The global saffron market is
expected to reach USD 2.0 billion by 2025, according to a new report by Grand
View Research, Inc. Rising product use in food applications as a flavoring and
coloring agent will augment growth over the next nine years.
The product is being employed
in medical applications to treat dry skin, cough, and asthma. Rising demand
from the pharmaceutical sector on account of its antioxidant,
anti-inflammatory, anti-tumor, and anti-diabetic properties is expected to have
a positive impact on the industry. Growing popularity as an herbal health
supplement is expected to propel product growth over the next nine years.
Rising product use in the
treatment of acne, tan removal, and other skin related issues, is expected to
fuel its need in the manufacturing of skin care products which in turn will
fuel demand.
Increasing product use in
textile and paint applications on account of properties such as oriental
fragrance, natural color dyeing, and replacement of chemical color pigment
respectively will propel industry development. Expansion of the perfume sector
in Middle East & Africa and Asia Pacific is expected to propel product need
over the next nine years.
The saffron market is a labor
intensive sector along with specific agro-climatic condition requirements,
which imply high production costs which in turn impact product prices. This
factor may restrain industry development over the forecast period.
In depth research report on Saffron Market
Further key findings from the report suggest
•
The market is expected to grow
at a CAGR of 12.0% from 2016 to 2025 on account of increasing use in the food
sector
•
Food as an application of the
product will witness the fastest growth in terms of revenue at a CAGR of over
13% from 2016 to 2024 owing to its flavoring and coloring properties
•
Europe market is expected to
witness significant development and was estimated at over USD 250 million in
2015 on account of rising demand from the food and healthcare sector
•
Key participants include Gohar,
Rowhani., Iran Saffron Company, and Saffron Business Co.
•
Key companies are focused on
increasing their global presence through the integration of supply chain.
•
In January 2017, Rowhani
revised its product manufacturing schedule to implement mechanization and use
scientific research to enhance product quality
Grand View Research has
segmented the global saffron market on the basis of application and region:
Saffron Application Outlook (Volume, Tons; Revenue, USD
Million, 2014 - 2025)
•
Food
•
Medical
•
Cosmetics
•
Others
Saffron Regional Outlook (Volume, Tons, Revenue, USD
Million, 2014 - 2025)
•
North America
•
U.S.
•
Europe
•
Italy
•
Spain
•
Asia Pacific
•
China
•
India
•
South & Central America
•
Brazil
•
Middle East & Africa
•
Iran
•
UAE
•
Saudi Arabia
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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