Saffron Extract Market to Expand with Significant CAGR During 2018 - 2028

Author: Asha Jain

Saffron Extract Market Outlook

The plethora of uses associated with saffron has contributed to its allure. Saffron is a red coloured dried stigma extracted from the Crocus Sativus Linnaeus plant. Saffron extract constitutes three significant components, namely, Picrocrocine, Safranal, and Crocine, which are responsible for the bitterness, colour, and aroma of saffron extract, respectively. In the food industry, saffron extract is used as a food colouring and flavouring agent, as it gives a passionate yellow colour to the food product, and adds a pleasing aroma and flavour to too. Apart from its application in the food industry, saffron extract is used in medicines and pharmaceuticals for preventing and curing illness. Saffron extract acts as an antitumor and antimutagen agent, and treats painful conditions such as kidney pain, stomach pain, and menstrual pain. It also protects the retina from direct bright light, and prevents macular degeneration and retinitis pigmentosa. Saffron extract is used to control skin inflammation, and speeds the healing of burns and cuts. Also, saffron extract pacifies nervous tension, and contributes to lessening the symptoms of depression and anxiety. Saffron extract finds potential as a weight loss supplement, which is alleged to limit appetite and condense cravings. With the increasing health conscious population, the demand for saffron extract as a weight loss supplement is growing.

The versatility and proficiency of saffron makes it the king of spices, and opens the way for the saffron extract market:

The multifunctionality of saffron extract has resulted in increasing market opportunity for the same. With the growing food and beverage industry, the demand for saffron as a colouring and flavouring agent is growing. Besides, the health benefits associated with saffron extract are fuelling its demand in the market. Saffron extract is used in the formulation of medicines and pharmaceuticals due to its mutation preventing, anti-inflammatory, cancer suppressing, immune modulating, and antioxidant properties. With hectic lifestyles and increasing mental health issues in the population, the demand for saffron extract is expected to increase pace in the near future, as saffron extract is nowadays used as an antidepressant to pacify nervous tension and prevent symptoms such as anxiety, sociophobia, and loss of libido. Also, the potential of saffron extract as a dietary and weight loss supplement is expected to lead to growing market demand for the extract over the forecast year.

Saffron Extract Market: Market Segmentation

On the basis of nature, the global saffron extract market has been segmented as:

  • Organic
  • Conventional

On the basis of form, the global saffron extract market has been segmented as:

  • Thread
  • Liquid
  • Powder

On the basis of application, the global saffron extract market has been segmented as:

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

On the basis of region, the global saffron extract market has been segmented as:

  • North America
  • Latin America
  • Europe
  • CIS & Russia
  • Japan
  • APEJ
  • The Middle East & Africa

Global Saffron Extract Market: Market Participants:

The key market participants identified across the value chain of the global saffron extract market are Activ'Inside, Monteloeder, KINGHERBS, Green Plants Extracts, Safrante Global Company S.L.U., Rowhani SaffronCo., Hijos de Eustaquio Abad y Cía S.L., USMS Saffron Co.Inc, Royal Saffron Company, Novin Saffron Co., Gohar Saffron, and Azafranes Manchegos S.L.

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Opportunities for Saffron Extract Market participants:

Saffron is native to Southwest Asia, and is the most exclusive and expensive spice in the world, due to the effort in manually extracting a large number of tiny stigmas from the flowers of the Crocus Sativus Linnaeus plant. Iran, India, Greece, Spain, Morocco, Italy, and Azerbaijan are dominant saffron producing countries, whereas, Europe and North America are the largest importers of saffron extract.

Saffron extract will see an increasing demand in regions such as Asia Pacific and Western Europe due to the immense popularity of saffron spice as a food colouring and flavouring agent. With the increasing health and wellness conscious population, the demand for saffron extract is expected to be boosted over the forecast period, owing to its numerous preventive and curative health benefits in medicines and pharmaceuticals. The need for saffron extract is also anticipated to increase in the future, seeing its potential as a dietary and weight loss supplement, and its ability to treat the symptoms of depression and anxiety in people. Regions such as North America, where a majority of the population is suffering from obesity and mental health issues, are likely to be primary consumers of saffron extract, resulting in increasing market opportunity.

Brief Approach to Research

A modelling-based approach and triangulation methodology will be followed to estimate data covered in this report. A detailed market understanding and assessment of the applications, types, forms and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes

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