The global turmeric market is expected to grow significantly in the next years. Because of the proximity of a large number of provincial and universal merchants throughout the world, the global turmeric market is very competitive and wide. The seller’s image esteem, the type of turmeric, estimating, dispersion, and other such separate aspects are some of the essential points in charge of the increasing deals volume and market offer.
Furthermore, these merchants face market challenges such as intense competition, fluctuating crude turmeric prices, and risks associated with severe weather conditions. Furthermore, to stay competitive, these merchants are increasingly focusing on distinguishing their product offerings through a distinct and one-of-a-kind reward. The food and beverage segment accounted for the majority of the market share in 2016 and will continue to do so for the next four years.
Some of the major companies in the worldwide turmeric market include Earth Expo Company, Shah Ratanshi Khimji, ITC Spices, and Nani Agro Foods. Other significant competitors in the global market are Gandhi Spices, Green Earth Products, Shalimar Food Products, Taj Agro International, Everest Spices, Grover Sons, MDH Spices, and Sino-Nature.
According to a Future Market Insights report titled “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), global turmeric income was estimated to be more than US$ 2,700 million in 2012 and more than US$ 3,160 million in 2016.” The global turmeric market is expected to reach a market worth of more than US$ 5,650 million by the end of 2027, growing at a CAGR of 5.5 percent over the forecast period. In terms of volume, turmeric usage is expected to reach 1,049,490.5 MT by the end of 2017, and 1,696,519.8 MT by the end of 2027, rising at a CAGR of 4.9 percent over the forecast period.
Small Scale Food Processors to BE a Major Contributor in the Enhancement of Ethnic Taste
Spice development in the European Union will continue to grow at a rapid pace in the next years, owing to the growing popularity of ethnic cuisine in the region. Because of the growing multicultural population in Europe and the growing trend of visiting an increasing number of unusual places, European customers are becoming more interested in Indian cuisine and flavors, including turmeric. In Western Europe, small-scale food producers, shops, and ethnic nutrition have a strong presence in generating ethnic sustenance tastes. However, large retailers and multinationals are becoming increasingly active in this sector, which is increasing the income offered by turmeric in the global turmeric industry.