According to a report,“Saffron Market Analysis By Application (Food, Medical, Cosmetics), By Region (North America, Europe, Asia Pacific, South & Central America, Middle East & Africa, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., The global saffron market is expected to reach USD 2.0 billion by 2025, 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.
Key Takeaways from the report:
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
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Italy and Spain cumulatively accounted for the over 34% of the Europe market volume in 2015 on account of rising need from the food sector. These countries are engaged in product manufacturing. The innovative use of packaging technology to provide quality as per local food industry requirement is expected to have a positive impact on the industry over next nine years.
Demand in Asia Pacific was valued at over USD 198 million in 2015. This growth can be attributed to development of various application sectors including food, medical and cosmetics. Asia Pacific is expected to remain the second largest market during the period from 2016 to 2025.
Increasing product manufacturing in India on account of easy availability of skilled workforce is anticipated to result in higher overall production capacity. Substantial demand from the food industry in Asia Pacific is expected to boost the market over the forecast period.
Key players in the market include Gohar Saffron, Rowhani Saffron Co., Iran Saffron Company, and Saffron Business Co. Intense competition has made producers focus on affordable pricing structure, integrated supply chain, and product quality differentiation. Hence, companies have been investing in integrating the supply chain to maintain market share along with a focus on sustainable growth. In January 2017, Rowhani revised its saffron production plan to implement scientific research and mechanization in order to enhance production quality.
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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