Global Saffron Market Development By Major Eminent Players, Research Analysis, Growth and Forecast 2021 to 2027

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.

Growth Factors

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 Highlights

Food 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

Key Players

Iran Saffron Company, Rohwani Saffron Co., Gohar Saffron, Esfedan Trading Company, Tarvand Saffron Co., and Saffron Business Co.

Market Segmentation

Saffron Application Outlook 

Food Medical Cosmetics Others

Saffron Regional Outlook 

North 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

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

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