In the UK and for vanilla at least, 'extract' must be extracted from the vanilla pod with a solution of alcohol; 'essence' is commonly used to market synthetic vanillin products. (I don't know if synthetic saffron even exists? For colouring purposes a mixture of turmeric & chilli powder - deggi mirch has particular vibrance - can be a good approximation for much less cost, but for flavour?)

I believe in general 'extract' refers to alcohol extraction, in support of that, Wikipedia says of the US:

> Natural vanilla flavoring is derived from vanilla beans with little to no alcohol. The maximum amount of alcohol that is usually present is only 2–3%. Therefore, by FDA regulations it cannot be called an extract.