Xi'an Prius Biological Engineering Co.,Ltd
Address:Room 0836, Euro-Asia International Building A, Ouya avenue, Xi'an, Shaanxi Province, China
Recently, the 2017 U.S. Herbal Dietary Supplement Industry Report released by the American Plant Council (ABC) shows that in terms of natural channels, turmeric has been on the list of herbal supplement raw materials for 5 years, with sales of 50.35 million U.S. dollars in 2017.
In 2016, there was an increase of 12.2%, its products with pain relief/inflammation claims were the highest sales in natural channels. In terms of mainstream channels, turmeric jumped from the bottom of the top 10 best-selling raw materials in 2016 to the fifth place in 2017, with sales of 32.45 million U.S. dollars in 2017, an increase of 46.7% compared to 2016. Turmeric products that are not targeted by specific health conditions are selling well in mainstream channels.
As far as the global curcumin powder market is concerned, North America and Europe dominate. The launch of new curcumin products in North America is fast and the market growth rate is also very high. The size of the European market is expected to exceed US$25 million in 2024. Increasing consumer spending on food and medicine, coupled with active regulatory support, is a key factor in stimulating regional demand.
As for the Asia-Pacific market, which accounted for 14% of the global curcumin market in 2017, the market capacity and growth rate have great potential for development. Japan's turmeric market has exceeded 50 billion yen, involving health, beauty, medical and other fields. The trial production of curcumin as a hangover raw material has grown steadily, and other aspects such as beauty, sleep, and anti-depression have also increased. In 2017, China's curcumin accounted for 36.5% of the Asia-Pacific market. At present, it is mainly food additives. In the future, with the breakthrough of regulations, it may usher in new life. India is still the main producer of curcumin. 78% of the world's raw materials are concentrated in this region. Therefore, accidental environmental hazards may lead to instability of supply as a whole, thereby affecting the price trend of the curcumin powder market.
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