Saffron Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Poland, Belgium, Netherlands, Russia, Japan, China, India, South Korea, Malaysia, Sri Lanka, Brazil, Argentina, UAE, South Africa, Saudi Arabia), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1421
Burgeoning propensity towards natural coloring and flavoring products among consumers is expected to augment saffron market expansion. Furthermore, rising levels of disposable income across the globe are also boosting product consumption, given its high price point.
Saffron is a spice derived from the extraction of the stigmas of the crocus sativus or autumn crocus flower. Once harvested, it is dried and utilized either as a dye or coloring agent for food and other products, or as a spice to add flavor to dishes. Saffron is one of the most expensive spices across the globe and has a wide application scope across myriad industries such as food & beverage and pharmaceuticals, among others.
Growing demand for the product from the pharmaceutical is a major trend influencing saffron market dynamics. Saffron is used extensively in medical applications, owing to beneficial antioxidant and antiseptic properties, as well as its usage as an anti-depressant. Saffron-based medicines are used for the treatment of several ailments such as asthma, whooping cough, and dry skin among others.
Anti-inflammatory and antinociceptive characteristics are also contributing to the rising popularity of the product in the pharma sector. Additionally, application scope of the product in reducing risks of cardiovascular, for cancer treatment and for treatment of age-related macular degeneration, coupled with rising demand for holistic medicines from an increasingly health conscious consumer base is projected to propel saffron industry share over the forecast spell.
The food & beverage industry is among the largest consumers of saffron, owing to its application in food, confectionary and dairy products, among others. Saffron is used extensively in the industry as a spice to enhance taste and flavor of the dishes and as a coloring agent. Robust use of the product as a key ingredient in sweets, desserts and flavored drinks is among the main contributing factors to saffron market penetration in the segment.
The global saffron market is highly fragmented and is bolstered by the presence of strong participants such as Linkage Internationals, Jmd Agro Foods, Golden Pars Maha, Taj Agro Products, Damon Enterprises, Good Life Global, Royal Saffron, , HEA & Co Spanish, Grandor Co., Taj Agro, Shahri Food Products, Gohar Nab Sara, Esfahan Pishro, King Kesariya, Rah Abrisham Sialk International, Mehr Azin Bonab, Great American Spice and Rowhani.
Various business strategies including product launches, collaborations, expansions and more have been adopted by key industry players to gain a strong position in the emerging saffron market.
For example, CSIR-IHBT (Institute of Himalayan Bioresource Technology) and the Government of Himachal Pradesh’s Department of Agriculture have inked a strategic partnership, in order to combine their mutual strengths and boost the production of heeng and saffron in India.
Likewise, Pharmactive Biotech Products, a natural ingredients firm has announced the launch of its Affron Spanish saffron extract for the APAC market. The product is hailed as an all-natural additive and possesses a dosage threshold of 28mg per day, the lowest on the market.
The ongoing crisis emerging from the outbreak of COVID-19, which was declared a global pandemic in March 2020 has given rise to an unprecedented threat to human health. The pandemic has driven health and welfare industries across the globe to initiate efforts to develop a suitable vaccine or medication to combat further impact from the virus. Additionally, it has also sparked a need among consumers for immunity-boosting and holistic supplements and products to help cope with the onslaught of the potentially fatal virus. This in turn, is expected to present several lucrative growth prospects for the global saffron industry, given the product’s strong medicinal properties and increasing demand from the pharma and food production sectors.
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