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.
Browse full report by Grand View
Research:
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
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/food-additives-nutricosmetics-flavors-and-fragrances
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
o U.S.
·
Europe
o Italy
o Spain
·
Asia Pacific
o China
o India
·
South & Central America
o Brazil
·
Middle East & Africa
o Iran
o UAE
o Saudi Arabia
Access press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-saffron-market
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
