The global saffron market, valued at approximately US $400 million in 2020, is poised for substantial growth driven by the dual advantages it offers for both cosmetic and medical purposes. With an increasing focus on health and wellness, the market is set to thrive in the long term.
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Perceived Health Benefits Drive Market Growth:
- Growing Health Consciousness: Over the past few years, the younger generation has become increasingly aware of the health benefits of nutritious food products. Lifestyle disorders arising from poor diet, lack of exercise, and stress have led to critical health issues such as diabetes, obesity, high blood pressure, mental strain, sleep disorders, and cancers. As individuals, especially millennials, strive to develop a healthier lifestyle, the demand for food products rich in micro and macronutrients, vitamins, and other nutrients has surged. Despite its premium price, saffron is gaining attention due to its health-promoting properties.
- Rising Demand for Natural Ingredients: The rising trend of health consciousness has led to an increased demand for natural ingredients. Saffron, with its various health benefits such as protection against UV rays, reduction in pigmentation, wound healing, and anti-inflammatory properties, has gained traction. It acts as a potent antioxidant, protecting cells against oxidative stress and free radicals. Additionally, saffron aids in weight loss, appetite control, brain cell protection, and has antidepressant properties. Its consumption also aids in fighting cancer cells and reducing the risk of heart diseases and diabetes. The easy integration of saffron into regular diets further contributes to the growth of the global saffron market.
Eye Health Concerns Boost Saffron Market:
- Focus on Eye Health: The increasing demand for food products and ingredients that promote eye health has gained significant momentum, driven by rising cases of eye-related disorders. Disorders such as macular degeneration, eye inflammation, retinitis pigmentosa, and vision loss have become more prevalent. The International Agency for the Prevention of Blindness (IAPB) estimates that over 285 million individuals could develop age-related macular degeneration by 2040. This growing concern has resulted in a heightened demand for ingredients that support eye health.
- Saffrons Eye Health Properties: Saffron is rich in neuroprotective and anti-inflammatory properties, making it an ideal ingredient for supporting eye health. With its high antioxidant content, saffron aids in reducing the progression of macular degeneration, protecting photoreceptors or vision cells from damage, and reversing blinding diseases like retinitis pigmentosa. Saffron also influences genes that regulate fatty acid content in cell membranes, making vision cells more resilient. This potential to enhance vision, reduce the risk of eye disorders, and support overall eye health is expected to drive the growth of the saffron market.
Saffron Threads and Powdered Form Drive Demand:
- Diverse Forms: Saffrons use in both thread and powdered forms has witnessed an upswing. Saffron threads are commonly used in medicines and as a natural food coloring agent, releasing flavor and aroma over time. Powdered saffron, on the other hand, is convenient to use and provides fragrance and color quickly. While saffron threads hold a significant share of the market, the powdered form is gaining traction due to its ease of use and storage.
Asia Pacific Presents Growth Opportunities:
- Lucrative Marketplace: Developing nations in the Asia Pacific region are projected to contribute significantly to the saffron market. The increasing demand for saffron in applications such as cosmetics, food and beverages, and medicinal use is driving its consumption. Countries like India and China, in addition to being key producers, are witnessing high demand for saffron due to its intense flavor and distinct color.
Saffron Market: Competitive Landscape
Leading players in the saffron market include Esfedan Trading Company, Saffron Tech, Tarvand Saffron Co., Gohar Saffron, Flora Saffron, Iran Saffron Company, Rowhani Saffron Co., and Saffron Business Company. These players are actively involved in developing the market through innovation, quality, and expansion strategies.
Browse Saffron Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/saffron-market
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