The global saffron market is experiencing remarkable growth, driven by both cosmetic and medical advantages. In 2020, the market represented an approximate industry value of US$400 million, with promising long-term growth prospects.
Perceived Health Benefits Boosting Saffron Market
The rising awareness of health benefits associated with nutritious food products has led to a surge in demand among the younger generation. Lifestyle disorders stemming from poor diets, lack of exercise, and stress have underscored the importance of maintaining a healthy lifestyle. These disorders, which include diabetes, obesity, high blood pressure, mental strain, sleep disorders, and cancers, have prompted individuals, particularly millennials, to prioritize low-fat and nutritional foods. Saffron, despite its premium pricing, has not been an exception to this trend.
With an increasing emphasis on health, there is a growing demand for natural ingredients, driving the saffron markets expansion. Saffron offers various health benefits, including protection from UV rays, pigmentation reduction, wound healing, and anti-inflammatory properties. Additionally, saffron acts as a powerful antioxidant, guarding cells against oxidative stress and free radicals. It aids in weight loss, appetite control, protection of brain cells, and even possesses antidepressant properties. Furthermore, saffron consumption is linked to combating cancer cells, reducing heart disease risks, lowering blood sugar levels, and enhancing memory in Alzheimers patients. Its ease of inclusion in regular meals and diets further contributes to the saffron markets global growth.
Rising Concerns about Eye Disorders Drive Saffron Market
Both adults and teenagers have become more health-conscious, leading to increased awareness of ingredients that promote eye health. Eye-related disorders such as macular degeneration, eye inflammation, retinitis pigmentosa, and vision loss have been on the rise. Age-related macular degeneration (AMD), in particular, poses a significant threat to vision, with an estimated 285 million individuals expected to develop AMD by 2040. Saffrons neuroprotective, anti-inflammatory, and antioxidant properties make it a valuable ally in combating macular degeneration and other eye diseases.
Saffron not only serves as an antioxidant but also influences genes that regulate fatty acid content in cell membranes, making vision cells more resilient. Short-term saffron supplementation can enhance vision, reduce AMD progression, and combat various eye diseases. Moreover, saffrons use extends beyond eye health, as it is increasingly being employed to treat menopausal problems, menstrual pains, depression, neuralgia, and chronic diarrhea. Its cancer-suppressing, mutation-preventing, and immunomodulating properties further contribute to its demand and market growth.
Saffron Threads vs. Powdered Form
Saffron is available in both thread and powdered forms, each with its unique advantages. Saffron threads have seen growing popularity, driven by their use in medicines and as a natural food coloring agent. While they release flavor and aroma generously, this process takes more time compared to powdered saffron. Powdered saffron, on the other hand, is convenient to use and store, providing fragrance and color quickly without the need for immersion. Although saffron threads currently hold a larger revenue share, powdered saffron is expected to gain traction in the coming years.
Asia Pacific Emerges as a Lucrative Market
Asia Pacific, particularly developing nations such as India and China, is poised to capture a significant share of the saffron market. These countries not only exhibit robust demand for saffron in cosmetics, food and beverage, and medicinal applications but also boast high saffron production levels, second only to Iran. Saffrons status as a traditional spice and medicinal ingredient has fueled its popularity in these regions. In India, saffron from the Kashmir region is particularly sought after for its intense flavor and color, making it a preferred choice across various applications. Asian countries are expected to offer substantial growth opportunities for the saffron market in the years to come.
Competitive Landscape
Key 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.
As consumer awareness of the numerous health benefits of saffron continues to rise, the global saffron market is on a trajectory of sustained growth, presenting promising opportunities for both existing and new market players.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/saffron-market
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COMTEX_442320051/2840/2023-10-23T08:21:16
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