Global Safflower Extracts Market Size By Type (Dried Powder, Decoction), By Application (Pharmaceutical Industry, Food and Beverages Industry), By Region, And Segment Forecasts, 2023 to 2032

The Global Safflower Extracts Market was valued at USD 425 million in 2023 and is projected to reach USD 725 million by 2031, growing at a CAGR of 6.1% during the forecast period of 2023-2031. Safflower extracts, widely used in food, cosmetics, and pharmaceutical applications, are gaining traction due to their health benefits, including anti-inflammatory and antioxidant properties. The increasing consumer awareness of natural and plant-based products is driving demand, especially in dietary supplements and cosmetics. Rising interest in safflower extracts as a source of natural coloring and therapeutic compounds is further contributing to the market growth.

Drivers

Rising Demand for Natural and Herbal Products: The global shift towards natural, plant-based products is significantly driving the safflower extracts market. Consumers increasingly seek safer, eco-friendly, and sustainably sourced ingredients in food, cosmetics, and supplements, fueling demand.

Health Benefits and Nutritional Properties: Safflower extracts offer several health benefits, such as reducing cholesterol levels, promoting heart health, and boosting immunity, making them popular in nutraceutical and dietary supplement markets.

Increased Application in Cosmetics and Skincare: Safflower extracts are valued for their moisturizing and anti-inflammatory properties, leading to their rising use in skincare and cosmetics.

Restraints

High Cost of Raw Materials: Fluctuating prices of safflower seeds due to seasonal supply challenges can impact the overall cost of safflower extracts, limiting market growth, especially for smaller manufacturers.

Limited Awareness in Emerging Markets: While demand is strong in developed markets, awareness and availability of safflower extract products are limited in some emerging regions, potentially restricting growth.

Opportunity

Expansion in Emerging Markets: Increasing awareness and disposable incomes in emerging markets, especially in Asia-Pacific, are expected to offer lucrative growth opportunities for the safflower extracts market.

Innovation in Extraction Techniques: Advances in extraction methods, such as supercritical fluid extraction, offer higher yield and purity, expanding the potential applications of safflower extracts across multiple sectors.

Market by System Type Insights

The Safflower Oil Extract segment dominated the market in 2023, attributed to its extensive use in culinary applications, skincare, and pharmaceuticals. Safflower oil extracts are especially popular for their high oleic acid content, which benefits heart health and skin hydration. Powder Extracts are also witnessing growth due to their ease of use in dietary supplements and functional foods.

Market by End-use Insights

The Food & Beverage sector held the largest revenue share in 2023, as safflower extracts are increasingly incorporated into health-focused food products and natural food colorants. The Cosmetics and Personal Care segment is also experiencing rapid growth, supported by consumer interest in natural ingredients for skincare. Pharmaceutical applications are emerging as a promising segment, driven by the therapeutic benefits of safflower extracts in managing cholesterol and promoting cardiovascular health.

Market by Regional Insights

North America held the largest market share in 2023 due to high consumer awareness and a strong preference for natural and herbal products. Asia-Pacific is projected to witness the highest growth rate during the forecast period, driven by rising disposable incomes, growing interest in natural ingredients, and expanding cosmetic and food industries.

Competitive Scenario

Key players in the Global Safflower Extracts Market include Cargill, Inc., ADM, Marico Limited, GNC Holdings, Nature’s Way Products, LLC, and Spectrum Ingredients Pvt. Ltd. These companies are focusing on innovations in extraction methods, expanding their product portfolios, and forming strategic partnerships to strengthen their market positions.

Scope of Work – Global Safflower Extracts Market

Key Market Developments

2023: Cargill, Inc. announced a strategic partnership with a leading natural products brand to enhance safflower extract applications in the functional foods segment.

2024: ADM introduced a new line of organic safflower extract powders targeted at the dietary supplement market in North America and Europe.

2025: Marico Limited expanded its production capacity to cater to the growing demand for safflower-based skincare products in Asia-Pacific.

FAQs

What is the current market size of the Global Safflower Extracts Market?

The Global Safflower Extracts Market was valued at USD 425 million in 2023.

What is the major growth driver of the Global Safflower Extracts Market?

The rising demand for natural and plant-based products in food, cosmetics, and supplements is a key driver of this market.

Which is the largest region during the forecast period in the Global Safflower Extracts Market?

North America is the largest market, though Asia-Pacific is expected to see the highest growth rate.

Which segment accounted for the largest market share in the Global Safflower Extracts Market?

The Safflower Oil Extract segment held the largest share in 2023, primarily due to its applications in culinary and skincare.

Who are the key market players in the Global Safflower Extracts Market?

Leading players include Cargill, Inc., ADM, Marico Limited, GNC Holdings, Nature’s Way Products, LLC, and Spectrum Ingredients Pvt. Ltd.