Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - Curcumin is recognized as a high-quality coloring agent with anti-inflammatory and antioxidant properties. It is primarily regulated as a food additive and a health supplement in China [4][20] - The global sales of curcumin raw materials are approximately 4,600 tons in 2023, with a CAGR of about 8% from 2018 to 2023 [2][30] - Major players in the curcumin market include Indian companies due to favorable natural resources for cultivation, with China’s Chenguang Biotech being a significant domestic participant [30][32] Summary by Sections Curcumin Overview - Curcumin is derived from the rhizome of turmeric and consists mainly of curcumin, demethoxycurcumin, and bisdemethoxycurcumin, accounting for approximately 77%, 17%, and 3% respectively [4][20] - It exhibits strong functional characteristics in anti-tumor, anti-inflammatory, blood sugar reduction, antioxidant, antibacterial, and metabolic regulation [4][20] Health Benefits - Curcumin has demonstrated antioxidant properties by effectively scavenging reactive oxygen species (ROS), which are harmful when accumulated in excess [5][22] - Its anti-inflammatory effects are achieved by inhibiting key inflammatory mediators such as COX-1, COX-2, LOX, TNF-α, IFN-γ, iNOS, and AP-1 [5][22] Regulatory Aspects - In China, curcumin is regulated as a food additive, with a maximum allowable usage of 0.7g/kg in candy and similar products [6][27] - For health supplements, the same maximum usage applies under the health food regulations [6][27] Market Dynamics - The C-end market features several listed companies like Swisse, BYHEALTH, NuiBay, and Duotebei, focusing on marketing curcumin products with claims of liver protection, anti-inflammatory effects, and joint discomfort relief [30][32] - The market for curcumin is expected to grow, driven by increasing consumer awareness of health benefits and the demand for natural ingredients [30][32]