Saffron Industry Overview
The global saffron market size was valued at USD 374.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2020 to 2028. Growing demand for saffron in medical and cosmetic applications is expected to be a key driving factor for the market in the forecast period. Saffron is rich in antioxidants and offers several health benefits. The main active compounds present in saffron include picrocrocin, safranal, and crocin. These compounds help reduce oxidative damage and inflammation in the human brain. Furthermore, saffron is known for its memory-enhancing, antioxidant, and anti-inflammatory properties, which is likely to propel the growth of the market. Furthermore, it is used as a natural UV-absorbing agent in the cosmetics industry.
Key technologies used in processing include image processing technology, pilot scale, and electric nose. The process of separating stigmas has been done manually so far, however, using the image processing method to separate stigmas is less time-consuming. ISO Standard 3632 is the requirement that concerns merely the measurement of the quality. Adulteration has been growing rapidly in recent years owing to the high price and increased demand in the global market. The adulteration includes the mixing of products that look similar to saffron.
Gather more insights about the market drivers, restraints, and growth of the Global Saffron market
The adulteration results in variations in the quality of the product and the consequent variation of prices. The standard comprises 2 parts, ISO 3632-1 and ISO 3632-2, which identify the test methods for various classifications of dried, cut threads, powders, and threads. The main purpose of the standards is to test the strength of flavor, scent, and color of saffron, which helps protect consumers from purchasing a fake product that is expensive as well as has no food value.
The U.S. has witnessed increasing demand over the past few years owing to consumers' growing awareness about saffron's medicinal properties and health benefits. The trade between Iran and the U.S. witnessed a surge after the U.S. revoked trade restrictions that were imposed by it on imports from Iran. Growers in the U.S. have been increasingly investing in cultivation. The growers from the states, such as Vermont, Pennsylvania, and Washington, have been taking initiatives with an aim to increase the product’s cost-effective domestic supply.
Browse through Grand View Research's Food Additives & Nutricosmetics Industry Research Reports
Natural Flavors And Fragrances Market - The global natural flavors and fragrances market was valued at USD 9.15 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030.
Specialty Food Ingredients Market - The global specialty food ingredients market size was valued at USD 118.04 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030.
Saffron Market Segmentation
Grand View Research has segmented the global saffron market on the basis of grade, application, and region:
Saffron Grade Outlook (Volume, Tons, Revenue, USD Thousand, 2017 - 2028)
- Grade I
- Grade II
- Grade III
- Grade IV
Saffron Application Outlook (Volume, Tons, Revenue, USD Thousand, 2017 - 2028)
- Food
- Medical
- Cosmetics
- Others
Saffron Regional Outlook (Volume, Tons, Revenue, USD Thousand, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Saffron market include
- Esfedan Trading Company
- Safran Global Company S.L.U.
- Tarvand Saffron Co.
- Saffron Business Company
- Gohar Saffron
- Rowhani Saffron Co.
- Mehr Saffron
- Flora Saffron
- Royal Saffron Company
- Iran Saffron company
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