be mainly supported by 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.
Based on application, the food and beverage segment commanded the largest share of the overall turmeric powder market in 2020 due to its extensive use as a spice in cooking across South Asia and the Middle East. Moreover, increasing health awareness, growing demand for natural food products, and high use of turmeric powder in canned beverages, baked items, yellow cakes, sauces, dairy items, popcorn, sweets, cereals, cake icings, ice creams, orange juices, and biscuits further support the growth of this market.
In 2020, based on applicatioin, 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 high health benefits of coleus forskohlii extract in the healthcare and pharmaceutical industry.
In 2020, Asia-Pacific commanded the largest share of the global 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 the 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 mainly due to the rising demand for food & nutritional supplements, rising prevalence of chronic diseases, increasing health awareness, rising number of product launches, and the expanding Ayurveda industry. Moreover, the presence of numerous premium cosmetic brands and growing consumer inclination towards organic components, such as coleus and turmeric, further support the growth of this market.
The major players operating in the global 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) among others.
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