The saffron market is projected to grow at a CAGR of 8.63% to reach US$1,323.227 million by 2025, from US$805.259 million in 2019.
Increasing disposable income has led to an increase in the consumption of premium quality natural colorings and premium foods
The surge in industrialization and urbanization has resulted in the creation of more jobs and the rise in disposable income between the low income and middle-income populations. This has increased their propensity to spend on premium food products, which contain top-of-the-line ingredients and expensive spices such as saffron, In addition, individuals are shifting their preference towards natural food colorings due to presence of unknown and potentially harmful substances in artificial food coloring. Hence, these factors are propelling the demand for saffron and fueling the market growth over the forecast period
Some of the examples of product offerings are as follows:
The Asia Pacific region is expected to hold a considerable market share over the forecast period. On the other hand, the North American region is expected to grow at a significant pace
The Asia Pacific region is expected to hold a considerable market share over the forecast period, which is attributable to the increasing uses of saffron in the medicinal field, in nutrition and in foods. On the other hand, the North American region is expected to hold a significant amount of share over the forecast period owing to increasing disposable income among the people, which is encouraging them to make use of expensive spices and the popularity saffron is gaining for use in the food and beverages, and the cosmetics industry.
Food and Beverage to increase its market share over the forecast period and nutrition to strengthen its market presence over the forecast period.
The use of saffron in order to give different types of foods and beverages a distinct and good flavor has been in trend for many years and it is being used in different cuisines. For example, saffron is used in French cuisine, in the popular fish stew dish called “Bouillabaisse”. It is used in Italian cuisine in “Risotto”. It is one of the main ingredients in the Spanish “Paella’ and used as a flavor enhancer and used to impart color to rice in “Biryani”, which is a very popular dish in the South Asian region. In addition, its use to make ready to drink beverages like “Saffron Milk” is also gaining popularity. Thus, this is leading to the demand for saffron.
On the other hand, the trend of consuming saffron as a mode of nutrition is gaining a rapid trend among individuals in different regions in the world owing to the host of nutritional benefits is able to provide. Saffron is widely being used as it is a source of and it has an abundant amount of antioxidants including crocin, crocetin, safranal, and kaempferol. The compounds crocin and crocetin are excellent anti-depressants which are able to uplift the mood of the consumers, whereas, safranal helps in improving the memory of individuals. In addition, according to the National Institute of Health, the consumption of saffron has shown to be effective against preventing cancer of bone marrow breast, lungs among others to some extent. Premenstrual syndrome (PMS), which is the situation that affects the mood, and psychology of a majority of the women, before the start of the menstruation cycle can be controlled to some extent by the use of saffron. Besides, it has other health befits apart from the abovementioned benefits. Thus, the factors are strengthening the position of the nutrition segment over the forecast period.