Saffron is derived from the flowers of saffron crocus and it is used in different sectors such as spice in food, for dyeing in textile industry and as an herbal medicine for health care treatment. In context to its characteristics, it is rich in color, essence, taste, aroma, fragrance and also has higher calories in terms of carbohydrates, protein and fiber. Due to its exotic nature it has higher demand from food and beverage sector as an ingredient where it has wide application in culinary food, dairy, confectionery, beverages etc. In global level market, saffron is one of the priciest food spice in world and also considered as an expensive as gold. This super premium product saffron has very hot demand in global level market and its demand is fulfill by the Iran as it is the largest saffron producer of in the world. On the other side in terms of consumption, U.S. lead the global saffron market.
Market Dynamics of Global Saffron Market:
There are certain drivers which are supporting the demand of saffron in global level. Demand from the food and beverage sector is one of the key driver which is making impact on global saffron market. Increasing demand of saffron especially in multi-cuisine food at global level has increased its demand as a key food ingredient in the culinary dishes for making it more pungent. In consideration to trend, its herbal nature and its demand from health conscious consumers due to its rich nutritional components, natural quality and the properties which enables to cure with various health diseases is expected further drive the market growth in the near future.
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Market Segmentation of Global Saffron Market:
Global saffron market is segmented on basis of different aspects such as form, application. On the basis of form, it is segmented into threads and powder. Thread segment covers the maximum share in global saffron market in terms of value and volume. In context to application it includes food and beverages, pharmaceutical, textile and cosmetics. Further the market segment of application is sub-segmented as in food and beverage it has wide application as food ingredient in culinary food, dairy products, confectionery and beverages. In context to its application as herbal medicine in pharmaceutical sector as it is rich in nutritional components which help to fight with health issues related to digestion, blood pressure, cold, cough etc. In textile industry, it is used for coloring or dying purposes whereas in cosmetic products, saffron is used as herbal ingredient in skin care products. On assessing the market share of global saffron market on pie chart, it is assessed that figures will impel towards the saffron application in food and beverage segment followed by pharmaceutical. Reason behind outstrips performance of saffron in global level market is because of its widespread applications in food, dairy, confectionery, beverages etc. Such as in food it is used as spice to enhance the flavor, color and taste of the food recipes. Similarly in dairy it is used in ice-creams, yogurt, flavored milk etc. In addition to this it also gaining its demand from confectionery as it is used as key ingredient in sweets and desserts and in beverage segment it is has application in flavored drinks, liquors etc.
Regional Segment of Global Saffron Market:
In perspective to regional segment it is segmented into seven regions of the world which includes North America, Latin America, Eastern Europe, Western Europe, and Asia-Pacific region, Japan, Middle East and Africa. More than 90% of the world’s saffron is produced by Iran followed by India and Spain. In terms of consumption, North America and European region accounts to highest share of consumption in global level market.
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Major Market Players in Global Saffron Market:
Major market players of Saffron are Grandor Company, Gohar Nab Sara Co., Baby Brand Saffron, Great American Spice Company, Rowhani Saffron, Green Saffron, Royal Saffron Company, King Kesariya, Safrante Global Company and HEA & Co Spanish Saffron are some of the largest saffron sellers of the world.