According to the latest report by IMARC Group, titled “Saffron Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global saffron market is expected to exhibit a CAGR of 8.03% during 2022-2027. Saffron is an aromatic, golden-colored spice derived from the stigmas of the saffron crocus flower. Saffron acts as a natural antioxidant and anti-depressant as it contains crocin, crocetin, safranal, and kaempferol, which aids in the treatment of various medical ailments, including asthma, cough, cold, and measles. On account of these properties, saffron is widely utilized in the manufacturing of pharmaceutical drugs, perfumes, dyes, and various food products.
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Global Saffron Market Trends:
The global saffron market is majorly being driven by rapid expansion in the food and beverage (F&B) industry, wherein it is used as a key coloring and flavoring agent. In line with this, the increasing health consciousness and rising awareness regarding the health benefits of saffron are further catalyzing the market growth. Additionally, the pharmaceutical industry is predominantly utilizing saffron to develop medicines for Alzheimer’s, asthma, depression, insomnia, and cancer, which is acting as a growth-inducing factor. Moreover, saffron possesses dermatological properties, due to which it is widely being used in the cosmetic industry for manufacturing various personal care products. Other factors, including the increasing production of organic and chemical-free saffron and the easy product availability through online and offline retail channels, are creating a positive outlook for the market.
- Based on the type, the market has been bifurcated into organic and conventional segments.
- On the basis of the form, the market has been divided into thread, powder, and liquid.
- Based on the application, the market has been segmented into food, pharmaceuticals, cosmetics, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Esfedan Trading, Flora Saffron, Gohar Saffron, Grandorco, Great American Spice Company, HEA&CO, Mehr Saffron Company, Rowhani Saffron Co., Safrante Global Company S.L.U., Taj Agro International and Tarvand Saffron Co.
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