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Saffron Market

The research report on Saffron Market is segmented by Form, by End-use Industry, by Region - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2025
Saffron Market - Size, Share, Outlook, and
Opportunity Analysis, 2018 – 2025
Saffron is one of the expensive spices in the world and its scientific name is Crocus
Sativus L. Saffron is currently being cultivated in some of the major economies of the
world such as Iran, India, Spain, Greece, Italy, Azerbaijan, Turkey, Egypt, France,
United Arab Emirates, Iraq, Afghanistan, and Pakistan. Saffron extract and its
ingredients such as crocin and crocetin has health benefits such as improvement in
memory and learning skills. Saffron plays an important role in cooking, cosmetics,
and perfumes as flavoring and coloring agents. Saffron is also used for the treatment
of depression, neuronal injury, anxiety, insulin resistance, and diabetic neuropathy.
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Market Dynamics
Increasing demand for saffron amongst the consumers due to its application in food
industry is expected to be a major factor driving growth of the global saffron market
over the forecast period. In food, saffron is used as a spice, flavoring agent, and
yellow food coloring, which makes it one of the most preferred spices of consumers.
A small amount of saffron to certain recipe improves taste of the food. For instance,
according to the India Brand Equity Foundation (IBEF), food industry in India is
expected to reach US$ 63.5 billion by the end of 2018.
Furthermore, increasing consumer awareness about saffron application for skin care
is driving growth of the saffron market. As saffron is an antifungal thus it is used in
the treatment of tan removal, acne removal, and other skin related issues. Saffron
has red scarlet stigmas which are mostly used as spices and natural dye in skin care
products. Also, in most of the homemade remedies for fairness and beautiful skin,
saffron is used.
However, low availability and high cost of saffron is a major factor restraining growth
of the global saffron market.
Market Outlook
Among end-use industry, cosmetics segment held a significant market share in the
global saffron market in 2017, owing to increasing demand for saffron in the
cosmetics industry. Saffron contain vitamins and antioxidants that are beneficial to
the skin. It is anti-inflammatory and soothe the skin. Saffron is used in face packs
and fairness creams. The potassium content in saffron helps with the cell formation
and skin repair. For instance, according to the U.S. Department of Commerce’s
International Trade Administration, France cosmetics industry was valued at US$
18.2 billion in 2016, which increased to US$ 19.5 billion in 2017.
Asia Pacific is expected to be the fastest growing region in the global saffron market
over the forecast period due to increasing demand for saffron in pharmaceutical
industry. For instance, According to India Brand Equity Foundation (IBEF), in 2017
the Indian pharmaceutical industry was valued at US$ 33 billion and expected to
reach at US$ 55 billion by 2020 and exhibited a CAGR of 22.4% during the period
2014-2020. Saffron has properties such as mutation-preventing, cancer-suppressing,
antioxidant, immuno-modulating, helps to maintain cholesterol level, lowering
coronary heart disease, anti-cancer and maintaining normal blood pressure these
factors driving the market. Saffron is useful in the treatment of neurodegenerative
disorders and related memory impairment. Saffron is a ß-adrenoceptors agonists,
which stimulate the liver and kidneys, and increase heart rate and heart contractility
rate. Moreover, saffron is used in textile and paint industry due to its properties such
as natural color dyeing, oriental fragrance, and replacement of chemical color
pigment. For instance, according to the India Brand Equity Foundation (IBEF), Indian
textile market has increased from US$ 99 Billion in 2014 to US$137 Billion in 2016
and exhibited a CAGR of 17.6% during the period 2014-2016.
North America held significant market share in the global saffron market in 2017 and
is expected to increase over the forecast period, owing to increasing consumer
preferences for natural flavoring and colorings over artificial.
Key Players
Key players operating in the global saffron market include Gohar Saffron, Iran
Saffron, Safrante Global Company, Evolva, Rowhani Saffron Co., Hijos de Eustaquio
Abad & Co. SL, Tarvand Saffron Co., Baby Brand Saffron, Royal Saffron Company,
Saharkhiz International Group Inc., Novin Saffron, and Azafranes Machegos SL.
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