Coleus And Turmeric Market Size, Share, Growth Analysis, By Product(Coleus forskohlii extract, turmeric powder, turmeric extract (curcumin), branded turmeric), By Application(Food, beverage, pharmaceutical, health supplements), By Region - Industry Forecast 2024-2031

Coleus And Turmeric Market size was valued at USD 5.23 billion in 2022 and is poised to grow from USD 5.65 billion in 2023 to USD 11.4 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).

Coleus forskohlii is a well-known traditional medicine used to treat a variety of diseases and disorders. Coleus forskohlii roots are used to extract forskolin. Forskolin, as a herbal compound, is used to treat a variety of health issues, including obesity, respiratory disorders, insomnia, and digestive disorders, among others. Turmeric, also known as Curcuma longa, is a popular spice in Southern Asia. It contains a lot of curcumin, volatile oil, and curcuminoids. It has anti-inflammatory, antioxidant, and anti-tumor properties, among other things. However, health complications associated with excessive consumption, as well as the negative effects of climate change, are expected to stymie market growth to some extent.

However, due to the growing importance of hygienic and nutritious foods, the pandemic has resulted in the adoption of some best-practice models for the food industry. Furthermore, dietary supplement sales increased during the pandemic because they boost the immune system's resistance to COVID-19. In the last week of March 2020, overall dietary supplement sales increased by more than 35% in the United States. Moreover, during the pandemic, the global demand for immunity-boosting products increased. Indian spices, particularly turmeric, have seen an increase in demand due to their reputation as a physical immunity booster. Immunity-boosting spices like turmeric saw a 19% increase in spice and spice product exports during the first half of 2020. India is the world's leading producer, consumer, and exporter of turmeric, accounting for approximately 75-80% of total production and 60% of export. The demand for Indian spices is primarily seen in major markets such as the United States and Europe.

US Coleus And Turmeric Market is poised to grow at a sustainable CAGR for the next forecast year.