What is the global market size of Saffron Oil Market?

Global Saffron Oil Market size was valued at USD 477 billion in 2021 and is poised to grow from USD 505 billion in 2022 to USD 861 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).

Saffron Oil Market Size, Share, Growth Analysis, By Nature(Organic, Conventional), By Application(Food Additives, Medical, Pharmaceuticals, Dietary Supplements), By Form(liquid, thread, and powder), By Distribution channel(Online and offline stores), By Region - Industry Forecast 2024-2031

Report ID: SQSG30C2030 | Region: Global | Published Date: April, 2024
Pages: 237 | Tables: 120 | Figures: 77

Saffron Oil Market Regional Insights

Saffron is native to Southwest Asia. The main nations that produce saffron are Iran, India, Greece, Spain, Morocco, Italy, and Azerbaijan, while Europe and North America are the two regions that import the most saffron extract. Due to the enormous popularity of saffron spice as a food coloring and flavoring agent, saffron extract will experience an increase in demand in areas like Western Europe and Asia Pacific. The demand for saffron extract is anticipated to increase throughout the forecast period due to the growing number of preventive and therapeutic health benefits it offers.

In 2021, the Middle East and African region is expected to have the biggest market share. Attributing to the factors such as an increased saffron product across these MEA countries is one of the major aspects that contributes to the regional growth of the market. Apart from these, the North American and Asia-Pacific region are also likely to witness a significant growth in the market. The regional growth of the market is attributed to the presence of a large number of saffron oil players in the region along with an increased demand from the food and beverage industry in the regions.

Saffron Oil Market Report Snapshots

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Saffron Oil Market size was valued at USD 477 billion in 2019 and is poised to grow from USD 505 billion in 2023 to USD 861 billion by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Rowhani Saffron Co.', 'Gohar Saffron', 'Grandor Co.', 'Novin Saffron Co.', 'saffronir', 'Golden Saffron Co.', 'King Kesariya', 'Shiva Saffron', 'Taj Agro Products', 'Great American Spice Company', 'Frontier Co-op', 'Halcyon Organics', 'Iranian Saffron Company', 'Royal Spices International', 'Azafran de la Mancha', 'Phytocompounds', 'Greenleaf Bioceuticals', 'Kishor Spices Co.', 'Saffron Valley', 'Shahsaffron.'

Saffron oil is frequently utilized in the manufacturing of numerous foods, beverages, and cosmetics. However, the growing interest in saffron medicinal uses as well as its inclusion in cosmetics and fragrances could present profitable opportunities for market participants worldwide. The food and beverage sector of the saffron market is anticipated to grow significantly over the next few years, mostly as a result of the spice's substantial value as a flavoring agent.

The younger generation is increasingly interested in healthy food in today's environment, which is actually driving up demand for active lives. There has been an upsurge in the number of health-conscious consumers worldwide during the last several years. The demand for food products that promote good health has increased as more people pursue active, healthy lifestyles. Obesity, food sensitivity, and other ailments are still on the rise, thus living a healthy lifestyle is becoming a traditional way of life. So, as people's knowledge of health and wellbeing has expanded, so has the need for healthy meals and high-quality products. Saffron and its compounds aid to heal wounds, prevent inflammation, lessen pigmentation, and provide protection against dangerous UV radiation. To fulfil the growing demand from customers for skin whitening, numerous for-profit companies in the cosmetic sector have investigated and created products using saffron

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Saffron Oil Market Size, Share, Growth Analysis, By Nature(Organic, Conventional), By Application(Food Additives, Medical, Pharmaceuticals, Dietary Supplements), By Form(liquid, thread, and powder), By Distribution channel(Online and offline stores), By Region - Industry Forecast 2024-2031

Saffron Oil Market Regional Insights

Saffron Oil Market Report Snapshots

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