Turmeric Market: By Product Type (Raw, Processed), By Form (Whole, Powder), By Application (Cosmetics, Pharmaceutical, Food & Beverage, and Others), By Distribution Channel (Supermarkets, Hypermarkets, and e-commerce websites), and Geography

The turmeric market size was valued at USD 4,982.1 million in 2023 and is poised to grow at a CAGR of 5.9% from 2024 to 2030. Asia Pacific region holds the biggest market share and dominates the market. The growth of the market is driven mainly by the growing awareness of health benefits, rising demand for functional foods and beverages, and rising demand for cosmetics and pharmaceuticals. Turmeric has been used in traditional medicine for centuries, and recently, scientific research has begun to validate its many health benefits. Turmeric is a natural anti-inflammatory and antioxidant, and it is being studied for its potential to prevent and treat a variety of diseases, including cancer, Alzheimer's disease, and heart disease. Consumers are increasingly interested in functional foods and beverages that offer health benefits beyond basic nutrition.

Turmeric is a versatile ingredient that can be added to a variety of foods and drinks, making it a popular choice for health-conscious consumers. As disposable incomes rise in developing countries, consumers are more likely to spend money on premium food products, such as organic turmeric. Despite the positive outlook, there are also some challenges facing the turmeric market, the global turmeric market is fragmented and there is a lack of consistent regulatory oversight. Adulteration is a major problem in the turmeric market. Turmeric can be adulterated with cheaper ingredients, such as chalk or sawdust, which can reduce the quality and safety of the product. The price of turmeric can be volatile, which can make it difficult for manufacturers to plan and budget.

Turmeric Market Key Developments:

• In October 2023, the Government of India officially announced the establishment of the National Turmeric Board. This strategic initiative aims to drive growth and enhancement within the turmeric and turmeric products sector across the country.