Saffron Extract Market Size, Share, Growth, and Industry Growth by Type (Thread, Powder, Liquid) By Application (Food and Beverage, Pharmaceuticals, Cosmetics and Personal Care, Dietary Supplements, Aromatherapy and Fragrance, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Saffron Extract Market REPORT OVERVIEW

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global saffron extract market size was USD 350.36 million in 2021 and market is projected to touch 812.81 Million by 2031, exhibiting a CAGR of 8.78% during the forecast period.

Saffron extract is a natural dietary supplement that is derived from the saffron crocus plant (Crocus sativus). Saffron is a spice that is commonly used in cooking, but saffron extract is a concentrated form of the plant's active compounds, which are believed to have various health benefits. Saffron extract is primarily used as a supplement for weight management and mood enhancement.

It is thought to work by suppressing appetite and increasing feelings of satiety, which can help to reduce food intake and promote weight loss. Additionally, saffron extract is believed to have mood-boosting effects, and may help to reduce symptoms of anxiety and depression. It's important to note that while saffron extract is generally considered safe, it can cause side effects in some people, such as headaches, dizziness, and dry mouth.

COVID-19 Impact: Medical Benefits Boosted Market Demand.

COVID-19 had a life changing impact globally. The global saffron extract market share was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for saffron extract experienced an increased demand.

Pandemic had disrupted the transportation and distribution of saffron extract from production regions to other parts of the world. This has led to supply chain disruptions and shortages in some regions. The pandemic has also led to economic uncertainty and financial difficulties for many people, which has impacted their ability to afford dietary supplements like saffron extract. This has led to a shift towards more affordable alternatives or a reduction in spending on non-essential products like supplements.

Additionally, the pandemic has led to changes in consumer behavior, with many people becoming more health-conscious and seeking out natural and organic supplements. This has led to increased demand for saffron extract and other natural dietary supplements, as people look for ways to boost their immune systems and maintain their overall health during the pandemic. However, the global saffron extract market share is anticipated grow following the pandemic.

LATEST TRENDS

"Product Formulations to Benefit Market Prospects"

Manufacturers are developing new product formulations of saffron extract to increase its effectiveness and appeal to consumers. Some companies are combining saffron extract with other natural ingredients, such as green tea or Garcinia Cambogia, to create weight loss supplements. A few recent studies have suggested that saffron extract may have anti-inflammatory and anti-cancer properties, as well as potential benefits for cognitive function and mood disorders.

There is growing interest in sustainable sourcing of saffron extract, with some companies working to promote responsible farming practices and reduce the environmental impact of saffron production. This has led to the development of certification programs, such as the FairWild standard, which promotes sustainable wild harvesting of saffron. These latest developments are anticipated to boost the global saffron extract market share.

Saffron Extract Market SEGMENTATION

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• By Type

Based on type, the market is divided into thread, powder, liquid.

• By Application

Based on application, the market is bifurcated into food and beverage, pharmaceuticals, cosmetics and personal care, dietary supplements, aromatherapy and fragrance, and others.

DRIVING FACTORS

"Demand for Organic Supplements to Boost Market Share"

There is growing demand for natural and organic supplements, as people seek out alternatives to traditional medicines and drugs. Saffron extract is a natural dietary supplement that is believed to have various health benefits, making it an attractive option for health-conscious consumers. The increasing prevalence of lifestyle diseases, such as obesity, diabetes, and cardiovascular disease, has led to a growing demand for weight loss and health supplements.

"Growing R&D to Boost Market Size"

There is a growing body of scientific research on the potential health benefits of saffron extract, including its potential anti-inflammatory, anti-cancer, and cognitive enhancing properties. This research has helped to increase awareness of saffron extract and drive demand for the supplement. Saffron extract is becoming more widely available and accessible, with many supplement manufacturers including it in their product offerings. Hence these factors might boost the growth of the global saffron extract market share.

RESTRAINING FACTORS

"High Cost to Hamper Market Share"

Saffron is one of the most expensive spices in the world, and saffron extract can be costly as well. This can make it difficult for some consumers to afford, particularly in regions where the cost of living is high. The saffron extract market is largely unregulated, which can lead to quality control issues and concerns about product safety. Without clear regulations and standards, it can be difficult for consumers to know whether they are getting a high-quality product. These factors are anticipated to restrain the global saffron extract market share.

Saffron Extract Market REGIONAL INSIGHTS

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"Asia-Pacific Dominates the Saffron Extract Market"

APAC is the major shareholder for the global saffron extract market share. This is due to its traditional use in certain cuisines and medicines in the region. According to the Food and Agriculture Organization of the United Nations (FAO), the region produced more than 90% of the world's saffron in 2020. Europe is the second major shareholder of the global saffron extract market share.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position. 

List of Market Players Profiled

• Suan Farma S.A.U [Spain]
• BL Bio Lab [U.S.]
• Ratin Khosh Co. [Iran]
• Rowhani Saffron Co. [Iran]
• Nutra Business [U.S.]
• Hijos de Eustaquio Abad y Cía S.L. [Spain]
• Green Plants Extracts [France]
• Mane Kancor [India]
• Azafranes Manchegos S.L. [Spain]
• Baby Brand Saffron [India]
• Novin Saffron Company [Iran]
• Activ'Inside [France]
• Safrante Global Company S.L.U. [Spain]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.