Global Saffron Extracts Market – Industry Trends and Forecast to 2029

Saffron Extracts Market Analysis and Size

The global saffron market is expected to grow at a breakneck pace in the coming years. The growing popularity of herbal plants and plant-derived spices has opened up new opportunities for growth in the global saffron market. The use of premium spices in high-end industries such as food and beverages, pharmaceuticals, and medicine has fuelled global market growth.

Data Bridge Market Research analyses that the saffron extracts market which was valued at USD 0.5 billion in 2021 is expected to reach the value of USD 0.92 billion by 2029, at a CAGR of 7.9% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.

Saffron Extracts Market Scope and Segmentation

Market Definition

Saffron is a spice that has been used for centuries in cooking and traditional medicine. Saffron extract is a concentrated form of saffron extracted from the saffron plant. These extracts are then standardised to contain a predetermined amount of active compounds. Powder, liquid, and capsule forms of saffron extract are all available. It is also used as an ingredient in cosmetics and skincare products on occasion.

Saffron Extracts Market Dynamics

Drivers:

• The growing pharmaceutical and dietary supplement industry

Saffron extract is widely used in the manufacture of dietary supplements. Dietary supplements containing saffron extracts help with inflammation, blood pressure regulation, weight management, disease prevention, and exercise recovery. It comes in capsules, liquids, and powder form. Consumption of dietary supplements has increased in recent years, and the market is expected to grow at an exponential rate in the near future. Rising healthcare costs and a subsequent emphasis on preventive medicine are driving growth in the global dietary supplement market. Globally, consumer health consciousness is increasing, which is impacting sales of dietary supplements as healthy alternatives to conventional medication.

• Shift in the lifestyle as well as growing demand from the personal care industry

An increasing working population, rising demand for herbs and spices, and expanding retail markets are some of the factors expected to drive global market growth during the forecast period. The rising popularity of saffron as a natural ingredient in personal care products is expected to drive growth in the global saffron capsule market. Rising disposable income levels, rising food and beverage expenditure, and rising consumer awareness of healthy lifestyles are also expected to drive saffron extracts market growth.

Opportunity

The growing global demand for organic products is expected to provide market participants with a lucrative opportunity in the coming years. Due to the high demand for saffron functional properties, manufacturers in the global saffron market are constantly introducing new and innovative products. They are also introducing ready-to-consume variants in order to broaden their product portfolio and boost overall sales. Furthermore, they are investing in innovative marketing strategies and celebrity endorsements, which are expected to boost market growth in the coming years.

Restraints

The current scarcity of raw materials required to manufacture products containing saffron extracts is one of the major constraints. Another significant constraint is that the prices of these raw materials can vary dramatically over a week or even on a single day. Because of this unpredictability, food and beverage companies may find it difficult to plan overall production for a given period.

This saffron extracts market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the saffron extracts market contact Data Bridge Market Research for an Analyst Brief, our saffron will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Saffron Extracts Market

Since 2019, the coronavirus pandemic, a severe acute respiratory syndrome, has posed a significant health challenge for people and the world, and it continues to exist in various economies around the world. It has slowed economic growth, crippled businesses, and killed millions of people all over the world. However, the global saffron market is expected to remain stagnant in the face of the health crisis, despite gradual growth in recent years.

Recent Development

• The government of Jammu and Kashmir recently announced that its Kashmiri saffron has received a GIlabel, and this saffron is said to have enormous skin care benefits. In 2020, Casa Kokoberna will launch a new Beautiful Body collection, the first of which is saffron oil, which helps to strengthen and brighten the skin. Saffron oil made by hand costs $450.
• Regionally, the saffron industry should play a significant role in Middle Eastern countries. This is due to the region's high spice production. In fact, Persian saffron is regarded as the best in the world. Furthermore, Iran accounts for more than 88 percent of global saffron production.

Global Saffron Extracts Market Scope

The saffron extracts market is segmented on the basis of nature, form and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Nature

• Organic
• Conventional

Form

• Thread
• Liquid
• Powder

Application

• Food Additives
• Medical and Pharmaceuticals
• Dietary Supplements
• Fragrance and Aromatherapy
• Cosmetics and Skin Care
• Others

Saffron Extracts Market Regional Analysis/Insights

The saffron extracts market is analysed and market size insights and trends are provided by country, nature, form and application as referenced above.

The countries covered in the saffron extracts market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

In terms of revenue, Europe had the largest market share. Due to rising demand from countries such as France, Italy, and Spain, the region is expected to maintain its dominance over the forecast period.

Asia-Pacific is expected to be the fastest-growing region. Rising disposable incomes and changing lifestyles of people have resulted in increased spending on food and beverages, cosmetics, and other personal care products in this region. Furthermore, rising awareness of the health benefits of saffron extract is expected to drive market growth in this region.

Market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Saffron Extracts Market Share Analysis

The saffron extracts market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to saffron extracts market.

Some of the major players operating in the saffron extracts market are:

• Gohar Saffron (Iran)
• SURFIRAN (Iran)
• Safrante Global Company (Spain)
• Evolva (Switzerland)
• Rowhani Saffron Co. (Iran)
• Hijos de Eustaquio Abad & Co. SL (Spain)
• Tarvand Saffron Co. (Iran)
• Baby Brand Saffron (India)
• Royal Saffron Company (India)
• Saharkhiz International Group Inc. (Canada)
• Novin Saffron (Iran)
• Azafranes Machegos SL. (Spain)

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