Saffron is obtained from the stigmas of crocus sativus flowers. It has various applications including food, medical, and cosmetics. It is being preferentially used as a natural colouring and flavouring ingredients over artificial ingredients. The different types of cuisines use saffron for various recipes preparation across the globe. Apart from that, it is used in the diverse types of food formulations which include dessert powder, beverage powder, crème caramel powder, cake mix, and similar other semi-ready to use saffron mixtures. Hence, the growth in the food sector is likely to boost the market growth over the next nine years.
The medical application is expected to gain market share on account various properties of saffron which include anti-anxiety, anti-inflammatory, anti-carcinogenic, anti-mutagenic, antioxidant, anti-proliferative, and similar other medicinal properties. It is also used in the treatment of asthma, cancer, hypoxia, cough, hypertension, multiple sclerosis, and other common ailments. The demand for saffron as an herbal alternative in medical applications is anticipated to drive the market between 2016 to 2025.
Saffron is gaining popularity as a natural constituent, which can be used in the production of the anti-blemish lotions, fairness creams, and cleansers. It may also be used for acne removal, tan removal, reduce pigmentation & skin blemishes, toning skin, improve complexion, and other skin related issues. The increasing awareness about the saffron as natural cosmetic is likely to drive the market over the forecast period.
Surging demand of saffron owing to various applications coupled with the benefit of natural production process is expected to push the industry over the forecast period. The demand for saffron is on the rise owing to use in other applications such as perfume, textile and paint industry. The other application segment accounted for more than 11% volume share in 2015.
Rising awareness for using naturally produced products such as saffron has led to increased spending by the food industry globally to improve the flavour and colour of different recopies prepared in a variety of cuisines. This, in turn, has led to increased demand from the food industry, which is likely to boost the saffron market growth over the next nine years. Positive outlook towards the saffron in Italy, Spain, and China owing to demand from the food, and medical applications is subsequently projected to drive the product demand.
Gohar Saffron, Rowhani Saffron Co., Iran Saffron Company, and Saffron Business Co. are companies with significant production capacity. These companies are engaged in the saffron production to serve different applications such as food, medicinal, cosmetics, perfumes, textiles, and paint.
In-depth report on global saffron market by Grand View Research:
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