Saffron Extract Market to Grow by USD 108.1 Million (2024-2028), Driven by Demand in Weight Loss Supplements, Report Highlights AI Impact on Trends - Technavio

NEW YORK, Sept. 13, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global saffron extract market size is estimated to grow by USD 108.1 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.23%  during the forecast period. High demand for saffron extract in weight loss supplement is driving market growth, with a trend towards demand for food colors. However, high cost associated with saffron  poses a challenge. Key market players include Arizone International LLP, Astrra Chemicals, Atomm Botanicals, Biolandes SAS, Diamond Agro, eurochem GmbH , Fab Flavour and Frangrances Pvt. Ltd., Foodchem International Corp., Herbanic India, Herbochem, Kshipra Biotech Private Ltd., Mane Kancor Ingredients Pvt. Ltd., Nante, Naturmed scientific, Pharmaoffer, PhytoLife Pharma GmbH, Sandoo Pharmaceuticals and Chemicals Co. Ltd., Shiva Exports, SHREE SAI BIOTECH, and Xian Healthful Biotechnology Co. Ltd..

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Market Driver

The global saffron extract market is experiencing notable growth due to the increasing demand for natural food colors in the food and beverage industry. As consumers prioritize health and clean labels, manufacturers are shifting towards natural colorants like saffron extract to replace synthetic alternatives. Saffron's golden-yellow hue and perceived health benefits make it an appealing choice for various products, including confectionery, bakery items, dairy, and beverages. The popularity of ethnic and gourmet foods is also fueling demand for saffron-based ingredients. Social media's influence on food aesthetics further show the need for visually appealing products, leading manufacturers to invest in vibrant food colors. The saffron extract market is projected to expand as food producers seek innovative, natural coloring solutions to cater to consumer preferences. 

The Saffron Extract market is experiencing demand due to its use in premium gift items and skincare remedies. With advancements in technology, electric noses are being used for adulteration detection, ensuring the delivery of high-quality saffron. Quality measurement and labeling standards are crucial for saffron grades like Negin, Sargol, and Premium products. Saffron's medicinal properties as a natural dye, traditional medicine, and health supplement continue to drive growth. Crocin, a key component of saffron, is in focus for weight management, mood enhancement, and appetite suppression. Robot-assisted cultivation ensures the purity of saffron crocus plant. E-commerce platforms facilitate easy access to saffron in various forms - thread, powder, and liquid - for food and beverage, cosmetics, and natural dietary supplements. Health-conscious consumers seek saffron's health benefits for weight loss, anxiety, and depression. Traditional cuisine remains a significant market, with saffron's natural dyes and mood-boosting effects adding value.

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Market Challenges

• The saffron extract market encounters a substantial hurdle due to the exorbitant cost of saffron, a spice valued at up to USD5,000 per pound (450 grams). The labor-intensive cultivation, manual harvesting, and low yield per saffron plant contribute to its high price. This cost directly impacts saffron extract, limiting its usage in various industries. Many food and beverage manufacturers find it uneconomical to incorporate saffron extract into mass-produced goods. Consumer price sensitivity also poses a challenge, as saffron extract-infused products carry a premium price tag. As a result, many firms prefer synthetic alternatives or other natural colorants and flavoring agents, thereby impeding the expansion of the global saffron extract market.
• The Saffron extract market is thriving due to the growing demand for natural dietary supplements derived from the Saffron crocus plant. Saffron's health benefits, including mood enhancement, appetite suppression, and weight management, make it a popular choice for health-conscious consumers. Saffron's mood-boosting effects help combat anxiety and depression, making it a valuable ingredient in functional foods, cosmetics, and dietary supplements. Saffron's anti-inflammatory, anti-cancer, and antioxidant properties add to its allure. The thread, powder, or liquid form of this exotic ingredient is used in various industries, including food and beverage, aromatherapy, and traditional medicines. Saffron's cultural significance and luxury status make it a desirable ingredient in global trade. Sustainable farming practices are crucial to ensure the availability of organic saffron, which caters to the increasing demand for natural ingredients. E-commerce and online shopping have made saffron-infused products easily accessible to consumers worldwide.

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Segment Overview 

This saffron extract market report extensively covers market segmentation by  

1. Type 
• 1.1 Powder
• 1.2 Liquid
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 APAC
• 3.2 Middle East and Africa
• 3.3 Europe
• 3.4 North America
• 3.5 South America

1.1 Powder-  Powdered saffron extract has gained significant traction in various industries due to its convenience and consistency. This form of saffron offers a stable, easily measurable alternative to traditional saffron threads, providing the same distinct flavor, aroma, and color. Food manufacturers appreciate the simplified integration into dry mixes, seasonings, and processed foods. The nutraceutical and pharmaceutical sectors are increasingly using powdered saffron extract in supplements and formulations for diverse health applications. Additionally, the cosmetics industry values its potential skin benefits and natural colorant capabilities. The ease of storage and long shelf life make it a preferred choice for both industrial applications and retail consumers, driving its demand in the global market. The growing trend towards natural, plant-based solutions in healthcare further boosts the demand for saffron extract, positioning it as a premium, high-value ingredient for dietary supplements and pharmaceutical products. Ongoing research on saffron's medicinal properties is expected to fuel the growth of the powdered saffron extract segment and the global market as a whole during the forecast period.

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Research Analysis

Saffron extract, derived from the stigmas of the saffron crocus plant, is a popular natural dietary supplement known for its health benefits. Saffron's use dates back to ancient times, with its distinctive flavor and aroma adding allure to traditional dishes and cuisine. Modern research reveals saffron's potential in weight management, mood enhancement, and appetite suppression, making it a sought-after natural supplement for health-conscious individuals. Saffron's mood-boosting effects can help alleviate anxiety and depression. Saffron extract is rich in antioxidant and anti-inflammatory properties. With the rise of e-commerce and online shopping, saffron extract is easily accessible, but quality measurement and labeling standards are crucial to ensure authenticity and purity. Saffron is available in various grades, such as Grade I saffron, Negin, and Sargol, with premium products offering the highest quality and potency. Electric nose technology is used to detect adulteration, ensuring consumers receive genuine saffron extract.

Market Research Overview

Saffron, derived from the stigmas of the saffron crocus plant, is a natural dietary supplement known for its health benefits. Saffron threads, powder, and liquid are popular forms of this exotic ingredient, used in various industries including food and beverage, cosmetics, dietary supplements, aromatherapy, and traditional medicines. Saffron is renowned for its mood-boosting effects, appetite suppression, and weight management properties. It is also rich in antioxidant, anti-inflammatory, and anti-cancer properties, making it a desirable ingredient for functional foods and organic supplements. The saffron crocus plant is culturally significant and holds a place of luxury in many traditional dishes and cuisines, appreciated for its unique flavor and aroma. The global saffron market is driven by health-conscious consumers seeking natural ingredients for lifestyle diseases, as well as the increasing popularity of saffron-infused products in e-commerce and online shopping platforms. However, the market faces challenges such as adulteration, quality measurement, and labeling standards, making it essential to ensure sustainable farming practices and premium product quality.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Powder
• Liquid
• Distribution Channel
• Offline
• Online
• Geography
• APAC
• Middle East And Africa
• Europe
• North America
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio