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In recent years, awareness about saffron’s medicinal uses like antioxidant, antidepressant, and antiseptic properties, has increased which has caused a rise in demand for saffron extract across the world. It is used in the treatment of asthma, dry skin, stomach pain, kidney pain and many such ailments. Its use as a potential weight-loss supplement has also contributed to its rise in popularity outside its traditional market, Asia Pacific, where it has traditionally been used as a food colouring and flavouring agent. While the largest market share is still in Asia Pacific, there is a considerable potential for growth in regions like North America and Europe, where there is a high demand from the Asian diaspora as well as from pharmaceuticals which require saffron as a key component in their formulations.
The major companies in this industry are based in Europe, specifically Spain (like Comercial Química Massó and Safrante Global Company), but there are other companies based in Asia Pacific too, especially India and Iran. The presence of multiple companies in the same field can improve a healthy competition and can make it beneficial for consumers, which will cause a spike in the total number of buyers.
Market Analysis by Nature, Form, Application and Region:
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The major players in the global saffron extract market are Safrante Global Company S.L.U., Kancor Ingredients Limited, Green Plants Extracts (Comercial Química Massó, S.A.), NOVIN SAFFRON Company and Azafranes Manchegos S.L, amongst others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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