Crocin Market Size, Share & Trends Analysis Report By Application (Food, Drug), Purity (Purity >98%, Purity <98%), Indication (Pain), Distribution Channel (Hospital Pharmacy), By Region, And Segment Forecasts, 2023 - 2030

Crocin Market Size, Share & Trends Analysis Report By Application (Food, Drug), Purity (Purity >98%, Purity <98%), Indication (Pain), Distribution Channel (Hospital Pharmacy), By Region, And Segment Forecasts, 2023 - 2030

Crocin Market Growth & Trends

The global crocin market size is expected to reach USD 6.79 billion by 2030, expandingat a CAGR of 5.14% from 2023 to 2030, according to a new report by Grand View Research, Inc. The crocin market growth is attributed to the global rise in the prevalence of chronic diseases such as cardiovascular disorders & cancer and the rapidly aging population. According to the Commentary on Chronic Disease Prevention in 2022 published by the National Association of Chronic Disease Directors, nearly 60% of adult Americans have at least one chronic disease.

Oral diseases affect approximately 3.55 bn people, causing discomfort and pain, according to WHO. Paracetamol is commonly used to treat minor to moderate pain, such as headaches, toothaches, backaches, fever, neurological discomfort, and osteoarthritis. As pain levels rise, so does the need for relievers.

The rising incidence of pain is expected to boost the market growth of NSAIDs during the forecast period. According to the CDC in 2019, around 20.4% of the adult population suffered from chronic pain in the U.S. For instance, 1 in 6 people will be over the age of 60 years in the world and by 2050 the population of people aged 60 years and above would double i.e., 2.1 billion, as per the statistics published by WHO.

Paracetamol is the most commonly used analgesic in older people as a means of pain management or mostly to treat lower back or musculoskeletal-related conditions. The rising prevalence of flu and the increased use of OTC products are propelling growth. Migraine is one of the most common diseases, causing headaches and other complications where the usage of Crocin or paracetamol is very high.

Furthermore, key players are engaged in mergers, acquisitions & partnerships, and product launches to strengthen their product portfolios & manufacturing capacities and provide competitive differentiation. For instance, in August 2022, Haleon Group of Companies introduced New Advil PLUS Acetaminophen, a single tablet containing ibuprofen and acetaminophen, in Canada.

Crocin Market Report Highlights

• Drugs segment dominated the market attributing to the increasing production of paracetamol to be used for relieving pain and fever. Moreover, the increasing use of paracetamol in various formulations in the treatment of pain-related conditions is expected to further propel the growth
• Purity >98% segment held the majority of the crocin market share in 2022. However, the purity <98% segment is expected to show significant growth over the forecast period
• Pain segment dominated the market owing to the increasing usage of paracetamol as an Over-The-Counter (OTC) analgesic with lesser side effects as compared to other painkillers available in the market
• Hospital pharmacy segment dominated the crocin market in 2022. However, the retail pharmacy segment is expected to grow at a significant rate over the forecast period owing to the increasing adoption of OTC products
• North America held the largest share of the market in 2022. The growth in the region can be attributed to the increasing need for pain management drugs among the population in the region

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