The Coleus and Turmeric Market is expected to reach $6.9 billion by 2027, at a CAGR of 7.4% during the forecast period. 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 are the key factors driving the growth of the coleus and turmeric market. Moreover, increasing government initiatives and growing focus on curcumin research and development are expected to provide 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 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, halting 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 (Source: Nutrition Outlook). 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 will drive the growth of this market in the coming years.
In conclusion, the growing awareness about the health benefits of turmeric and coleus, strong demand for dietary supplements, and increasing usage of immunity-boosting products positively impact the coleus and turmeric market.
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Growing consumer demand for natural products fuels the growth of the coleus and turmeric market
In recent years, a widespread shift in lifestyle has been witnessed due to environmental awareness and growing focus on health and wellness. This has stimulated the demand for natural products, such as forskolin and turmeric. Due to the growing health awareness, consumers want to know the source of the product they consume and the exact type of ingredients used to prepare them.
There are various health benefits associated with natural supplements. Forskolin has been used to try to treat glaucoma. A study indicates that forskolin may help relieve pressure in the eyes, often seen in glaucoma. It has also been a safe alternative to beta blockers in glaucoma patients with concomitant asthma. As a result, consumers are also ready to pay a premium price for natural products. The companies are focusing on introducing new forskolin supplements and turmeric supplements with enhanced benefits to expand their product portfolio and increase their customer base. Thus, the growing interest of consumers in naturally extracted turmeric and coleus products is increasing their demands across the globe.
Key Findings in the Coleus and Turmeric Market Study:
In 2020, the turmeric powder segment dominated the coleus and turmeric market
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 share of the 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.
In 2020, the food and beverage segment dominated the turmeric powder market
- Based on application, the turmeric powder market is segmented into food and beverage, pharmaceutical and health supplements, cosmetics, other applications. 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.
- Moreover, the pharmaceutical and health supplements segment commanded the largest share of the overall turmeric extract (curcumin) market in 2020, owing to the growing demand for ayurvedic and herbal medicinal formulations. However, the food and beverages segment is expected to register the highest growth during the forecast period, primarily due to increasing health consciousness among the consumer and growing demand for natural food coloring additives.
- The pharmaceutical and health supplements segment commanded the largest share of the overall branded turmeric market in 2020. However, the food and beverage segment is expected to register the highest CAGR during the forecast period.
- In 2020, the pharmaceutical and health supplements segment commanded the largest share of the overall coleus forskohlii extract market. The largest 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 accounted for the largest share of the coleus and turmeric market
Based on region, Asia-Pacific commanded the largest share of the coleus and turmeric market in 2020, followed by the Middle East & Africa, Europe, North America, and Latin America. The large share of Asia-Pacific 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.
The market in 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 key players profiled 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).
Scope of the Report
Coleus and Turmeric Market, by Product
- Coleus Forskohlii Extract
- Turmeric Powder
- Turmeric Extract (Curcumin)
- Branded Turmeric
Coleus and Turmeric Market, by Application
- Food and Beverages
- Pharmaceutical and Health Supplements
- Other Applications
Coleus and Turmeric Market, by Geography
- North America
- RoE (Rest of Europe)
- RoAPAC (Rest of Asia-Pacific)
- Latin America
- Middle East & Africa
Key Questions Answered in the Report: