Saffron Market Size Will Reach $2.0 Billion By 2025
A traditional food additive as well as medicine, saffron is getting more and more attention now. Saffron was once a luxurious product and only nobilities could afford using this expensive spice. But the worldwide market of the product expanded due to the increase in saffron cultivation and widespread researches on the medical effects of saffron.
Now, the saffron market is growing rapidly and a comprehensive report by Grand View Research has estimated the size of the global saffron market to reach $2.0 Billion by 2025. Here we have provided a brief summary of the report.
Summary of the Report: Saffron Market Size by 2025
The report, first published in 2014, states that the rising use of saffron as a food additive for its flavor and color will lead to growth for the next nine years, till 2025.
Also, the report refers to the use of saffron in medical properties for a range of symptoms and diseases including cough, asthma, and dry skin.
Moreover, the increasing demand for saffron as an antioxidant, anti-inflammatory, anti-tumor, and anti-diabetic in the pharmaceutical sector would have a positive effect on the industry.
The increasing popularity of saffron as an herbal health supplement would also increase the market share of saffron in the following years.
Also, saffron is increasingly used as a supplement in tan removal, and skin-related products are expected to propel saffron use in manufacturing skincare products and as a result the need for saffron.
Finally, the growth of saffron usage in textile and painting in oriental fragrance, natural color dyeing, and replacing the chemical colors and also its application in the perfume sector in the Middle East, Africa, and the Asia Pacific are expected to lead to growth in saffron production in the following years.
By the way, as saffron is a labor-intensive product and grows in specific regions (having a specific climate), the high production cost and consequently the high product price may have a negative impact on the forecasted development in the industry. Read more about saffron price in our article Saffron Price: All You Need to Know Before Buying Saffron
Other Key Findings
Besides the mentioned points, the report continues to give further details on the percentage of the saffron market size growth in different sectors and regions:
- The Compound Annual Growth Rate (CAGR) of the market would grow by 12% from 2016 to 2025 due to the increasing use of saffron in the food sector
- The widespread use of saffron for its flavor and coloring power as a food additive would result in the fastest growth in revenue from 2016 till 2024 (about over 13%)
- The saffron market share in Europe would see a significant development due to the growing demand for saffron in the food and health sectors
- The key companies in the sector have concentrated on increasing their global share through supply change integration
Global Saffron Market
Grand View Research also segmented the global saffron market on the basis of application and region:
Saffron Application Outlook:
Saffron Regional Outlook:
- North America
- The U.S.
- Asia Pacific
- South & Central America
- Middle East & Africa
- Saudi Arabia
Download and read the report at Report Buyer