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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.

Market Dynamics

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.

Market Outlook

  • Among end-use industry, cosmetics segment held a significant market share in the global saffron market in 2017, owing to increasing demand for saffron in the cosmetics industry. Saffron contain vitamins and antioxidants that are beneficial to the skin. It is anti-inflammatory and soothe the skin. Saffron is used in face packs and fairness creams. The potassium content in saffron helps with the cell formation and skin repair. For instance, according to the U.S. Department of Commerce’s International Trade Administration, France cosmetics industry was valued at US$ 18.2 billion in 2016, which increased to US$ 19.5 billion in 2017.
  • Asia Pacific is expected to be the fastest growing region in the global saffron market over the forecast period due to increasing demand for saffron in pharmaceutical industry. For instance, According to India Brand Equity Foundation (IBEF), in 2017 the Indian pharmaceutical industry was valued at US$ 33 billion and expected to reach at US$ 55 billion by 2020 and exhibited a CAGR of 22.4% during the period 2014-2020. Saffron has properties such as mutation-preventing, cancer-suppressing, antioxidant, immuno-modulating, helps to maintain cholesterol level, lowering coronary heart disease, anti-cancer and maintaining normal blood pressure these factors driving the market. Saffron is useful in the treatment of neurodegenerative disorders and related memory impairment. Saffron is a ß-adrenoceptors agonists, which stimulate the liver and kidneys, and increase heart rate and heart contractility rate. Moreover, saffron is used in textile and paint industry due to its properties such as natural color dyeing, oriental fragrance, and replacement of chemical color pigment. For instance, according to the India Brand Equity Foundation (IBEF), Indian textile market has increased from US$ 99 Billion in 2014 to US$137 Billion in 2016 and exhibited a CAGR of 17.6% during the period 2014-2016.
  • North America held significant market share in the global saffron market in 2017 and is expected to increase over the forecast period, owing to increasing consumer preferences for natural flavoring and colorings over artificial.

Key Players

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.

Key Developments:-

  • In 2014, Abbott Healthcare Pvt. Ltd., announced to launch nutritional supplements in two flavors including saffron and almond. The company would manufacture nutritional products in its Gujarat’s manufacturing plant.
  • In September 2019, Pharmactive Biotech launched Affron all-natural which is a non-GMO Spanish saffron extract, Crocus sativus L., in the Asia Pacific market. The product is clinically approved for improving emotional state and sleep quality, induces relaxation, alleviate anxiety and depression symptoms.
  • In 2016, Aether Arts Perfume, a colognes and perfumes in the U.S, launched a unisex saffron perfume with a blend of pink peppercorn, turmeric, saffron, Cananga, jasmine, vanilla, and hazelnut.

Market Taxonomy

On the basis of form the global saffron market is segmented into:

  • Thread
  • Powder
  • Liquid

On the basis of end-use Industry, the global saffron market is segmented into:

  • Food and Beverages
  • Pharmaceutical
  • Personal Care and Cosmetics
  • Textile

On the basis of region, the global saffron market is segmented into:

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • Italy
    • France
    • Russia
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    • Northern Africa
    • Central Africa
    • South Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users