Saffron Oil Market is Predicted to Hit Revenue of USD 1.669 Billion by Growing with a CAGR of 7.6% During 2022-2028; Growing Usage of Saffron for the Medicinal and Cosmetic Purposes to Elevate Market Growth – SkyQuest
The most recent research study on the saffron oil market by SkyQuest offers crucial data on segments, sub-segments, and geographies to assist market participants and other stakeholders in determining the market’s pulse. Additionally, it provides great insights on product linage and product requirements among various territories that can help market players in product optimization, prioritizing their targeted regions, and designing effective supply chain solutions to cover a larger territory during a projection period.
Westford, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) — The North American region is anticipated to maintain its position as the market leader in the saffron oil market owing to consumers’ growing understanding of the value of a good diet and the dietary benefits of saffron maintaining a robust immune system. The market is expanding due to the rising incidence of infectious disorders and chronic diseases brought on by compromised immune systems. Furthermore, it is anticipated that the market will experience high demand due to the increase in marketing and advertising activities promoting the nutritional and skincare benefits of saffron and saffron oil.
According to research by SkyQuest, dietary supplements are used every day by 73% of people in developed regions. Both males and females are participating in the trend, with the majority of adults over 18 regularly taking these supplements. It demonstrates the growing significance of using nutritious items to maintain a healthy lifestyle.
Browse in-depth TOC on “Saffron Oil Market”
Pages – 237
Tables – 120
Figures – 76
The stigmas of the Crocus sativus flower are used to make saffron oil. Uterine sores can be treated externally using saffron oil. Saffron (Kesar) Oil, which is abundant in antioxidants, Vitamin C, and Vitamin E, is a natural anti-aging treatment. Kesar Oil is well renowned for its ability to heal and brighten the skin.
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Prominent Players in Saffron Oil Market
- JMD Agro Foods
- Taj Agro Products (Taj Agro International)
- Good Life Global
- Saffron Tech
- Royal Saffron
- Shahri Food Products
- Gohar Nab Sara
- Falcon Essential Oils
- HDDES Group
- VedaOils
- Biolandes
- DoTERRA International
- Edens Gardens
- Frontier Natural Products Co-op.
- Mountain Rose Herbs
- Neal’s Yards Remedies
- Rocky Mountain Oils LLC
- Soulflower Co. Ltd.
- Young Living Essential Oils
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Food Additives Segment to Witness Highest Market Growth Owing to Increasing Usage of Saffron Oil in Various Food and Beverages Products
The application segment of the saffron oil market is sub-segmented into food additives, medical and pharmaceuticals, dietary supplements, fragrance and aromatherapy, cosmetics and skin care, and others. Among these, the food additives segment is predicted to witness the highest market growth during the forecast period. One of the priciest spices, saffron is regularly used in meals as a color and flavoring agent. Since it contains vitamin B, essential minerals, and manganese, it is also considered to be more nutritious than other spices, which promotes its acceptance and usage in various food and beverage items. Moreover, the rising awareness among the people regarding healthy lifestyles and increasing adoption of eat clean and natural food movements across the world are anticipated to accelerate the segment growth even further during the forecast period.
The saffron oil market in the region of the Middle East and Africa is anticipated to hold the biggest market share. One of the key elements that promote the regional market expansion can be attributed to variables such as the growing saffron product in these MEA countries. In addition to this, the healthcare infrastructure in this region is still under development and hence the majority of the population relies on traditional ayurvedic therapy or home remedies for treating various kinds of diseases. Furthermore, the easy availability of saffron spice and increasing investment and support by the regional government to promote the export of saffron across various other regions is accelerating saffron production and which in turn is predicted to boost the market growth. SkyQuest has noted that in 2019, South Africa has exported around 24,028 kg of saffron around the world and this number is predicted to increase further during the forecast period.
The Online Distribution Channel Emerges as the High Revenue Generating Segment in the Saffron Oil Market
The distribution channel segment of the saffron oil market is segmented into online and offline. Out of these, the online distribution channel is predicted to generate the highest market revenue during the forecast period. The growth of the segment can be attributed to the rising technological advancements and the growing inclination of people toward online shopping. SkyQuest has noted that currently, over 2.15 billion people are online shoppers. In addition to this, the increasing presence of major key players on e-platforms and growing investment by them in selling their products online is estimated to be the major driving factor for the segment’s growth.
The saffron oil market in the Asia Pacific region is estimated to hold a significant market share during the forecast period owing to increasing farming and consumption of saffron in the region’s major countries including China, India, Japan, and Iran. Additionally, the rising inclination of people towards using natural ingredients in food and various skin and hair products is predicted to support the market growth. SkyQuest has found during research that more than 85% of saffron is produced by Iran.
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Key Developments in the Saffron Oil Market
- The red gold spice “saffron” has been harvested at the site in the heart of the Sharjah desert using cutting-edge farming techniques. Sharjah is a barren land and it is practically very challenging to do farming over this land but now it’s going to be UAE’s first saffron farm says Masood Hashim, group CEO, SNASCO Holding — Veggitech’s parent company.
- The Islamic Republic of Iran Customs Administration recently released data showing that during the first 10 months of the current Iranian calendar year (March 21, 2022-January 20, 2023), Iran’s saffron exports totaled USD 172.758 million and Iran has achieved this by implementing cutting edge supply chain solution.
- Recently in 2023, the 5-star luxury hotel JW Marriott Mumbai Juhu introduced an extraordinary dining experience with Reign of Saffron, a specially created saffron-infused cuisine at Saffron, the Indian specialty restaurant. The motto of the theme was to serve customers with saffron-dense delicacies which are loaded with health benefits.
- The costliest spice in the world, powdered saffron, now has an authenticity test, according to BELFAST-based food authentication expert Bia Analytical. The company, which was founded as a spin-off from Queen’s University in 2020, uses cutting-edge spectroscopic and data science testing techniques that are industry-leading and innovative.
The market research study on saffron oil provides an in-depth analysis of industry trends, demand projections, and the competitive environment. Manufacturers, distributors, and other entities can develop effective strategies by using the market study to grasp current dynamics and spot emerging trends.
Key Questions Answered in the Saffron Oil Market Research Report
- What are the main market-influencing drivers and restraining factors?
- What are the industry policies and regulatory frameworks for market participants?
- What profitable market sectors to concentrate on throughout the projection period?
- What are the most effective major strategic plans for enhancing market position?
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