Global saffron markets were valued at USD 374.6 Million in 2020. They are expected to grow at an 8.5% compound annual growth rate (CAGR), from 2020-2028. The market's key driver is expected to be the growing demand for saffron for cosmetic and medical purposes. Saffron is high in antioxidants, which has many health benefits. Picrocrocin and safranal are the main active compounds in saffron. These active compounds reduce inflammation and oxidative damage in the brain. The market is expected to grow because of its memory-enhancing, anti-inflammatory, and anti-inflammatory qualities. It is also used in cosmetics as a natural UV-absorbing ingredient.
Image processing technology, pilot scale and the electric nose are key technologies in processing. Although the process of separating stigmas can still be done manually, it is faster to use an image processing method. ISO Standard 3632 refers to the measurement of quality. Due to the increased demand and high prices in the global marketplace, adulteration has seen a rapid increase in recent years. Adulteration is the mixing of products with similar appearances to saffron.
Adulteration can lead to variations in product quality and consequently, in prices. ISO 3632-1, and ISO 3632-2 are the two parts of the standard that identify the testing methods for different classifications of dried, cut, powdered, and threads. The standards are used to verify the quality of flavor, smell, and color of saffron. This helps consumers avoid buying fake products that are both expensive and have no nutritional value.
Due to increasing awareness about the medicinal benefits and health benefits of saffron, the U.S. has seen an increase in demand for the product over the last few years. Trade between Iran and the U.S. saw a boom after the U.S. lifted trade restrictions on Iran imports. American growers have increased their investment in cultivation. Growers in the U.S., including those from Washington, Pennsylvania, and Vermont, have taken initiatives to increase domestic supply at a lower cost.
Grade I is the highest quality product on the global market. In 2020, the grade I segment was responsible for more than 59% of global market revenue. Grade I also includes neigin (sargol), where the ISO reading for Negin is more than 270, and that of Sargol between 260-270. This segment had the highest share due to its high color, flavoring strength and aromatic properties. The high color and flavoring strength grade I saffron makes them suitable for premium culinary applications and fragrances as well as premium personal care products.
The segment's growth is fueled by the increasing popularity of premium products. The ISO 3632 standard checks the authenticity and quality of saffron based on its grading. It also inspects their packaging and labeling. The grade and results of these inspections are key factors in determining the market price for the product. Because of its high safranal (fragrance), content, Grade III is used in cosmetics and personal care products.
Medical applications are expected to see the fastest growth at 8.8% during the forecast period. This segment is expected to grow due to the importance of saffron for traditional medicines in countries like Iran, India, China and China.
Saffron is thought to be able to fight free radicals that can cause a variety of diseases such as asthma, diabetes, inflammatory joint disease, and cancer. It is also used in cosmetics, including skincare and personal care products. Recently, saffron has been gaining renewed attention for its use as a cosmetic ingredient. It has multiple uses in cosmetics, not only because of its antioxidant properties. Saffron can also be used in food, textile, or fragrance industries.
Asia Pacific accounted for more than 37.5% of the global market's revenue in 2020. India is Asia Pacific's largest producer, while China and India are the top consumers in the region. Saffron, a traditional spice that has been used in both food and medicine for centuries, is highly valued in these countries. Because of its unique flavor and color, Kashmiri saffron is highly sought after around the world. It is mainly exported to China and Australia, Japan, Japan, Germany, and certain parts of South Asian countries.
Europe is a significant market for reexports because some member countries have strong competitive advantages in terms processing, packaging and branding. Importers who re-export are able to make significant value-added profits and are constantly looking for higher-quality products. Europe's market share in the global marketplace will likely increase due to the increasing number of re-exports from European countries.
The fastest growth in Middle East and Africa is expected to be 9.3% during the forecast period. Iran is the world's largest producer of oil and gas. More than 90% of the world's production is produced by Iran. A number of countries in the MEA region (Afghanistan, Egypt, Israel and Azerbaijan) have micro-scale cultivation.
Global markets are characterized by a small number of players. Production is concentrated in the Middle East. There is a lot of potential in the market for new and emerging players who need support from all parts of the value chain. Both the established market players and newer ones have been more focused on strong brand management to enhance various differentiating factors such as portfolio diversification, premium packaging, and pricing. The following are some of the most prominent players in the global market for saffron:
Esfedan Trading Company
Safran Global Company S.U.
Tarvand Saffron Co.
Saffron Business Company
Rowhani Saffron Co.
Royal Saffron Company
Iran Saffron Company
Up Market Research published a new report titled “Saffron Market research report which is segmented by Grade (III, Grade I, IV, II), by Application (Medical, Cosmetics, Food), By Players/Companies Iran Saffron company, Rowhani Saffron Co, Esfedan Trading Company, Gohar Saffron, Royal Saffron Company, Mehr Saffron, Saffron Business Company, Flora Saffron, Safran Global Company SLU, Tarvand Saffron Co”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Saffron Market Research Report|
|By Grade||III, Grade I, IV, II|
|By Application||Medical, Cosmetics, Food|
|By Companies||Iran Saffron company, Rowhani Saffron Co, Esfedan Trading Company, Gohar Saffron, Royal Saffron Company, Mehr Saffron, Saffron Business Company, Flora Saffron, Safran Global Company SLU, Tarvand Saffron Co|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||235|
|Number of Tables & Figures||165|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Grade (III, Grade I, IV, II), by Application (Medical, Cosmetics, Food).
Saffron Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Saffron Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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