Valley Cottage, NY -- (SBWIRE) -- 11/14/2017 -- 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.
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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.
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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.
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.