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.
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.
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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.
Report HighlightsFood 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 OutlookFood Medical Cosmetics Others
Saffron Regional OutlookNorth America U.S. Europe Spain Italy Asia Pacific China India Central and South America Brazil Middle East & Africa UAE Saudi Arabia Iran
In this study, the years considered to estimate the market size of Saffron are as follows:Historic Year: 2016-2019 Base Year: 2020 Forecast Year 2020 to 2027
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