Saffron Market Growth by Top Key Players - 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 I

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.

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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.

Market Outlook

- 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.

- 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.

Market Taxonomy

On the basis of form the global saffron market is segmented into:

Thread
Powder
Liquid

On the basis of end-use Industry, the global saffron market is segmented into:

Food and Beverages
Pharmaceutical
Personal Care and Cosmetics
Textile

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