Global Saffron Market is valued approximately at USD 881.7 million in 2019 and is anticipated to grow with a healthy growth rate of more than 7.3% over the forecast period 2020-2027. Saffron is a thread like spice derives from the flower named saffron crocus. These threads are collected and dried and mainly used as seasoning and coloring agent in food. Saffron mainly cultivated in the countries like Iran, India and few others. The increasing use in medicinal applications, textile dying, rapid development in cosmetics industry, alternative to artificial additives and adaptation of saffron as a cooking ingredient due to increasing disposable income and higher standard of living will fuel the demand in market. For instance, in 2019 food applications grab the highest revenue share at USD 485.6 million, followed by medical application at 23.8% owing to increasing expenditure in research and development on saffron compounds. Also, according to CISION PR Newswire, cosmetics application segment is projected to expand by CAGR of 6.7% during 2020-2027. However, requirements for specific conditions for cultivation, high cost and higher labor cost impedes the growth of the market over the forecast period of 2020-2027. Also, with the increasing use of saffron in cosmetic products owing to concerns regarding aging along with climate change is likely to increase the market growth during the forecast period.
The regional analysis of global Saffron market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to developed trade channels, , grading standards, and attractive packaging . Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as domestic demand for natural ingredients and increasing exports would create lucrative growth prospects for the Saffron market across Asia-Pacific region.
Major market player included in this report are:
Rowhani Saffron Co
Iran Saffron Company
Saffron Business Co.
Tarvand Saffron Co.
Esfedan Trading Company
Safrante Global Company, S.L.U.
Royal Saffron Company
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Saffron Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers