NEW
YORK, July 25, 2024 /PRNewswire/ -- The global
saffron market size is estimated to grow by USD 225.3 million from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 8.09%
during the forecast period. Growing use in the pharmaceutical and
cosmetics industries is driving market growth, with a
trend towards expansion of saffron cultivation.
However, high production costs of saffron poses a challenge
.Key market players include Al Hasad Al Fakher Trading Est.,
AZAFRANES MANCHEGOS SL, Esfedan Saffron Co., Gohar Saffron Co.,
Grandor Co., Green Leaves International, King Kesariya, La Casa de
los Aromas S.L., Mehr Saffron, Norfolk Saffron, Novin Saffron Co.,
Organic Spices Inc., Rowhani Saffron Co., Rumi Spice, Safrante Specialty Foods S.A.,
Societa Agricola Baghini Buonacara Srls, The Cheshire Saffron Co.,
The Great American Spice Co., Trond Saffron Qain Co., and USMS
Saffron Co. Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Formulation (Thread,
Powder, and Liquid), End-user (Food, Medical, Cosmetics, and
Others), and Geography (APAC, Europe, North America, Middle East
and Africa, and South America)
|
Region
Covered
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Key companies
profiled
|
Al Hasad Al Fakher
Trading Est., AZAFRANES MANCHEGOS SL, Esfedan Saffron Co., Gohar
Saffron Co., Grandor Co., Green Leaves International, King
Kesariya, La Casa de los Aromas S.L., Mehr Saffron, Norfolk
Saffron, Novin Saffron Co., Organic Spices Inc., Rowhani Saffron
Co., Rumi Spice, Safrante Specialty Foods S.A., Societa Agricola
Baghini Buonacara Srls, The Cheshire Saffron Co., The Great
American Spice Co., Trond Saffron Qain Co., and USMS Saffron Co.
Inc.
|
Key Market Trends Fueling Growth
Saffron production has seen expansion in various regions beyond
traditional producers like Iran,
Spain, and India. Areas such as Greece, Morocco, Afghanistan, and the US have emerged as new
cultivation hubs. This growth in saffron production is essential to
meet the escalating global demand for this exotic spice. Consumers'
preference for unique flavors in food and beverages fuels this
demand. Diversifying saffron cultivation areas reduces reliance on
a few major producers, ensuring a steady supply and preventing
price fluctuations. Additionally, it reduces transportation costs,
improves product availability, and provides employment
opportunities. Geographical diversification also mitigates risks of
crop failure due to natural disasters or unforeseen events.
Overall, this trend positively impacts the global saffron market,
ensuring a stable and reliable supply to cater to growing consumer
demand.
Saffron, derived from the Crocus sativus flower, is a valuable
spice with significant market trends. In health, saffron shows
potential in addressing Human Papillomavirus and Hepatitis B,
inflammatory responses, and arthritis. Prescription drugs and
dietary supplements incorporate saffron threads, powder, and liquid
forms for treating cardiovascular disabilities. Traditional
medicine uses saffron in perfumes, dyes, and for its antioxidant
properties. Online presence and e-commerce platforms drive saffron
sales, with QR codes ensuring authenticity. Functional meals,
wellness items, and hydroponics/vertical farming are emerging
markets. Saffron prices remain high due to labor-intensive
production, leading to increased demand for alternative natural
flavors. Cultural significance in various cuisines fuels
international trade, with premium quality saffron from Kashmir being highly sought after. The saffron
derivative market also includes food colors and aromatherapy.
Sustainable farming practices ensure premium quality and combat
fake products. The saffron beer industry and culinary
experimentation further expand its application in baked goods,
desserts, beverages, sauces, and savory dishes.
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Market Challenges
- Saffron is a valuable spice known for its intense flavor and
aroma. However, the high production costs of saffron are a
significant challenge for the global saffron market. The primary
reason for these high costs is the labor-intensive cultivation
process. Saffron is harvested by handpicking the stigmas from each
flower, which contains only three. It takes approximately 75,000
flowers to produce one pound of saffron. This process is
time-consuming and requires a large workforce, leading to increased
labor costs. Moreover, saffron is a low-yield crop that demands
specific growing conditions, including well-drained soil, a dry
climate, and ample sunlight. These conditions are not easily
accessible in all regions, limiting the supply of saffron and
driving up its price. After harvesting, saffron undergoes a complex
processing and packaging process. The stigmas are carefully
separated from the flowers and then dried to preserve their flavor
and aroma. Proper drying and packaging are essential to maintain
the quality of saffron, which adds to the production costs.
Furthermore, the demand for saffron continues to grow due to its
use in various cuisines. However, the limited supply of
saffron, which takes several years to mature, creates an imbalance
between demand and supply, driving up the price. In summary, the
high production costs of saffron are due to labor-intensive
cultivation, low yield, complex processing and packaging
requirements, and the imbalance between demand and supply. These
factors will likely constrain the growth of the global saffron
market during the forecast period.
- The saffron market faces several challenges in ensuring product
authenticity and quality. Adulteration with turmeric, marigold
petals, safflower, and food preservatives is a common issue.
Allergens from threads or petals can cause reactions in some
consumers. Saffron comes in various grades, including Negin,
Sargol, and Grade III, with Grade I being the highest quality.
Liquid and thread forms are popular, but weight loss supplements
and drinks are also emerging. Online platforms offer convenience,
but certification and food safety are crucial. Ayurvedic traditions
use saffron for mood enhancement, vitamins, and anti-depressant
properties. Saffron's anti-oxidant, anti-inflammatory, and
anti-septic properties help combat free radicals, oxidative stress,
and chronic diseases like asthma, sneeze, cold, and measles.
Saffron farms use smart built-in systems and natural ingredients
for sustainable production. Saffron is used in nutritional
supplements, aromas, beauty products, and skincare. Organic
ingredients and certification are essential for consumer
trust.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This saffron market report extensively covers market
segmentation by
- Formulation
- 1.1 Thread
- 1.2 Powder
- 1.3 Liquid
- End-user
- 2.1 Food
- 2.2 Medical
- 2.3 Cosmetics
- 2.4 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Thread-
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Food Emulsifiers Market is projected to reach
$6.2 billion by 2026, driven by
rising demand for processed foods and beverages. Key players like
BASF and Dow Chemical are advancing innovations to enhance product
stability and texture. Concurrently, the global Halal Food Market
is expected to grow at a CAGR of 6.4% to $2.4 trillion by 2027, fueled by increasing
Muslim populations and awareness of Halal certification. Major
contributors include Nestlé and Tyson Foods, addressing the diverse
consumer needs across regions.
Research Analysis
Saffron, derived from the Crocus sativus flower, is a prized
spice known for its distinctive aroma and vibrant color. This
natural ingredient offers various applications in both medical and
cosmetic industries. Saffron's antioxidant properties help protect
against oxidative damage and inflammation, making it beneficial for
those suffering from conditions such as asthma, sneezing, and the
common cold. Saffron's active compounds, including picrocrocin,
safranal, and crocin, contribute to its health benefits.
Traditional medicine has long used saffron for its anti-depressant
properties, and it's also used as an antiseptic. In cosmetics,
saffron is used as a natural ingredient in perfumes, dyes, and
skincare products due to its antioxidant and anti-inflammatory
properties. With the rise of e-commerce platforms, it's easier than
ever to purchase saffron threads, powder, or liquid form for
personal use. Whether for medicinal or cosmetic purposes, saffron's
natural vitamins and compounds make it a valuable addition to any
routine.
Market Research Overview
The Saffron market encompasses the trade of this precious spice,
known for its distinct flavor and vibrant color. Saffron derives
from the Crocus sativus flower, with its stigmas used for various
applications. In the realm of health, saffron boasts several
benefits. Its active compounds, including picrocrocin, safranal,
and crocin, exhibit antioxidant properties, protecting against
oxidative damage and inflammation. These properties contribute to
memory-enhancing and anti-inflammatory effects, making saffron a
popular ingredient in Ayurvedic traditions. Saffron's antioxidant
properties also extend to cosmetic applications, acting as a
UV-absorbing agent and preservative in beauty products. In the food
industry, saffron is used as a flavoring and colorant, with various
forms including threads, powder, and liquid. The saffron market
encompasses organic and conventional varieties, with different
grades like Negin, Sargol, and Grade III. Saffron's authenticity is
crucial, with concerns over adulteration and allergens.
Technological advancements, such as image processing technology and
electric noses, aid in ensuring product quality and purity.
Saffron's market presence is expanding, with online platforms and
e-commerce platforms playing a significant role. The saffron market
also includes saffron farms, smart built-in systems, and natural
ingredients like turmeric, marigold petals, and safflower.
Saffron's health benefits extend to various conditions, including
weight loss, mood enhancement, and prescription drugs for asthma,
sneeze, cold, measles, hepatitis, and chronic diseases like
arthritis and cardiovascular disabilities. Dietary supplements and
functional meals also incorporate saffron for its nutritional value
and aromas. The saffron market is diverse, with applications in
perfumes, dyes, and food preservatives. Its antioxidant properties
make it a valuable ingredient in various industries, contributing
to its growing demand and market size. Certification and food
safety are essential aspects of the saffron market, ensuring the
authenticity and quality of this precious spice.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Formulation
-
- End-user
-
- Food
- Medical
- Cosmetics
- Others
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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