Saffron Market Size, Share & Trends Analysis Report By Application (Food, Medical, Cosmetics), By Region (North America, Europe, Central & South America, APAC, MEA), And Segment Forecasts, 2020 - 2027
The global saffron market size is expected to reach USD 1.6 billion by 2027, registering a revenue-based CAGR of 7.3% over the forecast period. 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.
According to the UN statistics, global population has increased from 1.8 billion in 1915 to 7.6 billion people in 2020. Population growth along with increasing disposable income in developing countries is driving the global food demand, which is expected to create a positive impact on the crops production, including saffron.
Expansion of healthcare sector is anticipated to remain a driving force for the market over the forecast period.Saffron has crocin and safranal that are known to cure various types of diseases.
It is used in several herbal and pharmaceutical drugs owing to rising awareness among consumers regarding health benefits of saffron.
Saffron falls under expensive range of products due to which fraudulent practices of selling adulterated products occur at large.These practices are likely to hamper the market growth over the forecast period.
Adulteration is done by mixing beet or pomegranate fibers, dyed silk fibers, or stamens of the saffron crocus itself. Some other methods of adulteration include dipping the threads in honey or vegetable oil to give it a non-bitter taste and adding turmeric, paprika, and other fillers to its powder.
Labor intensive harvesting process and volatility in climatic conditions are other challenges for the saffron producers and is projected to affect cultivation in some regions.The production requires climatic conditions such as dry and hot summers, snowy winters, and 300 mm of rain during growth period.
These factors affect the prices of final products and are likely to create short-term challenges for the market.
Government regulations and initial capital investment is anticipated to restrict entry of new players in the saffron market.Compared to initial investment in the saffron business, the yield of final products is very less, which makes it difficult to achieve profit in the initial phase of business.
Regulations pertaining to purity and quality of saffron products are also likely to obstruct the new entrants in the market.
Further key findings from the report suggest: • Food application accounted for the highest revenue share and was valued at USD 485.7 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 23.9% 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 6.7% 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 • Key companies in the market include Iran Saffron Company, Rohwani Saffron Co., Gohar Saffron, Esfedan Trading Company, Tarvand Saffron Co., and Saffron Business Co.
Our reports have been used by over 10K customers, including:
Saffron Extract Market Research Report by Nature (Conventional and Organic), by Form (Liquid, Powder, and Thread), by Application - Global Forecast to 2025 - Cumulative Impact of COVID-19 The Global Saffron Extract Market is expected to grow from USD 340.16 Million in 2019 to USD 535.80 Million by the end of 2025 at...
Spice & Herbs Extracts Market Research Report by Product (Basil, Cardamom, Celery, Chili, and Coriander), by Type (Essential Oils, Liquid Blends, and Spice Seasonings & Blends), by Application - Global Forecast to 2025 - Cumulative Impact of COVID-19 The Global Spice & Herbs Extracts Market is expected to grow from...
Ginger Market Research Report by Form (Cookies, Crystallized, Dried, Fresh, and Ginger Ale), by Distribution Channel (Hyper Market, Online, and Retail Stores), by Application - Global Forecast to 2025 - Cumulative Impact of COVID-19 The Global Ginger Market is expected to grow from USD 3,254.64 Million in 2019 to USD...
215 pages •
By Global Industry Analysts
• Sep 2020
Global Packaged Milkshakes Market to Reach $3.2 Billion by 2027 Amid the COVID-19 crisis, the global market for Packaged Milkshakes estimated at US$2.1 Billion in the year 2020, is projected to reach a revised size of US$3.2 Billion by 2027, growing at a CAGR of 5.9% over the analysis period 2020-2027. Chocolate-Flavored, one of the...
India Organic Spices Market By Type (Basil, Garlic, Ginger, Turmeric, Cumin, Cinnamon, Pepper, Clove, Cardamom, Others), By Form (Whole, Powdered, Seeds, Minced, Others), By Distribution Channel (Hypermarket/Supermarket, Grocery Store/Convenience Store, Online and Others), By Region (North, South, East, West), Competition, Forecast...
Spices & Seasonings Market Research Report by Product (Herbs, Salt & Salt Substitutes, and Spices), by Application (Bakery & Confectionery, Meat & Seafood, Salads & Dressings, Savory Snacks, and Soups & Sauces) - Global Forecast to 2025 - Cumulative Impact of COVID-19 The Global Spices & Seasonings Market is expected...
295 pages •
By Global Industry Analysts
• Sep 2020
Global Ginger Market to Reach $4.8 Billion by 2027 Amid the COVID-19 crisis, the global market for Ginger estimated at US$3.4 Billion in the year 2020, is projected to reach a revised size of US$4.8 Billion by 2027, growing at a CAGR of 5.4% over the analysis period 2020-2027. Fresh, one of the segments analyzed in the report, is projected...
The food flavors market is projected to grow at a CAGR of 4.8% during the forecast period. The food flavors market is estimated to be valued at USD 16.4 billion in 2020 and is projected to reach USD 20.7 billion by 2025, recording a CAGR of 4.8 %, in terms of value. Factors such as the growth in environmental concerns and...
204 pages •
By Global Industry Analysts
• Sep 2020
Global Turmeric Market to Reach 1.5 Million Metric Tonnes by 2027 Amid the COVID-19 crisis, the global market for Turmeric estimated at 1.1 Million Metric Tonnes in the year 2020, is projected to reach a revised size of 1.5 Million Metric Tonnes by 2027, growing at aCAGR of 3.9% over the period 2020-2027. Food & Beverages, one of...
Increasing awareness about plant-based animal feed products and stringent government regulations regarding animal nutrition are projected to drive the phytogenic feed additives market The global phytogenic feed additives market size is estimated to be USD 753million in 2020 and is projected to reachUSD 1,098million by 2025, at a CAGR of...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.