A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global saffron market. Presenting exclusive insights into the market from 2016 to 2026, the report projects that the market will witness notable growth during the forecast period. Saffron is a spice derived from the flower named crocus sativus, also known as the saffron crocus, and is used in food & beverages (F&B) and pharmaceutical industries. Over the years, saffron has gained traction in herbal remedy, perfumery, textile dyeing, and cooking spices, which will continue to drive a significant portion of market revenue. The growth of the saffron market is primarily attributed to the growing demand for natural ingredients and increasing adoption in the pharmaceutical industry, especially in highly populated countries of Asia Pacific. Moreover, applications in the medical sector will remain a major growth driver, since saffron finds high usage as an antidepressant, antioxidant, and antiseptic.
Demand from Medical Industry and Favourable Trade Regulations to Foster Growth Trajectory
The medical sector will continue to drive the saffron market on a positive trajectory through the forecast period. Saffron contains compounds such as safranal and crocin, which act as antidepressants and aid in the treatment of diseases such as, nervous system related disorders, cancer, arthritis, and heart disorders. Saffron is also used as a cure to whooping cough, asthma, and dry skin, among other infections. The growth of the market is also complemented by increasing research and development (R&D) activities to use saffron as an antioxidant, neuroprotective, and antitumor agent, which is expected to create lucrative opportunities for saffron from the pharmaceutical industry. As the standards of living across the increase, the number of people using cosmetics has increased significantly in recent years. The adoption of saffron in the manufacturing of anti-blemish creams, fairness creams, and cleansers, in the cosmetics & personal care industry, is anticipated to impel the revenue of the saffron market. In addition to that, the trade ban between the U.S. and Iran has been lifted and is offering revenue prospects for both the regions. With Iran being the world's largest producer of saffron, the U.S. is actively importing saffron from Iran to cater to the growing demand for natural products over artificial colorings in F&B sector, and medicinal applications. However, the presence of fake saffron, which is available at lower prices is likely to impact the purchasing decisions of consumers who lack proper awareness.
High Production in Asia Pacific Paves Way for Regional Dominance
Asa Pacific is among one of the leading consumers of saffron, owing to increasing exports and domestic demand for natural ingredients. In the Asia Pacific, production of saffron is rampant in India, backed by the availability of raw materials. Furthermore, the adoption in healthcare and F&B industries is also expected to transmute into revenue for the saffron market in developing economies such as China and India through the forecast period. Iran, being the leading producer of saffron, is receiving impetus on the back of high export demand from France, Italy, and Spain.