Turmeric Market: Western Europe to Dominate in Terms of Value Share Throughout the Forecast Period: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)
- REP-GB-1855
- 2017-10-23
- 365 Pages
- Format:
- Category: Food and Beverages
The growing popularity of ethnic food is the new trend in European countries
Growth of spices industry in European Union will continue to witness a growth at a significant pace in the coming years owing to increasing popularity of ethnic taste in the region. Presence of multicultural population in Europe and growing trend of travelling to more and more exotic places have shifted European consumers taste to Indian food and flavours resulting in increasing demand for spices including turmeric. Small scale food processors, retailers and ethic food have high presence in developing ethnic food taste in Western Europe. However, large retailers and multinationals are also increasingly active in this market which is increasing the revenue share of turmeric in the global turmeric market.
Another trend observed in Western Europe is that it is a hub for herbal products. Western Europe is considered as a second largest hub for herbal products as it represents a significant share in European pharmaceutical market. France, the U.K. and Germany are considered one of the largest importers of herbal medicines and essentials oils. Similarly, other European countries such as Spain, Italy, the Netherlands, Great Britain and Luxembourg have significant trade in medicinal and aromatic plants.
Growing interest in organic certified curcuma longa is the primary revenue driving factor in the global turmeric market
Although the relative market share of organic curcuma longa is small in Europe, demand for certified organic food supplements still continues to grow. Certification for organic spices including curcuma longa powder is essential pre-requisite for marketing the product as organic especially in international markets. Organic certification is preferred by food supplements than for herbal medicine as the later cannot be labelled as organic. Food supplements usually comprises a nominal amount of Curcuma longa extracts and a much higher one of fillers, which do not require any organic certification.
Strong demand for turmeric in European market due to changing health perception is the fuelling factor for the turmeric market in Europe. European consumer are adopting healthier lifestyle. European countries are having a population the overweight issues. Increasing aging population is also triggering the risk of developing joint related health conditions. This is further escalating demand for curcuma longa as an important ingredient in their diet.
Revenue from the Western Europe turmeric market is expected to increase by 1.75X over the forecast period
The Western Europe turmeric market is estimated to be valued close to US$ 800 Mn by 2017 end, and is expected to increase at a CAGR of 5.8% over the forecast period. The market is expected to be valued at more than US$ 1,300 Mn by the end of 2027, representing absolute $ opportunity of close to US$ 40 Mn in 2017 over 2016 and an incremental $ opportunity of nearly US$ 600 Mn between 2017 and 2027. On the other hand the sales of turmeric in Eastern Europe is expected to remain low as compared to other regions throughout the forecast period and is expected to account for a revenue share of little more than 4% by 2027 end.
Global turmeric market is expected to witness significant growth in terms of value and volume owing to increasing awareness regarding the health benefits of turmeric consumption
Revenue from global turmeric market stood at more than US$ 2,700 Mn in 2012 and more than US$ 3,160 Mn in 2016. The global turmeric market is expected to reach a market valuation of a little more than US$ 5,650 Mn by the end of 2027, expanding at a CAGR of 5.5% over the forecast period. In terms of volume, the consumption of turmeric is estimated to be 1,049,490.5 MT by 2017 end, and is forecast to reach 1,696,519.8 MT by 2027 end, expanding at a CAGR of 4.9% during the forecast period.
Future Market Research has come up with a new report titled “Turmeric Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017 – 2027)” that tracks the performance of the global turmeric market for the period of 10-years. Through an extensive research, our analysts have studied how the different market dynamics are likely to impact the current and future scenario of the global turmeric market, thereby providing useful insights to market players to plan their differentiating strategies, capable of evolving with the changing market landscape. We have analysed the key trends, drivers, restraints and opportunities while studying this report. Impact analysis of key growth drivers and restraints based on the weighted average model are included in the report to better equip and arm clients with crystal-clear and decision-making insights.
The report has indicated the segment wise definition of the market along with its overall scenario in the assessment period. The publication focuses on to identify opportunities in the market and present updates and insights, pertaining to the various segments of the global turmeric market. While researching this report, market splits have been deduced from a survey and primary research. This report provides historical data of 2012-2016 along with forecast from 2017 to 2025 in terms of revenue (US$ Dollar). Indian turmeric market is has been covered extensively in this report with state wise overview of the global turmeric market.
Global Turmeric Market Landscape
We have attempted to assess the market share of various companies pertaining to turmeric market. The market share is estimated on the basis of sales of turmeric across the globe. Various resources referred including company annual reports, investor presentations, analyst presentations, and company press releases. The outcome has been triangulated with distributors, retailers and industry experts across the value chain.
Our approach in studying the global turmeric market
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We have strong research and development base for this report
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We have considered an availability of location specific high production technologies - integrated pest management (IPM) and Integrated nutrient management (INM)
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The weaknesses such as stagnant productivity, high contaminants, price instability, lack of connectivity and lack of effective transfer of technology were taken in to consideration while examining the global market for turmeric
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We have also identified the threats such as international competition, patenting, food and bio safety issues and climate change
- Protected cultivation, urban cultivation and off-season cultivation are some of the opportunities which are taken into consideration while inspecting this market
Market Segmentation
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Research Methodology
The forecast presented in this report assesses the total revenue of the global turmeric market. When developing the market forecast, the starting point involves sizing the current market, which forms the basis for the forecast of how the market is anticipated to take shape in the near future. Given the characteristics of the market, the analysts have triangulated the outcome on the basis of analysis based on supply and demand sides. The report also takes into consideration year-on-year growth to understand the predictability of the market and to identify the right opportunities across the global turmeric market. As previously highlighted, the global market for turmeric is split into various categories. All these segments have been analysed in terms of basis point share to understand segmental contribution to overall market growth. This detailed level of information is important to identify various key trends in the global turmeric market.