Rapidly increasing multinationals and retailers have been contributing significantly towards the growing revenues of turmeric market across the globe. Rising number of spices industry has been witnessing considerable increase in customer-base demanding for ethnic taste. Apart from this, rapidly increasing multicultural population along with rising trend of travelling in stimulating the demand and supply of turmeric across the globe on a larger basis. Most of all, herbal products are gaining significant traction since the recent past in the turmeric market.
A research company recently carried out an all-inclusive study on the report, turmeric market. The analysts of the research company revealed some facts and figures relating the market across the globe on turmeric. Turmeric market is likely to grow at a CAGR of 5.5% during the assessment period, 2017-2027, in order to touch an estimate of approximately US$ 5,650Mn by 2027-end.
Leading players effective in the turmeric market are inclusive of Sensient Technologies Corporation, Frutarom Industries Ltd., Universal Oleoresins, Everest Spices, Roha Dyechem Pvt. Ltd, Kancor Ingredients Limited and Ungerer & Company. Leading players and manufacturers are increasing their concentration on developing and initiating new products, which would help in meeting their emerging and existing business plans and expansion of customer-base across the globe as well.
Sensient Technologies Corporation Acquires GlobeNatural
Leading players and manufacturers can note that Sensient Technologies Corporation recently acquired natural color business of GlobeNatural, which is a natural ingredient and food maker in Peru. This company manufactures and sources raw materials that is inclusive of chlorophyll, anthocyanins, turmeric derivatives, annatto derivatives and cochineal derivatives for natural coloring.
The acquired business is likely to operate as the Sensient Natural Colors Peru S.A.C. Sensient, which has been indicated as the new business firm, contributing towards the expansion of increasing natural foods segment.
Insight on the Acquisition
The notable idea here is that this strategic acquisition has turned out to be a lucrative component for the company’s ‘seed to shelf’ plan, with regards to food colors. Sensient Technologies Corporation has been taking immense efforts in expanding as well as innovating its supply chain portfolio of natural colors.
Shift from the synthetic colors towards natural sources is considered to be a long-term trend across the food industry. Vertical integration strategy of Sensient Technologies Corporation will lead towards long-term cost-in-the-usage improvement together with the supply chain transparency and security improvement. All of these have been significantly important for the customers as well as food manufacturers.
Groovy Food Company Introduces Turmeric-Fortified Virgin Coconut Oil
Leading players and manufacturers can note that Groovy Food Company recently introduced a brand new turmeric-fortified virgin coconut oil for the benefit of UK market. Customers can note that this new turmeric-fortified virgin coconut oil can be utilized as healthy alternative to the cooking oils. This oil is mainly beneficial for the usage in curries, roast potatoes, stir fries, marinades and many more. Most importantly, Groovy Food Company has been the first to take a unique initiative for integrating turmeric and coconut oil in a single product.
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