The new report by Expert Market Research titled, ‘Global Saffron Extract Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global saffron extract market, assessing the market based on its segments like nature, form, application, and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): 592 tones
- Forecast CAGR (2023-2028): 5%
The market for saffron extract has seen substantial growth due to factors such as it’s benefits offered in the medical field and it’s usage in treating a variety of diseases. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the saffron extract market. Since it is also seen as a weight loss supplement, despite the high cost of saffron products, demand for saffron extract is expected to increase as more and more individuals become health-conscious. Increasing Asian expatriate populations in North America and Europe and increasing disposable incomes, people are looking forward to trying new cuisines, which would lead to an increase in demand for saffron extract in regions that have historically seen a low market share in this industry.
Industry Definition and Major Segments
In Asian cuisine, saffron has traditionally been used as a spice to enhance the taste and aroma and to add color, especially sweets and drinks, to the dish. It is also recognized for its antiseptic, anti-depressant, and antioxidant properties. Saffron extract is used, along with other diseases, to treat asthma, kidney pain, dry skin, stomach pain and whooping cough. It is used jointly with the food industry in numerous pharmaceutical applications. It has, therefore, over the centuries, been a highly valued spice throughout the world.
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Based on the nature, the industry is divided into:
Based on the form, the industry is divided into:
Based on the application, the industry is divided into:
- Food and Beverage
- Cosmetics and Personal Care
- Dietary Supplements
- Aromatherapy and Fragrance
The regional markets for saffron extract include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Geographically, in traditional Asian cuisine, saffron consumption has always been a constant factor because of its strong market demand. South Asia, which has large population centers and is recognized as an important spice for the use of saffron, can be seen as a lucrative area with a steady demand for saffron extract and a strong market share in this field. It is possible to understand the high demand combined with its high value per unit as a valuable investment proposition. Instead, the North American market is projected to experience robust growth due to the medicinal characteristics of saffron.
Key Market Players
The major players in the market are Safrante Global Company S.L.U., Kancor Ingredients Limited, Green Plants Extracts (Comercial Química Massó, S.A.), NOVIN SAFFRON Company, Azafranes Manchegos S.L., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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