Global Saffron Extract Market Report and Forecast 2024-2032

Global Saffron Extract Market Outlook

The global saffron extract market is primarily driven by the rising demand for saffron market which reached a volume of 685.31 tons in 2023. The saffron industry is likely to grow at a CAGR of 5% in the forecast period of 2024-2032, boosting the global saffron extract market.

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Asia Pacific Hold a Large Market Share in the Saffron Extract Market

The consumption of saffron in traditional Asian cuisine has always been a constant factor for its high demand in the market. South Asia, which has large population centres and is known for using saffron as an important spice, can be seen as a lucrative region with a constant demand for saffron extract and high market share in this industry. The high demand combined with its high value per unit can be understood as a valuable proposition to invest in. Alternatively, it is expected to witness robust growth in the North American market because of the medicinal qualities of saffron.

Saffron Extract: Industry, Definition and Segmentation

Saffron has been traditionally used as a spice in Asian cuisine to enhance the taste and aroma and to add colour to the dish, especially sweets and beverages. It is also known for its antioxidant, anti-depressant, and antiseptic properties. Saffron extract is used to treat asthma, kidney pain, dry skin, stomach pain, and whooping cough, along with other diseases. It is used in numerous pharmaceutical applications, along with the food industry. It has, therefore, been a highly valued spice across the world over the centuries.

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The industry can be segmented on the basis of its nature into the following:

• Organic
• Conventional

The saffron market can be segmented by form as follows:

• Thread
• Liquid
• Powder

The industry can be segmented on the basis of application:

• Food and Beverage
• Pharmaceuticals
• Cosmetics and Personal Care
• Dietary Supplements
• Aromatherapy and Fragrance
• Others

The regional markets for saffron extract can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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Greater Awareness about its Medicinal Properties to Increase Saffron Extract Popularity

One of the key driving factors for saffron extract is the benefits it offers in the medicinal field. Its usage in treating a variety of diseases is making it a popular component in a lot of drugs. Since it is also seen as a weight-loss supplement, the demand for saffron extract is expected to grow despite high costs of saffron products, as more and more people become health-conscious. Increasing Asian expatriate populations in North America and Europe and rising disposable incomes because of which people are looking forward to try new cuisines, which will cause the demand for saffron extract to rise in such regions which traditionally have seen a low market share in this industry.

Key Industry Players in the Global Saffron Extract Market

The report gives a detailed analysis of the following key players in the global saffron extract industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Safrante Global Company S.L.U.
• Kancor Ingredients Limited
• Green Plants Extracts (Comercial Química Massó, S.A.) 
• NOVIN SAFFRON Company
• Azafranes Manchegos S.L.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report