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Global Saffron Extract Market to be Driven by Increasing Demand for Saffron Market, Expected to Grow at a CAGR of 5% Between 2021-2026

According to a new report by EMR titled, ‘Global Saffron Extract Market Report and Forecast 2021-2026’, the saffron extract market is driven by the saffron market which reached 592 tons in 2020. The saffron industry is likely to grow at a CAGR of 5% in the forecast period of 2021-2026, boosting the saffron extract market.

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:

  • The market on the basis of nature can be divided into organic and conventional.
  • Based on form, the industry can be divided into thread, liquid and powder. 
  • The applications for saffron extract include food and beverage, pharmaceuticals, cosmetics and personal care, dietary supplements, and aromatherapy and fragrance, amongst others.
  • The regional markets for saffron extract include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • An increasing Asian diaspora in North America can cause the demand for saffron extract to rise.
  • The demand for saffron is expected to rise with increasing awareness about its weight-loss properties.
  • More pharmaceutical companies are expected to capitalise on the medicinal benefits of saffron and use it as a pharmaceutical ingredient. 
  • Rising incomes, more urbanisation and improved supply chains can help in the growth of this market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global saffron extract industry for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the nature, form, application and regions of saffron extract.
  • It assesses the regional price trends for the (2016-2020) and (2021-2026) periods. 
  • The market report also analyses the trade data by covering the major importing and exporting countries. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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