Saffron is a type of spices available in the form of threads. Saffron is derived from the flower of Crocus sativus, which is also known as saffron crocus. It is used as coloring and flavoring agent in food items. Saffron is a most expensive spice as it has wide applications including medicinal properties. Saffron is more nutritional as compared to other spices, as it contains vitamin B, manganese, and dietary minerals.
The global saffron market has been segmented on the basis of form, application, and region. On the basis of form, the market is segmented into liquid, thread, and powder. Thread segment dominates the global market, due to its availability and popularity among consumers. On the basis of application, the market is segmented into food and beverages, cosmetics, medicine, and textile. Food and beverage segment contributed major shares to the global market, owing to the increasing use of saffron in various cuisines. In addition, a growing preference for natural coloring and flavoring agent is another factor, driving the growth of the target market. Medicine segment is expected to witness high growth in terms of revenue in the near future, due to increasing demand of saffron as a natural medicine. Saffron is also used to cure various medical diseases and disorders such as asthma, hypertension, cancer and depression, etc.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global market in terms of revenue over the forecast period, owing to availability of high quality saffron and rising disposable income in the region. In addition, increasing use of saffron in medical and textile industry, are factor expected to drive the growth of the saffron market in the near future. Europe market is anticipated to witness a lucrative growth in terms of revenue over the forecast period, owing to the rising demand of saffron in food and personal care products among individuals in the region.
Key players operating in the global saffron market include Gohar saffron, Iran Saffron Company, Rowhani Saffron Co., Saffron Business Co., King Kesariya, Wani Fruit Enterprises, SAFRANTE GLOBAL COMPANY, S.L.U., Shahri Saffron Company, Taj Agro Products FMCG Company, and Great American Spice Company.