Saffron Extract Market is Booming Across the Globe by Segments, Share, Size, Growth and Trends, Forecast to 2026

 The new report by Expert Market Research titled, ‘Global Saffron Extract Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global saffron extract market, assessing the market based on its segments like nature, form, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.

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The key highlights of the report include:

Market Overview (2016-2026)

• Historical Market Size (2020): 592 Tons (Saffron Market)
• Forecast CAGR (2021-2026): 5% (Saffron Market)

 Saffron enjoys a high status in Asian cuisine, especially Indian, Persian, and Mediterranean cuisine, which causes a high demand for the spice across regions of high populations. Saffron extract’s demand has been growing as awareness about the benefits of saffron grows. Since it has many medicinal properties (antioxidant, antidepressant, and antiseptic properties), it has found greater demand across pharmaceutical applications. Its high value per unit, equivalent to that of gold, makes it a lucrative commodity to invest in.

Industry Definition and Major Segments

Saffron extract is made from the pistils of the saffron flower. It is used as a spice, flavouring agent, and colouring agent. It is used in other medicinal applications as a pharmaceutical ingredient and holds promise as a potential weight-loss supplement.

The largest market share is in Asia, which is the traditional consumer-base for saffron, but it is increasing in North America and Europe as well at a fast pace.

The saffron extract industry can be differentiated on the basis of its nature as follows:

• Organic
• Conventional

According to form, the saffron market can be segmented into:

• Thread
• Liquid
• Powder

The industry can be segmented by application into:

• 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, Middle East and Africa.

Market Trends

The demand for saffron is expected to increase rapidly in North America and Europe, because of an increasing Asian expatriate population as well as the growing awareness around saffron’s medicinal and weight-loss properties. Moreover, more people are willing to try out traditional Asian cuisine, which is expected to further push the demand for saffron extract. Even in Asia Pacific, rising incomes and better supply chains are expected to cause a spike in the demand for saffron extract. Efforts to look into different modes of medicine will cause a rise in the demand for saffron extract in the pharmaceutical industry as well.

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Key Market Players

The major players in the market are Safrante Global Company S.L.U., Kancor Ingredients Limited, Green Plants Extracts (Comercial Química Massó, S.A.), NOVIN SAFFRON Company, and Azafranes Manchegos S.L., amongst others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

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