The global Saffron Market is expected to grow at a CAGR of 12.0% by 2025; thereby crossing USD 2 billion within the specified timeframe. Saffron is grown in Mediterranean environment having cool to chilly winters with warm and dry summers followed by little or no rainfall. It even withstands -100C and could be grown in chilly winters. The cultivation is highly dependent on corn size and density and planted in summers. Corn size leaves a significant impact on production of new offspring, hence larger the corn, larger is the daughter corn that particularly raises the potential for higher yield in following years.
Saffron market is driven by factors such as increase in demand from medical and cosmetic sector on accounts of its popularity and usage as a health supplement. Rise in popularity of saffron use in cosmetics adds to the market growth. Saffron is significantly used in treatment of asthma, dry skin, and whooping cough, which again marks its commercial importance.
The saffron industry is segmented on the basis of application such as food, cosmetics, and medical. Food accounts as a large segment contributing to the market growth. It is largely used as a food ingredient in dairy and confectionary industry to add essence to the taste of food. On the other hand, widening scope of food sector is likely to open new horizons for use of saffron in food.
“Medical” segment is expected to gain a substantial share in the market growth due to significant effects of saffron for dry skin and cough. “Cosmetic” segment will demonstrate a rise in CAGR due to increase in use of saffron for in face gels, for stretch marks, and also as an anticonvulsant gel.
Geographical analysis for saffron market includes North America, Latin America, Europe, Asia-Pacific, Middle East & Africa. Asia-Pacific’s saffron industry dominates the global scenario due to rise in saffron production, import and export, and growth in consumer demand. North American and European markets are expected to gain a significant CAGR in the forecast period due to increase in use of saffron for medical and cosmetics. Prominent players in the saffron market include Gohar Saffron, Rowhani Saffron Co, Iran Saffron Company and Saffron Business Co.
Saffron Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)
Saffron Regional Outlook (Volume, Tons, Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South & Central America
• Middle East & Africa
• Saudi Arabia
Research Support Specialist, USA