Global Turmeric Spices Market, By Category (Organic, Conventional), Application (Industrial, Health and Personal Care Products, Commercial, Household), Type (Raw, Processed), Product (Unpolished Finger, Polished Finger, Double Polished Finger, Slice Turmeric, Powder, Others), Distribution Channel (Direct Sales, Indirect Sales), Country (U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights of Turmeric Spices Market
The turmeric spices market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the turmeric spices market will project a CAGR of 6.00% for the forecast period of 2022-2029.
Turmeric powder is a bright yellow powder that is made by dry grinding mature turmeric rhizomes (underground stems). It's a type of spice that's almost calorie-free and cholesterol-free. Dietary fiber, iron, potassium, magnesium, and vitamin B6 are all abundant in this fruit.
The factors such as increasing awareness about the health advantages of turmeric are the major factors fostering the growth of the turmeric spices market in the forecast period of 2022 to 2029. Additionally, the increasing demand from the food industry, rising prevalence of the organic turmeric and the growing research and development in medical application are other important factors acting as turmeric spices market growth determinants. Moreover, the factors such as the increasing usage of coloring agent along with the growing demand for herbal cosmetics products coupled with increasing use of turmeric in cosmetic products are estimated to accelerate the overall growth of the market in the forecast period of 2022 to 2029. However, the availability of alternatives of turmeric spices in the food industry is supposed to hamper the market’s growth.
Furthermore, the increasing popularity of ethnic food will further generate various profitable opportunities for the turmeric spices market. On the flip side, the government's strict rules and regulations might also pose a major challenge for the market growth rate.
This turmeric spices market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on turmeric spices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Turmeric Spices Market Scope and Market Size
The turmeric spices market is segmented on the basis of category, application, type, product and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of category, the turmeric spices market is segmented into organic and conventional.
- On the basis of application, the turmeric spices market is segmented into industrial, health and personal care products, commercial and household.
- On the basis of type, the turmeric spices market is segmented into raw and processed.
- The product segment of the turmeric spices market is divided into unpolished finger, polished finger, double polished finger, slice turmeric, powder and others.
- The distribution channel of the turmeric spices market is segmented into direct sales and indirect sales.
Turmeric Spices Market Country Level Analysis
The turmeric spices market is analyses and market size, volume information is provided by category, application, type, product and distribution channel as referenced above.
The countries covered in the turmeric spices market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).
Asia-Pacific region dominates the turmeric spices market and will continue to flourish its trend of dominance during the forecast period owing to the easy availability of spices through wholesale and retail channels within the region in the forecast period of 2022 to 2029. North America, on the other hand is expected to show lucrative growth due to the increasing popularity of the turmeric along with rising awareness about the health advantages of turmeric among population in the region.
The country section of the turmeric spices market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Turmeric Spices Market Share Analysis
The turmeric spices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to turmeric spices market.
Some of the major players operating in the turmeric spices market report are Chr. Hansen Holding A/S, Sabinsa., Synthite Industries Ltd., Everest Spices, ITC Limited, Mane KANCOR , Roha, Kalsec Inc., International Flavors & Fragrances Inc., Vigon International, LLC., Sudarshan Agro Foods, MDH Spices, SHAH RATANSHI KHIMJI & CO., Shimlahills., Nugen Foods., and AGRIM PTE LTD., among others.
- In December 2020, FONA International, LLC and certain affiliates were purchased by McCormick & Company Inc. for 100% of their shares. FONA, a leading manufacturer of clean and natural flavours, would offer products to a wide range of customers in the food, beverage, and nutritional industries. FONA will be the foundation for McCormick's flavour platform to grow in the Americas.
- In May 2021, Olde Thompson, a leading US private-label spice and seasonings manufacturer, has been acquired by Olam Food Ingredients (OFI). The acquisition would build on OFI's 15-year partnership with Olde Thompson and would be a watershed moment for the company's spices division.