Global Safflower Extract Market 2019 Size, Global Trends, Comprehensive Research Study, Development Status, Opportunities, Future Plans, Competitive Landscape and Growth by Forecast 2028

Safflower Extract: Product Overview

"The Safflower Extract Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

Safflower is a flourishing plant native to Mediterranean countries and is cultivated majorly in the US and Europe. Safflower flowers are rarely used in cooking as a low-cost substitute for saffron. Safflower extract is a yellow color substance that is derived through the process of purifying, extracting, concentrating, filtrating, sterilizing, concentrating, drying & spraying.

Safflower extract is used for yellow and red colors for food and textile industry. Nowadays, it has a number of usages including in cooking oil, infant formulas, pharmaceuticals, bird seeds, cosmetics, superior quality paints, and varnishes, protein supplements for livestock, and beverages.

Global Safflower Extract Market: Dynamics

Rapidly growing food & beverages industry, rising demand for functional foods, ready-to-eat foods, and fast foods, coupled with increasing demand for safflower extract as a coloring agent from food & beverages sector is one of the major factors projected to drive global safflower extract market growth over the next 10 years. In addition, rising health consciousness among individuals, increasing popularity and adoption of natural and organic ingredients in processed food products are the other factors projected to boost the global safflower extract market growth.

Moreover, increasing consumer awareness about the product as a natural colorant and medicinal property of safflower is another factor projected to support the global market growth. Furthermore, increasing adoption safflower in cosmetic products, coupled with increasing preference for natural-ingredients based cosmetic products in order to protect skin from harmful chemicals are factors projected to fuel growth of the global market. High demand for safflower extract from industries such as pharmaceuticals, and textiles, among other end-use industries is a key factor driving target market growth to significant extent. Increasing emphasis on marketing and selling products online and rising Internet penetration and adoption of smartphones to make an online purchase are estimated to further propel sales and revenue growth for the players in the market.

However, overconsumption of anything is harmful to the human body. Similarly, high consumption of safflower extracts may have adverse effects such as allergy, bleeding problems and other health issues which is a major factor that could hamper growth of the global market.

Global Safflower Extract Market: Segment Analysis

Product Type Insights:

Among the type segments, the oil segment is estimated to record major revenue share in the global market and is projected to continue recording for major revenue share over the next 10 years. Increasing use of safflower oil in various industries such as pharmaceutical, food, and cosmetics is estimated to drive growth of the segment in the market.

Application Insights:

Amid the application segments, the pharmaceuticals and food & beverage segments are estimated to record higher revenue shares in the global market owing to high consumption of food & beverages, increasing spending capacity and need for pharmaceuticals to treat patients.

Global Safflower Extract Market: Region Analysis

North America safflower extract market recorded major revenue share in 2018 and is projected to witness significantly high growth over the 10-year forecast period. Increasing adoption of safflower extract by cosmetics and pharmaceutical industries coupled with growing awareness regarding advantages safflower are some of the factors boosting growth of the safflower extract market in North America. In addition, higher disposable income, and growing awareness regarding benefits of consumption of safflower-based products in countries including the US and Canada in the region. According to a report presented by the 7^th International Safflower Conference, the California safflower industry produces highest yields of nearly 4.5 Mt/Ha and accounts for almost 45% of safflower oil production in the US.

Europe market is anticipated to record second-largest share in terms of value in the market, owing to presence of major players in the end-use industries of safflower extracts. The Asia Pacific market is projected to account for significant growth rate in the global safflower extract market. Growing demand for safflower oil and rising awareness about the medicinal benefits of safflower among individuals is projected to support growth of the Asia Pacific (APAC) safflower extract market. Furthermore, India is the largest producer and consumer of safflower and its extracts. This is a major factor driving APAC market growth.  Markets in Latin America and Middle East and Africa are projected to register moderate growth rates over the 10-year forecast period.

Global Safflower Extract Market Segmentation:

Segmentation by Type:          

• Dried Powder
• Decoction
• Oil

Segmentation by Application:

• Pharmaceutical Industry
• Food & Beverages Industry
• Cosmetic Industry
• Textile Industry

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa