Future Market Insights (FMI) predicted that the saffron derivatives market would be valued at USD 33.9 million in 2023. It is anticipated to reach USD 97.3 million by 2033. The market is expected to flourish at a CAGR of 11.0% from 2023 to 2033.
Demand for saffron derivatives is being driven by increasing awareness of the potential health benefits associated with these products. A few of these include mood enhancement and cognitive function improvement.
Rising trend for natural and herbal remedies has fueled usage of saffron derivatives as an organic alternative in the health & wellness sector. Moreover, expanding application of saffron derivatives in various other sectors, including pharmaceuticals, cosmetics, and food, has created new market opportunities.
Ongoing research and development efforts focused on saffron derivatives are driving innovation, leading to the introduction of new and improved products. As more and more consumers use mobile devices to order necessities, e-commerce continues to gain rapid traction around the world.
Rapid digitalization has resulted in the strong penetration of e-commerce into Europe, as well as North America. Online sales through e-commerce have pressurized the sector to optimize its sales channels.
Traditional retail models are still used for sales. Hence, people in any part of the world can buy saffron and saffron-based dietary supplements from suppliers via e-commerce websites. In addition, e-commerce has helped to increase awareness of supplements that enhance mood and prevent occasional sleeplessness.
Supplements manufacturers have access to experienced physicians and dietitians as consumers prefer more individualized care. Customized supplements are a particularly alluring solution as millennials consider how to best support their health and well-being. Personalized supplements are a technology-driven strategy that uses online questionnaires, and they go well with the current online purchasing trend.
While several people are actively focusing on their general health and well-being, a few people are still against the idea of consuming dietary supplements. Necessity for specially formulated dietary supplements that cater to specific needs should be acknowledged by producers in order to draw in these potential ‘consumers of future.’
Key Takeaways from the Saffron Derivatives Market Report:
- The global saffron derivatives market grew at a CAGR of 2% from 2018 to 2022.
- The United States saffron derivatives market is set to elevate at a CAGR of 0% from 2023 to 2033.
- India saffron derivatives market is projected to hold a robust share of 7% in 2033.
- Based on product type, affron is estimated to hold a global market share of 1% in 2033.
- Based on end use, the cognitive health segment is expected to reach a market value of US$ 41.9 million in 2033.
“The primary goal of dietary supplement consumption has always been to maintain health and wellness. Hence, during the projected period, it is anticipated that growth in preventive healthcare will increase sales of nutraceuticals such as affron- and saffserene-based supplements.” – Says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
Leading companies are actively expanding their product portfolios through the introduction of new offerings. They would also employ various strategies, including targeted advertisements, strategic partnerships, acquisitions, agreements, and mergers, to further solidify their position in the market. By adopting these approaches, these companies aim to enhance their competitiveness and sustain their growth in the dynamic business landscape.
For instance,
- An American start-up company called Rumi Spice specializes in buying saffron directly from Afghan farmers. It was established in 2014 with the purpose of empowering Afghan farmers and offering consumers high-quality saffron products.
- The Saffron Company, headquartered in the United Kingdom, specializes in locating and marketing premium saffron goods. It was founded in 2012. Since then, it has been actively involved in the saffron sector.
Get More Valuable Insights into Saffron Derivatives Market Report
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global saffron derivatives market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
Saffron derivatives market is segmented into product type (affron and saffserene), end user (sports nutrition, healthy ageing, metabolic and weight management, cognitive health, women’s and men’s health, and immune health), and region.
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Saffron Derivatives Market Outlook by Category
By Product Type:
- Affron
- Saffserene
By End User:
- Sports Nutrition
- Healthy Ageing
- Cognitive Health
- Women’s and Men’s Health
- Metabolic and Weight Management
- Immune Health
By Region:
- North America
- Europe
- Latin America
- South Asia
- East Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centres in the United Kingdom, the United States, and India. FMI’s latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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