The global saffron market is poised to rise to a valuation of USD 2.0 billion by 2025 and is estimated to witness a CAGR of 12%, as per the report by Grand View Research Inc. Increasing demand for saffron from health-conscious customers owing to its nutritional characteristics and its use in food applications as a coloring and flavoring agent is anticipated to boost the market growth over the coming years.
Increasing demand for saffron based natural medicines due to its antioxidant, anti-depressant, anti-tumor properties and its use in therapy for asthma, depression, Alzheimer’s, cancer, and insomnia is driving the market growth . Moreover, saffron has many beneficial applications that have boosted its demand in the pharmaceutical market, driving the market growth. Furthermore, saffron improves the skin conditions and makes it healthier by treating acne, dryness, and dullness. Growing use of saffron in cosmetics on account of its medicinal properties is another factor anticipated to propel the growth of the market in the years to come.
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On the other hand, lack of supply chain, high price of saffron, and low accessibility of liquid saffron are anticipated to hinder the market growth in the forecast period. Moreover, presence of artificially colored saffron in the market is also anticipated to affect the market growth. However, increasing use of saffron in perfumes and personal care products can generate various opportunities for the manufacturing companies in the years to come.
New product formulations using is the emerging trend in the market. Increasing consciousness about saffron and its advantages is the leading factor driving the demand for innovative product formulations with saffron as a dynamic component. It is used as a key component in cosmetic and personal care products such as serums, face creams, and perfumes.
In February 2016, the U.S. lifted sanctions from Iran products which will boost the saffron industry in Iran. The product is recognized as Iran’s red gold and an ounce of it is considered costlier than precious metal in some of the western supermarkets.
Geographically, Italy and Spain cumulatively accounted for more than 34% of the Europe market volume in 2015 owing to an increasing need for saffron from the food segment. In addition, the advanced use of packaging technology to offer better quality as per local food industry requirement is anticipated to have a positive influence on the industry over the forecast period.
In 2015, demand in the Asia Pacific was valued at over USD 198 million and is anticipated to become the second-largest market in the forecast period. This development can be attributed to the growth of numerous application segments comprising medical, cosmetics, and food. The major players in the saffron market include Rowhani Saffron Co., Gohar Saffron, Saffron Business Co., and Iran Saffron Company.
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.
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