The Global Turmeric Spices Market exhibits positive growth with increasing demand worldwide. Turmeric's popularity is driven by its numerous health benefits, including anti-inflammatory and antioxidant properties. As a versatile spice, it enhances the flavor and color of various dishes, contributing to its widespread culinary use. The market also benefits from the rising trend of using natural and organic ingredients in food products. With growing awareness of the spice's therapeutic properties, the global turmeric spices market continues flourishing, attracting consumers seeking healthier and more flavorful food options.
According to Data Bridge Market Research, the global turmeric spices market is expected to project a CAGR of 6.00% for the forecast period of 2022-2029.
"Expanding food and beverage industry surge market demand"
The expanding food and beverage industry offers significant opportunities for the integration of turmeric spices into innovative product formulations. Turmeric's unique flavor, vibrant color, and reputed health benefits make it an attractive ingredient for ready-to-eat meals, snacks, and beverages. As consumers seek natural and functional ingredients, food manufacturers are exploring creative ways to incorporate turmeric into their products. Whether in savory snacks, health-focused beverages, or trendy ready-to-eat options, the versatility of turmeric spices enhances the appeal of these food offerings, driving market growth and consumer interest in the global food and beverage sector.
What restraints the growth of the global turmeric spices market?
"Adulteration concerns can impede the market growth”
Adulteration concerns pose significant challenges for the turmeric spices market. Including low-quality or counterfeit turmeric spices with genuine products undermines consumer trust and confidence in the authenticity of the spice. Adulterated turmeric affects the flavor and quality and raises health and safety risks for consumers. To address these concerns, strict quality control measures, certification programs, and transparent supply chains ensure that consumers receive genuine and unadulterated turmeric spices, fostering trust and supporting market growth.
Segmentation: Global Turmeric Spices Market
The turmeric spices market is segmented on the basis of category, application, type, product, and distribution channel.
- 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.
- On the basis of product segment the turmeric spices market is divided into unpolished finger, polished finger, double polished finger, slice turmeric, powder and others.
- On the basis of distribution channel of the turmeric spices market is segmented into direct sales and indirect sales.
Regional Insights: Asia-Pacific dominates the Global Turmeric Spices Market
The Asia-Pacific region's dominance in the turmeric spices market is attributed to the easy availability of spices through well-established wholesale and retail channels. With a vast network of suppliers and distribution channels, turmeric spices are readily accessible to consumers across the region. The region's rich cultural heritage and culinary traditions also contribute to the high demand for turmeric spices in various dishes and food preparations. As a result, Asia-Pacific is expected to maintain its dominant trend in the market from 2022 to 2029.
North America is projected to experience lucrative growth in the turmeric spices market due to the increasing popularity of turmeric and raising awareness about its health advantages among the population. The region's growing interest in natural and functional ingredients has fueled the demand for turmeric spices as a superfood with various health benefits, including anti-inflammatory and antioxidant properties. As consumers seek healthier food choices, turmeric's rising appeal as a culinary and wellness ingredient drives its market growth in North America.
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Recent Developments in Global Turmeric Spices Market
- In 2020, McCormick & Company Inc. acquired FONA International, LLC, and its affiliates, gaining 100% ownership. FONA is a renowned manufacturer of clean and natural flavors, catering to food, beverage, and nutrition customers. With this acquisition, FONA will play a crucial role in McCormick's flavor platform expansion in the Americas.
- In 2021, Olam Food Ingredients (OFI) acquired Olde Thompson, a prominent US private-label spice and seasonings manufacturer. This acquisition marks a significant milestone for OFI's spices division and builds on their successful 15-year partnership with Olde Thompson. The deal represents a strategic move to strengthen OFI's position in the spice market and expand its product offerings.
The Prominent Key Players Operating in the Global Turmeric Spices Market Include:
- Chr. Hansen Holding A/S (Denmark)
- Sabinsa (U.S.)
- Synthite Industries Ltd. (India)
- Everest Spices (India)
- ITC Limited (India)
- Mane KANCOR (India)
- Roha (India)
- Kalsec Inc. (U.S.)
- International Flavors & Fragrances Inc. (U.S.)
- Vigon International, LLC. (U.S.)
- Sudarshan Agro Foods (India)
- MDH Spices (India)
- SHAH RATANSHI KHIMJI & CO. (India)
- Shimlahills (India)
- Nugen Foods (India)
- AGRIM PTE LTD. (Singapore)
Above are the key players covered in the report, to know about more and exhaustive list of global turmeric spices market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Turmeric Spices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
