The size of the Saffron market is expected to accumulate huge profits in the coming years, mainly due to its wide use in the flourishing food sector. It is one of the more expensive spices and is often used as a food colouring and flavouring agent. In addition, it is considered to be more nutritious than other spices because it contains B vitamins, dietary minerals and manganese. Apart from that, this spice is used a lot in the pharmaceutical industry because it has medicinal properties and is used to cure various diseases like cough, asthma, measles, colds and other diseases.
Some companies are involved in the enhancement to technology, hence these company are specializing in the production of saffron automatically all year round. Apparently, this technology has been tested to challenge global monopoly on saffron supply. Similarly, some other products made with saffron have helped a patient in improving his mental health. Thus, it is claimed that saffron may become a natural and safe alternative to sleeping pills overthe long term.
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COVID-19 Impact Analysis
The coronavirus pandemic, a severe acute respiratory syndrome, has become a significant health challenge for people and the world since 2019 and still exist in different economies around the world. It has slowed economic growth, crippled businesses and has claimed the lives of millions of people around the world. However, the global saffron market is expected to stand still amid the health crisis, with gradual growth in recent years.
As a nutritionalsupplement, saffron helps to reduce the severity of symptoms of COVID-19 in patients. Additionally, the antioxidant, anti-inflammatory and other medicinal properties of saffron mayaid in pre andpost infection management strategies.
However, factors such as the high cost of saffron and lack of supply due to the current COVID19 crisis and the availability of artificial saffron in its artificial color and flavor in the global market are expected to challenge the growth of market during the forecasted period. The increasing use of saffron duringthe coronavirus pandemic due to its innate health and drug benefits is poised to change the outlook for the industrywithina foreseeable time frame.
Top Impacting Factors
Recently, the government of Jammu and Kashmir announced in 2020 that its Kashmiri saffronhas received a GIlabel and this saffron is said to have immense skin care benefits. Casa kokoberna launches a new Beautiful Body collection in 2020, whose first product, saffron oil; helps strengthen and brighten the skin. Handmade saffron oil costs $450.
Regionally, the saffron industry shouldoccupy animportantplace in the Middle Eastern countries. This is dueto the high production of spices in the region. In fact, Persian saffron is said to be the best in thewhole world.In addition, Iran holds more than 88% of the world’s total saffron production.
The popularity of saffron was so widespread that various central and state governmentswent nine meterstoproduce the rich spice and export it internationally. Many industriesoperate in the global saffron tradespace, including the implementation of technologies to gain a competitive advantage over others to gain industry-wide leadership.
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Market Trends
Widely used in Food & Beverages and Personal Care Industry
Saffrons are widely used in the production of various Food & Beverages and cosmetic products. However, theincreased awareness associated with its healing properties and the use of saffron in personal care products and perfumes will potentially create lucrative opportunities for players in the global saffron market. The food and beverage segment inthe overall saffron market is expected to experience significant gains in the coming years,mainly due to the significant value of the spice in the industry as it is used as a flavoring agent.
Rising Demand in the Market due to its Health Benefits
In today’s world, the younger generation is consistently gaining interest in nutritious food which is actually booming the demand for healthy lifestyles. Over the past of few years, there has been an increase in number of health-conscious customers across the world. Individuals are involved in adopting a healthy and a lively lifestyle, which has increased the demand for health-oriented food products. Healthy lifestyle is becoming a traditional way of life that majorly has concerns over obesity, food sensitivity, and other people suffering from diseases still rise.
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Hence, with the rise in health and wellness awareness among the population, the demand for healthy food and quality ingredients has increased substantially. Saffron and its products offers protection against harmful UV rays, fights inflammation, reduces pigmentation and helpsin healing wounds.Manycommercial companies operating in the beauty industry have researched anddeveloped products from saffron tomeet the increasingneeds of consumers for skin lightening.
Key Benefits of the Report
This study presents the analytical depiction of the SAFFRON industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the SAFFRON market share.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the SAFFRON market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed SAFFRON market analysis based on competitive intensity and how the competition will take shape in coming years
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