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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.
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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