Crocetin Esters Market Size and Share Analysis by Application (Functional Food and Beverages, Pharmaceuticals) - Global Industry Revenue Estimation and Demand Forecast to 2030

Crocetin Esters Market Overview

The crocetin esters market generated revenue of USD 411.3 thousand in 2023, which is expected to witness a CAGR of 6.5% during 2024–2030, reaching USD 634.3 thousand by 2030. This is ascribed to the rising interest in natural and plant-based items as a substitute for synthetic ingredients in dietary supplements and functional foods. The growing trends of health and wellness, application of these chemicals in medicine and nutrition, increasing consumer awareness, and the regulatory environment are the other factors driving the market.

• The ongoing studies to investigate the health advantages and possible applications of crocetin esters are adding fuel to the growth of the market.
• These compounds are being tested for their potential role in reducing oxidative stress, controlling cardiovascular diseases, and promoting cognitive health.
• Further, growing population and the need to upgrade food production are contributing to the market development.
• With limited arable land in highly urbanized countries, it has become urgent to boost the efficiency of the existing farmlands.
• Crocetin esters help optimize the availability of nutrients for the plants by decreasing their draining, thereby improving plant development, which can lead to higher crop yields.

Functional Food and Beverage Application Dominates Market

The functional food and beverage category held the largest share within the application segment, of 60%, in 2023. Crocetin esters are increasingly being used in dairy, confectionery, convenience foods, and beverages due to their crucial role in preserving these products’ stability. They, likewise, help in the augmentation of the assortment, taste, and aroma of food and beverages. Functional foods fulfill people’s daily nutrition needs, which is why consumers are progressively looking for them for their general health. Crocetin esters are derived from saffron, which is the dried stigmas of Crocus sativus, have cell antioxidant and anti-inflammatory properties.

• As a result of the growing demand for natural and plant-based ingredients in functional foods and beverages, the utilization of crocetin esters is on the rise.
• To improve the nutritional profiles of health drinks, energy bars, and fortified beverages, companies are exploring novel ways to add crocetin esters to these products.

In addition, the rising incidence of chronic diseases, such as cancer, diabetes, and cardiovascular disease, is driving the market’s expansion. These functional products are seen as healthier alternatives to conventionally processed foods by consumers. These illnesses are, in many cases, brought about by oxidative stress and inflammation, which crocetin esters help mitigate. Thus, adding these ingredients to functional food and beverage products is a good way to allow people to remain healthier for longer.

Pharmaceutical Category Is Witnessing Rapid Growth

Pharmaceuticals are expected to grow rapidly, with a CAGR of 8%, from 2024 to 2030.

• Because of the strong antioxidant, anti-inflammatory, and neuroprotective characteristics of crocetin esters, the pharmaceutical business has been increasingly utilizing them as active pharmaceutical ingredients (APIs) or other ingredients in drug formulations.
• An increasing number of studies and clinical trials are being conducted on these bioactive substances to examine their potential therapeutic applications for tumors, cardiovascular illnesses, and neurological problems.
• The pharma business is also inclined toward crocetin esters due to their utility in developing drug delivery systems.

Moreover, crocetin esters, known for their antioxidant properties, have shown potential for use in beauty care products and skincare items too. Antioxidants have a crucial role in skincare by neutralizing free radicals, which are unstable atoms that can damage skin cells and contribute to aging and various skin problems. These compounds essentially protect the skin from oxidative stress caused by UV rays and pollution.

• Skincare formulations, such as creams, sera, and salves, contain crocetin esters as an active ingredient, to promote skin health and address concerns related to aging.
• Their potential to protect and rejuvenate the skin has led to a strong interest in utilizing them in skincare products.

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Europe Has Largest Share in Market

Geographically, the European region was the largest market, with a share of 45%, in 2023. One of the key elements behind Europe's dominance on this market is the long-standing understanding of saffron and its utilization in the region. Saffron, from which crocetin esters are derived, has been cultivated in different areas of Europe for quite a long time, especially in pain, Italy, and Greece. As a result, Europe is a natural hub for the production and application of crocetin esters because it has a thriving saffron industry and a long history of using it in culinary and medicinal applications.

• Moreover, Europe has seen a rise in the buyer inclination for natural and plant-based products.
• As crocetin esters are extracted from a natural source, they adjust well with this consumer shift, thus witnessing an expanding demand in the region.
• Companies offering this ingredient benefit from the growing market for functional foods, dietary supplements, and herbal remedies, which provide health benefits for consumers in Europe.
• Moreover, the region's strict guidelines on food and drug items have driven the production of high-quality, standardized crocetin ester products, while upgrading customers’ trust and acknowledgment among buyers.

APAC Is Fastest-Growing Region

APAC is the fastest-growing region, with a CAGR of 10%, from 2024 to 2030 in the market. This is owing to the region’s growing demand for functional foods and beverages and the rising attention to the medical advantages related to antioxidants. Natural and functional food ingredients are in high demand as consumers in APAC countries become more aware of their health.

• A vital driver for the expanding crocetin esters industry in the Asia-Pacific region is the significant cultivation of saffron.
• Saffron farming has long been practiced in China, Afghanistan, and India, all of which are in the Asia-Pacific region.
• Because of their favorable climatic circumstances and high involvement in saffron farming, these countries hold strong significance in the worldwide saffron industry.
• As crocetin esters are obtained from saffron, the region benefits from an abundant stock of raw materials, empowering the local manufacturing of products containing crocetin esters.

The booming populace, especially of the middle class, in APAC countries has led to a higher buying power and interest in high-quality quality nutritional supplements, including those containing bioactive compounds. Drug, food, and supplement businesses in APAC have been putting more resources in research and development endeavors to investigate the applications and advantages of crocetin esters, thus adding to the market's development.

North America has the third-largest market share, fueled by the increasing demand for natural and herbal products.

Competitive Analysis

• In the crocetin esters market, competition revolves around the launch of saffron-derived extracts and research on applications of these compounds in pharmaceuticals, cosmetics, and functional foods.
• The competition is rather stiff, with the presence of various localized and globally operating players.
• To broaden their product range and geographical reach, manufacturers are collaborating with each other.

In November 2020, Givaudan and Novozymes entered into a partnership to research ingredients for sustainable cleaning and food products.

Top Providers of Crocetin Esters Are:

• Chengdu Biopurify Phytochemicals Ltd.
• Chengdu Gelipu Biotechnology Co. Ltd.
• Tokyo Chemical Industry Co. Ltd
• Amadis Chemical Company Limited
• Hunan Jiahang Pharmaceutical Technology Co. Ltd.
• Cayman Chemical
• Biosynth
• Plamed Green Science Group
• Shaanxi UndersunBiomedtech Co. Ltd.
• Chongqing Kang Biotechnology Co. Ltd.
• Hainan Super Biotech Co. Ltd.
• Xi'an Sgonek Biological Technology Co. Ltd.
• Kingherbs Limited
• Xi'an Lyphar Biotech Co. Ltd.

Market Size Breakdown by Segment

The report analyzes the impact of the major drivers and restraints on the crocetin esters market, to offer accurate market estimations for 2017 –2030.

Based on Application

• Functional Food and Beverages
• Pharmaceuticals

Region/Countries Reviewed for this Report

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

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Crocetin Esters Companies