The global Saffron market size is expected to be worth around US$ 1.5 billion by 2027, according to a new report by Vision Research Reports.
The global Saffron market size was valued at US$ 881.6 million in 2019 and is anticipated to grow at a CAGR of 7.2% during forecast period 2020 to 2027.
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The market is expected to grow over the next few years on account of growing demand from the pharmaceutical sector particularly in countries with rapid population expansion.
Saffron is one of the most expensive spices by weight and is used in various applications, including food, beverages, and medicines. At present, major demand comes from herbal remedy, perfumery, textile dyeing, and cooking spices. Medicinal application is likely to remain a key focus area for market vendors on account of its use as an anti-depressant, antioxidant, and antiseptic. It can also be used in the treatment of whooping cough, asthma, and dry skin.
Growing food industry, improved standard of living, and increasing consumer disposable income are likely to trigger the demand for saffron products over the coming years. It is majorly used in the food industry to add flavor, aroma, and color to the food products.
- Food application accounted for the highest revenue share and was valued at USD 485.6 million in 2019. Growing population in Asian and Middle East countries is likely to boost the product demand
- In terms of volume, medical application accounted for a share of 23.8% in 2019. This segment is anticipated to be impacted by rising R&D expenditure on saffron compounds
- The cosmetics application segment is projected to expand at revenue-based CAGR of 6.6% from 2020 to 2027. Improvement in living standards coupled with heavy marketing by cosmetics companies is projected to drive the segment growth
- In terms of volume, Asia Pacific dominated the global saffron market and is anticipated to maintain its position during the forecast period owing to expansion of medical sector and increase in health expenditure
- Europe is projected to attract significant demand for products over the forecast period on account of growth of cosmetics and food industries and advancement of healthcare sector
Iran Saffron Company, Rohwani Saffron Co., Gohar Saffron, Esfedan Trading Company, Tarvand Saffron Co., and Saffron Business Co.
Saffron Application Outlook
Saffron Regional Outlook
- North America
- Asia Pacific
- Central and South America
- Middle East & Africa
- Saudi Arabia
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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