Saffron is a spice which is extracted from a flower known as saffron crocus. It is considered to be the world's costliest spice which is rich in flavor, aroma, taste, and is healthy for consumption. The reason for its hefty price is the intensive harvesting method. The buds of the flower get developed into a full fledge flowers in the fall. Each of these flowers have three threadlike thing in the center. These must be removed very carefully by hand and dried accordingly. More than 80,000 of this flowers must be grown, cared, and hand-harvested and processed in order to make one pound of saffron. According to a research study, today, Spain is the largest producer of saffron in the world. It is used as coloring agent and flavoring agent and for aroma in the food and beverage industry.
MARKET DYNAMICS
The saffron market has observed an increasing value in the graph chart due to its application in the food & beverages, cosmetics & personal care, and pharmaceutical industry. It is used in many ways in the food and beverages industry such as flavoring agent and coloring agent. Saffron is used by the food manufacturers to enhance the aroma, taste, and flavor in food items and beverages. Saffron possesses properties including cancer reduction, antioxidant, maintains good cholesterol level, helps in lowering coronary heart disease, and maintaining normal blood pressure. Due to these properties consumers prefer to have food items and beverages flavored with saffron, which in turn is driving this market. However, saffron is one of the most costly spice in the market and the reason for its expensive nature is the intensive harvesting method which may hamper the market growth in the upcoming years. The global saffron market is witnessing a growing trend in the usage of saffron in regards to the food technology and formulation of new saffron products. Currently the innovative products like saffron cream powder, dessert powder, creme caramel powder, beverage powder, batter powder, cake mix, different semi-ready to use saffron soups and different saffron spice mixtures are becoming the new trend in the market which is increasing its demand.
MARKET SCOPE
The "Saffron Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the saffron market with detailed market segmentation by form, function, end-use and geography. The global saffron market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading saffron market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The saffron market is segmented on the basis of form, function and end use. On the basis of the form, the saffron market can be segmented into thread, powder and liquid saffron. On the basis of function, it can be segmented into flavoring and spice, others. On the basis of end use, the product market can be further segmented into food, medical, cosmetics, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global saffron market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The saffron market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the saffron market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the saffron market in these regions.
MARKET PLAYERS
The reports cover key developments in the saffron market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Saffron market are anticipated to lucrative growth opportunities in the future with the rising demand for Saffron in the global market. Below mentioned is the list of few companies engaged in the saffron market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the saffron market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Azafranes Manchegos S.L.
- Epicure Garden
- Eyjan Saffron
- Grandorco
- Novin Saffron
- Rowhani Saffron Co.
- Saffron International
- Shahri Food Productions Group
- Taj Agro International
- Tarvand Saffron Co.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.