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.
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.
Furthermore, increasing consumer awareness about saffron application for skin care is driving growth of the saffron market. As saffron is an antifungal thus it is used in the treatment of tan removal, acne removal, and other skin related issues. Saffron has red scarlet stigmas which are mostly used as spices and natural dye in skin care products. Also, in most of the homemade remedies for fairness and beautiful skin, saffron is used.
However, low availability and high cost of saffron is a major factor restraining growth of the global saffron market.
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.
On the basis of form the global saffron market is segmented into:
On the basis of end-use Industry, the global saffron market is segmented into:
On the basis of region, the global saffron market is segmented into:
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