Driven by both the cosmetic and medical advantages, global saffron market is poised to showcase a healthy growth rate in long term. The market represented an approximately US$400 Mn industry in the year 2020.
Perceived Health Benefits Continue to Uplift Saffron Market Growth
Since the past few years, young generation has been consistent in understanding health benefits of nutritious food products. This is mainly owing to the awareness regarding increasing prevalence of lifestyle disorders owing to poor diet, improper workout schedules and stress. These disorders often lead to critical ailments such as diabetes, obesity, high blood pressure, mental strain, sleep disorders, and cancers. In this backdrop, individuals alongside millennials are focusing on including low fat and nutritional food products to develop healthy lifestyle. Since past decade, number of health conscious people has reflected an upward trend, which is expected to provide ample opportunities to the market of food products that offer micro and macros along with vitamins, and other nutrients. Saffron, albeit on the higher side apropos to pricing, is no exception.
With rising health consciousness, demand for natural ingredients has increased considerably thus influencing the growth of the saffron market. Saffron offers various health benefits such as protection from UV rays, reduction in pigmentation, healing of wounds, and fighting against inflammation. Furthermore, being a powerful antioxidant, saffron protects cells against oxidative stress, and free radicals. It also facilitates weight loss, appetite control, protection of brain cells against possible progressive damage and has antidepressant properties. In addition, consumption of saffron also helps in fighting cancer cells owing to its antioxidant property. It also reduces risks associated with heart diseases, lowers blood sugar level, and helps improve memory in individuals suffering from Alzheimer’s disease. Moreover, it is easy to include in regular meals, and diets, which remains instrumental in driving the growth of the saffron market on the global front.
Growing Concerns apropos to Macular Degeneration and Other Eye Disorders to Influence Saffron Market Growth
Adults, and teenagers alike have been giving preference towards healthy diet, nutrients and health promoting supplements. This has also triggered awareness apropos to consumption of ingredients that promote eye health on the back of growing eye related disorders. The demand for food products and ingredients that promote eye health has increased considerably since past decade. Eye disorders such as macular degeneration, eye inflammation, retinitis pigmentosa and vision loss have been on the rise. For instance, as per analysis of the International Agency for the Prevention of Blindness (IAPB), age-related macular degeneration (AMD) is one of the critical eye disorders leading to vision loss and blindness. By 2040, more than 285 million individuals are likely to develop age related macular degeneration. This is expected to result in financial and health burden impacting lives of individuals, particularly among low and middle income groups. In addition, uncontrolled diabetes also can result in vision loss or impaired vision or diabetic retinopathy. Considering the magnitude of this factor, the demand for eye supportive ingredients has fuelled at a significant pace.
Saffron contains neuroprotective, and anti-inflammatory properties and is high in antioxidants that support eye health improvement by reducing the pace of macular degeneration. It also protects photoreceptors or vision cells from damage and reverse course of several blinding diseases such as retinitis pigmentosa. Apart from being an antioxidant, saffron also impacts genes that regulate the content of fatty acids in the cell membrane thus making vision cells more resilient and tough. That said, a short term saffron supplementation or dietary supplement with saffron content can enhance vision, reduce AMD and other diseases. This factor is expected to provide ample opportunities for the saffron market in the forthcoming years. Furthermore, the saffron market is also likely to remain influenced by the growing use of the ingredient in treating several ailments such as menopausal problems, menstrual pains, depression, neuralgia, and chronic diarrhoea. Apart from its cancer suppressing properties, saffron also contains mutation preventing and immunomodulating properties, thus fuelling its demand and complementing market growth.
Saffron Threads Account for a Major Share, Powdered Form Witnesses Higher Traction in Global Saffron Marketḍ
The use of saffron in the thread form has been on an upswing since past several decades and is expected to maintain status quo going forward. Sales of saffron in the thread form are likely to boost thus contributing towards growth of the global market. This can be attributed towards their growing use in medicines, and as a natural food colouring agent. Also, saffron threads release flavour and aroma in high quantities thus imparting colour. However, this takes time as compared to powdered saffron. Saffron in powder form is easy to use and store and provides fragrance and colour quickly. Saffron threads need to be immersed before use; however, its powder form can be directly utilised. Although threads have been witnessing a comparatively higher revenue share in the saffron market, its powder form is likely to gain traction in the forthcoming years.
Asia Pacific Continues to Present a Highly Profitable Marketplace for Saffron Market Players
Developing nations in Asia Pacific are likely to account for a significant share in the saffron market. This is mainly owing to increasing demand for saffron across numerous applications such as cosmetics, food and beverage and other medicinal uses. Moreover, alongside demand, production of saffron, after Iran, is likely to remain high in emerging economies of India, and China. Being a traditional spice and ingredient used in medicines, saffron has gained high traction in these countries. In India, the demand for saffron is likely to supersede owing to its intense flavour. For instance, saffron from the Kashmir region in India has a distinct intense flavour, and colour which has proliferated its use across various applications. That said, Asian countries are projected to showcase high lucrativeness for the saffron market in the coming years.
Saffron Market: Competitive Landscape
A few of the major players in the saffron market include Esfedan Trading Company, Saffron Tech, Tarvand Saffron Co., Gohar Saffron, Flora Saffron, Iran Saffron Company, Rowhani Saffron Co., and Saffron Business Company.
The Global Saffron Market Is Segmented As Below:
By End Use
Key Elements Included In The Study: Global Saffron Market
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