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A recent report published by Infinium Global Research on the saffron market provides an in-depth analysis of segments and sub-segments in the global as well as the regional saffron market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional saffron market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global saffron market. According to the report, the global saffron market is projected to grow at a CAGR of nearly 4% over the forecast period of 2022-2028.
The saffron market was valued at USD 450 million in 2022 and is expected to reach about USD 600 million in 2028, with a CAGR of nearly 4% during the forecast period. Saffron is the most expensive spice in the world that contains an impressive variety of plant compounds that act as antioxidants. These plant compounds protect cells against free radicals and oxidative stress. Crocin, crocetin, safranal, and kaempferol are some notable saffron antioxidants. Safranal gives saffron its discrete taste and aroma which may help to improve mood, memory, and learning ability, as well as protect brain cells against oxidative stress.
Saffron is used in diverse applications, including food, beverages, and medicines. The major demand for saffron comes from herbal remedies, perfumery, textile dyeing, and cooking spices at present. The extensive use of saffron in the thriving food business is a key driving factor for the global saffron market. It is used as a spice to flavor foods and as a dye to color foods and other products. Saffron is used to color and flavor many Mediterranean and Asian dishes as it has a strong, exotic aroma and a bitter taste. It is particularly used in rice and fish, and English, Scandinavian, and Balkan bread. Increasing the use of saffron in medicinal applications is driving the demand for the global saffron market. Saffron antioxidant properties help to neutralize harmful free radicals which are free radical damage linked to chronic diseases, such as cancer. Saffron and its compounds have been shown to critically kill colon cancer cells or restrain their growth while leaving normal cells unharmed. This effect of saffron and its compounds also applies to skin, bone marrow, prostate, lung, breast, cervix, and several other cancer cells. However, the high cost of saffron and the availability of artificially colored counterfeit saffron and its flavor is likely to restrain the global saffron market. Moreover, increasing awareness associated with its medicinal properties provides opportunities to the market players.
The spread of coronavirus across the world positively impacted the global saffron market. The demand for saffron has increased as it helps with the respiratory complications linked with COVID-19. Saffron and its compounds have the ability to inhibit the release of inflammatory cytokines and decrease coughing due to the anesthetic effect it can have on the vagal nerves of the alveoli.
Geographically, the Asia Pacific dominates the region owing to the high demand for saffron in this region. Asia Pacific region is the largest producer of saffron in addition to the growing food and beverage industry and the presence of large saffron production countries is contributing to the growth of the market. The market in North America and Europe is expected to grow with healthy growth in the forecast period. The growing demand for special herbs in food and beverages is contributing to the growth of the market in these regions.
The report on the global saffron market covers segments such as form, and application. On the basis of form, the sub-markets include thread, liquid, and powder. On the basis of application, the sub-markets include food additives, medical and pharmaceuticals, dietary supplements, fragrance and aromatherapy, cosmetics and skin care, and other applications.
The report provides profiles of the companies in the market such as Gohar Saffron, Saffron Business Co., Rowhani Saffron Co., Iran Saffron Company, Esfedan Trading Company, Tarvand Saffron Co, Mehr Saffron, Flora Saffron, and Royal Saffron Company.
The report provides deep insights
into demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the saffron market. Moreover, the study highlights current market
trends and provides forecast from 2022-2028. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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