Saffron Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, France, Italy, China, Australia, India, Japan, Indonesia, Argentina, Brazil, Saudi Arabia, UAE, Kuwait, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2017– 2024
Report ID: GMI1421
Saffron Market size is expected to witness a high growth owning to increasing demand from food and beverage sector. Rising demand of saffron (kesar) in multi-cuisine food worldwide as a key food ingredient in culinary dishes is driving the product market. Additionally, growing specialized cuisine market globally is likely to propel product market size.
Increasing demand from health-conscious consumers due to its nutritional properties will drive the saffron market. The product helps in curing health diseases which include cancer, cold, cough, asthma, smallpox, hypoxia, scarlet fever, infections, stress and act as immune modulator as it contains antioxidants named lycopene, zeaxanthin, alpha and beta carotenes.
Rising research and development activities to increase yield of kesar in various countries is projected to escalate product market size. Further, the product is used in fragrance industry for manufacturing perfumes and as a yellow coloring agent in food industry.
Moreover, growing textile industry is anticipated to boost saffron market owning to its usage as a dyeing agent for fabrics. The product is used in vermilion, ochre and kesar hued mantles and robes worn by Hindu and Buddhist monks.
Saffron is a spice derived from crocus sativus flower which is rich in taste, aroma, color, essence, protein, carbohydrates, vitamins, minerals and fiber. Dried kesar is composed of 65% carbohydrates, 12% water, 11% protein and 6% fat. Some of the benefits provided by product include heal wounds & scars, treats dry skin, acne & blemishes, combat diabetes, improves face texture, acts as a toner and maintains blood pressure level. Besides, kesar supplementation helps in improving major depressive disorders.
The major restraint for saffron market is increasing kesar prices due to supply-demand gap and presence of many substitutes in the market including, turmeric, annatto and safflower. Additionally, growth of kesar market globally is impacted due to production of fake kesar. Counterfeit kesar is sold at lower prices, thus affecting overall market size. The trade of fake kesar is affecting customer purchasing decisions and negatively impacting producer’s goodwill. Further, with reduced market integrity, there is an absence of government regulations and steps to control flow of fake kesar in the market, which is likely to hamper product market growth.
Kesar exists in three forms which include thread, liquid and powder. Thread segment is anticipated to be the fastest growing segment owning to its application in pharmaceutical, food & beverage, cosmetics and textile. Low availability of liquid products may restrain revenue growth of this segment.
The product is used in different industries named, food & beverage, perfume, cosmetics, pharmaceutical and textile. Food & beverage segment holds the largest market share due to its wide application in dairy, food, beverage and confectionary industry. For instance, the product is used as a spice in food to enhance flavor, taste and color. In addition to this the product is used as a key ingredient in flavored drinks, sweets and desserts.
Asia Pacific, dominated by Iran holds the largest share for saffron market owning to favorable geographic conditions for kesar cultivation which include arable land, ambient soil temperature and climatic conditions. Further, consumption of sweets is highest in this region, which is anticipated to favor the product market growth.
North America and Europe are likely to observe substantial growth for saffron market due to its highest consumption rate globally. The region has maximum number of diabetic population owning to increased consumption of fast food.
Saffron market is fragmented owning to presence of many local manufacturers. Some of the Key manufacturers of saffron market are Royal Saffron, Damon Enterprises, Grandor, Golden Pars Maha, Shahri Food Products, Linkage Internationals, Esfahan Pishro, Mehr Azin Bonab, Gohar Nab Sara, Great American Spice, HEA & Co Spanish, Rah Abrisham Sialk International, Taj Agro Products, Taj Agro, King Kesariya, Damon Enterprises, Good Life Global, Rowhani and Jmd Agro Foods.
Companies operating in saffron market have adopted different business strategies to capture this emerging market which include agreements, product launches, expansions, collaborations and partnerships. In February 2016, the U.S. lifted sanctions from Iran products which will trigger the saffron market in Iran. The product is known as the Iran’s red gold and an ounce of it is considered more expensive than precious metal in some of the western supermarkets.
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