Market Overview 

Turmeric comprises of curcumin as its key components which has assisted in prevention of chronic ailments including Alzheimer and cancer as well proves to be helpful in providing relieve to the patients suffering from depression. This will prop up the growth of the market in the years ahead. Furthermore, clinical trials conducted by NIH researchers have demonstrated that curcumin – a key component of curcuma longa- has proved to be effective against various human ailments including heart disorders, tropical pancreatitis, uveitis, Crohn’s disease, irritable bowel syndrome, gastric inflammation, psoriasis, atherosclerosis, and renal conditions.

Market Drivers

The growth of the market in Asia Pacific over the forecast time spans is due to highest production of turmeric in the region with Indian turmeric considered to be best in the world as per NCBI reports. Moreover, India consumes nearly eighty percent of the product and uses it in its routine cooking activities. It is also massively consumed in countries like China, Tibet, Mongolia, and Japan. Furthermore, India being the largest producer of turmeric, the market in the region is likely to attain scalable heights in the near future.

– The potential incentives for the production, exports and imports of Turmeric for pharmaceutical usage could be attributed to the presence of active compounds such as curcumin, demethoxycurcumin (DMC) and bisdemethoxycurcumin (BDMC) which are collectively known as curcuminoids.

– Turmeric consumption can also help in increasing the immune system and is used as herbal therapeutic agent in chronic uveitis, skin cancer, wound healing, liver ailment, smallpox, conjunctivitis, gallbladder problems, urinary tract infections, and chicken pox, thereby driving the expansion of turmeric market over forecast time span.

– NIH researchers have exhibited the proficiency, pharmacokinetics, and safety of turmeric against many disorders occurring in humans and thus will further push the market trends.

US importation 

In 2022, the approximate price range for US Turmeric is between US$ 5.05 and US$ 5.59 per kilogram or between US$ 2.29 and US$ 2.54 per pound(lb). The price in Euro is EUR 5.05 per kg. The average price for a tonne is US$ 5047.62 in New York and Washington. The US import price for turmeric in 2019 was US$3.43 per kg.