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The saffron market size is forecast to increase by USD 225.3 million, at a CAGR of 8.09% between 2023 and 2028. The pharmaceutical and cosmetics industries are witnessing a surge in the utilization of saffron, driven by its diverse applications and beneficial properties. Simultaneously, there's a notable rise in awareness regarding the health advantages associated with saffron consumption, further fueling its demand. This heightened awareness extends to its usage in both traditional and modern medicine, as well as in skincare and beauty products. Moreover, there's a growing consumer preference for natural and organic ingredients, aligning with the trend towards sustainable and wellness-focused lifestyles. This shift in consumer preferences underscores the increasing demand for saffron-derived products across various sectors. As businesses respond to this demand, there's a growing emphasis on sourcing high-quality saffron and integrating it into product offerings to cater to health-conscious consumers.
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The market is experiencing growth not only in traditional applications like perfumes and dyes but also in medical and cosmetic domains. Renowned for its antioxidants and health benefits, saffron contains active compounds such as picrocrocin, safranal, and crocin, which combat oxidative damage and inflammation. Its anti-depressant and antiseptic properties are recognized, while it's also used to alleviate symptoms of asthma, sneezing, colds, and measles. With increasing awareness of the benefits of natural ingredients and vitamins, saffron is gaining popularity in various medical applications. Available in thread form, powdered, and liquid forms, saffron is finding its way into traditional medicine and modern cosmetic formulations. The rise of e-commerce platforms has made saffron more accessible, driving its demand across diverse industries.
The growing use in the pharmaceutical and cosmetics industries is notably driving market growth. This flower has been demonstrated to improve mood and may help treat depression and anxiety. Saffron has also been researched for its potential to lower the risk of heart disease and improve cardiovascular health. Furthermore, it is used in the cosmetics industry for its anti-inflammatory and antioxidant properties, which can help improve skin tone and texture, diminish the appearance of fine lines and wrinkles, and reduce the appearance of dark spots and blemishes.
Moreover, they are a well-liked ingredient in products intended to even out skin tone and lessen hyperpigmentation because it is thought to have a brightening effect on the skin. Therefore, as it is a versatile ingredient that has potential uses in a variety of sectors, the market is expected to witness growth during the forecast period. Significant
Quality control of saffron is a primary trend in the market growth. This is involved in quality control procedures to guarantee that the spice is genuine, pure, and up to standards. The primary factors that need to be considered in the quality control include purity, grade, moisture content, packaging, and testing for contaminants. Only the stigmas of the Crocus Sativus flower should be used to make pure product. As it is frequent for products to be adulterated with other substances like safflower, turmeric, or marigolds, it is crucial to test for purity using methods like microscopic inspection or chemical analysis. Secondly, the stigmas' hue, flavor, and aroma are used to grade the product. The coupe refers to the finest variety of product, which is deep red in color, aromatic, and flavorful.
Furthermore, the moisture content of the product should be reduced to about 10%. A huge quantity of moisture can cause spoilage or mold growth, whereas product that is too dry will likely become brittle and less flavorful. Moreover, saffron's quality must be preserved through proper packaging. It should be kept dry, cool, and out of the way of light and moisture. Additionally, to make sure that the product is safe for consumption, it is crucial to test for heavy metals and pesticides, which can contaminate the spice. Overall, the quality control of this product involves a combination of visual inspection, chemical analysis, and sensory evaluation to ensure that the product is pure, authentic, and meets certain standards of quality. Hence, such factors will boost market growth during the forecast period.
The high production cost is a major challenge that affects market growth. Owing to its labor-intensive cultivation method, saffron is one of the most expensive spices in the world. The flower is manually harvested by hand-picking flowers that only have three stigmas. One pound (lb) of product requires about 75,000 flowers. Harvesting takes a long time and requires a lot of labor, which raises the cost of production. As it is a low-yield crop, saffron needs particular growing circumstances, such as well-drained soil, a dry climate, and enough sunlight.
Furthermore, due to the unique growing conditions needed, there is a limited supply of product, and it can take several years for a product crop to mature. Thus, the disparity between supply and demand further raises the cost of saffron. Hence, all such factors will likely hinder the market growth during the forecast period.
The market share growth by the thread segment will be significant during the forecast period. The sale of the product in the form of threads or stigmas is referred to as the thread segment. The dried stigmas of the Crocus Sativus flower are what are used to make product threads, which are highly prized for their potent flavor, aroma, and color. The high demand for premium-quality substance in a variety of applications, including food, beverages, cosmetics, and pharmaceuticals, is the main factor driving the thread segment of the global market.
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The thread segment was valued at USD 195.19 million in 2018. A variety of factors, including cultivation practices, harvesting methods, processing, packaging, and distribution, have an impact on the thread segment of the market. The price and quality of saffron threads vary according to these variables, with premium quality saffron commanding a higher price. Top producers of saffron threads include Iran, India, and Spain, who together account for a sizeable portion of the global market. Hence, owing to such factors the segment is expected to witness an accelerating year-over-year growth rate during the forecast period.
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APAC is estimated to contribute 38% to the growth of the global market research and growth during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Due to the rising disposable incomes, growing knowledge of health advantages, and the rising acceptance of ethnic cuisines in the region, product consumption has significantly increased over the past few years in APAC. This is also used in a number of traditional medicines and cosmetics, which furthers the market's expansion. India is one of the largest producers and consumers in APAC, owing to its rich cultural heritage and traditional use in various dishes. Other key markets in the region include China, Japan, and South Korea.
Moreover, there are many small and medium-sized players operating in the highly fragmented APAC market. To diversify their product portfolios and increase their market share, larger players are anticipated to enter the market and acquire smaller players in the upcoming years as the market consolidates. The availability of fake and adulterated products is one of the biggest problems the APAC market faces. Numerous regulatory organizations in the area have, therefore, put strict quality control measures in place to address this problem. It is anticipated that these measures will raise the standard of the products available on the market. Hence, such factors will boost market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Customer Landscape
The market research and growth report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is thriving, with applications ranging from cosmetic and skincare products to memory-enhancing supplements. Renowned for its anti-inflammatory properties and function as a UV-absorbing agent, saffron is gaining recognition in the Ayurvedic beauty and wellness sectors. Various grades like Negin, Sargol, and Grade I saffron cater to diverse consumer needs, with online platforms facilitating both B2B and B2C distribution. Amid concerns of adulteration and allergens, certification and QR code verification ensure authenticity. Saffron's anti-depressant properties and role in alleviating cold and sneeze symptoms are driving its inclusion in functional meals and nutritional supplements. Sustainable farming practices and hydroponics are revolutionizing production, addressing food safety concerns. As saffron's cultural significance extends globally, the market sees growth in international trade and innovative applications like the saffron beer industry and aromatherapy.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market Growth 2024-2028 |
USD 225.3 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 38% |
Key countries |
China, Spain, Iran, India, and US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Formulation
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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