The report “Saffron market, By Form, By Application, – Trends, Analysis and Forecast till 2030
COVINA , CALIFORNIA, UNITED STATES, March 14, 2023 /EINPresswire.com/ — According to the latest research study, the demand of Saffron Market accounted for US$ 374.6 billion in 2020 and is estimated to be US$ 816.39 billion by 2030 and is anticipated to register a CAGR of 8.2%”
The saffron market is a dynamic and rapidly growing industry that involves the cultivation, trade, and consumption of saffron, a highly prized and valuable spice derived from the Crocus sativus flower. Saffron is known for its unique flavor, aroma, and color, and is used in a wide range of culinary and medicinal applications. The saffron market is a global one, with major producing countries including Iran, Spain, and India. The market is influenced by a variety of factors, including weather patterns, political stability in producing countries, and demand from the food and pharmaceutical industries. Due to its high value, the market is also susceptible to fraud and adulteration, which has led to the development of quality standards and certifications to protect the integrity of the market.
Despite these challenges, the saffron market continues to grow, driven by increasing demand from both traditional and new markets. As consumers become more interested in high-quality and natural ingredients, saffron is gaining popularity in a wide range of applications, from gourmet cooking to cosmetic products. This trend is expected to continue in the coming years, making the saffron market an exciting and promising industry to watch.
Report Attribute – Details
Market Size – US$ 374.6 billion
CAGR – 8.2%
Base Year – 2020
Forecast Period – 2020 – 2030
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Key Highlights:
• In December 2020, The Jammu and Kashmir government has launched Kashmiri saffron in the UAE market for the first time in order to promote the spice, which just got a geographical indication tag.
Analyst View:
In the projected future, rising demand for saffron in medical and cosmetic applications is expected to be a key driving force for the market. Saffron is high in antioxidants and has a number of health advantages.
Picrocrocin, safranal, and crocin are the primary active chemicals found in saffron. These chemicals aid in the reduction of oxidative stress and inflammation in the brain. Saffron is also recognized for its memory-enhancing, antioxidant, and anti-inflammatory qualities, all of which are expected to drive market expansion. In the cosmetics business, it is also employed as a natural UV-absorbing ingredient.
Key Market Insights from the report:
Saffron market accounted for US$ 374.6 billion in 2020 and is estimated to be US$ 816.39 billion by 2030 and is anticipated to register a CAGR of 8.2%. Global Saffron market is segmented into form, application and region.
• Based on Form, the Global Saffron Market is segmented into Liquid, Thread and Powder.
• Based on Application, the Global Saffron Market is segmented into Food & Beverage, Cosmetics, Medicine and Textile.
• By Region, the Global Saffron Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Company Profiles:
• Gohar Saffron
• Iran Saffron
• Safrante Global Company
• Evolva, Rowhani Saffron Co.
• Tarvand Saffron Co.
• Baby Brand Saffron
• Royal Saffron Co.
• Novin Saffron
• Hijos de Eustanquio Abad & Co. SL.
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Drivers and Restrains of Saffron Market:
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Drivers:
• Increasing competition: Businesses are looking to market research to help them achieve a competitive advantage as competition in several industries heats up. It is anticipated that this will continue to fuel demand for research services in the years to come.
• Technological advancements: Technology development has made it possible for market research to become more complex and efficient. This is increasing the need for research services by enabling researchers to obtain and analyse data more rapidly and correctly.
• Rising customer expectations: Businesses must comprehend customer wants and preferences in order to be competitive as customers become increasingly discriminating and demanding. This is increasing the need for research services that may aid companies in understanding their clients.
Restrains:
• Budget constraints: Market research may be pricey, especially for startups or companies operating in undeveloped nations. This may act as a barrier to entry for some organisations and restrain the market research industry’s expansion.
• Data privacy concerns: Particularly in light of recent data breaches and controversies, the gathering and use of personal data is becoming a more delicate topic. As a result, market research procedures are being examined more closely, which may restrict the kinds of data that may be gathered and evaluated.
• Lack of skilled professionals: A variety of abilities, including data analysis and report writing, are needed for market research. Nonetheless, there is a lack of qualified workers in the sector, particularly in some areas. Because of this, the market research industry may develop more slowly and firms that need research services may pay more for such services.
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