Global Saffron Market to Set a High Potential Growth of USD 1.54 billion by 2027 : Fior Markets
Saffron Market by Form (Powder, Thread, Liquid), Application (Textile, Medicine, Cosmetics, Food), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, May 25, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global saffron market is expected to grow from USD 0.88 billion in 2019 to USD 1.54 billion by 2027, at a CAGR of 7.3% during the forecast period 2020-2027. Asia Pacific has the largest market share of saffron due to increased domestic demand and exports for natural ingredients. Due to the availability of land and raw materials, India produces a vast amount of saffron. The contributing factor for the growth of the market is an increased application of saffron in food and healthcare industry.
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Key players in the saffron market are Gohar Saffron, Iran Saffron Company, Tarvand Saffron Co, Flora Saffron, Rowhani Saffron Co., Saffron Business Co., Meher Saffron, Esfedan Trading Company and Royal Saffron. Key players are emphasizing more on packaging standards and quality of saffron due to an intense competition. Companies are also focusing on acquisitions, cost-effectiveness and integrating supply chain to maintain market share as well as consistency in sales.
The form segment includes powder, thread and liquid. Thread segment has the largest market share in the saffron market and is expected to show higher growth over the forecast period. Usage of saffron threads is high in food industry. Also, saffron threads are highly used in the healthcare sector due to its therapeutic benefits. Saffron threads are used to treat cough, cold and other minor health conditions. Hence, it is used in the herbal medicines. The application segment includes textile, medicine, cosmetics and food. Food segment has the largest market share in the saffron market and is expected to show the highest growth over the forecast period. Saffron is primarily used in the culinary industry as a flavouring agent, herb and spices. It is the best substitute for artificial additives. It also has nutritional values. Hence, It has a positive impact on driving the growth of the saffron market. Moreover, saffron has anti-depressant properties. It is also used to treat issues related to the nervous system. Hence, It is also beneficial in the medical sector.
The saffron market is driven by an increased preference for saffron over artificial flavourings and colourings, disposable income levels as well as enhanced standard of living. The demand for the saffron is rising as it has several therapeutic applications in the pharmaceutical industry. Saffron contains various antioxidants like ß-carotenes, lycopene and zeaxanthin. It acts as immune modulators. Increased population, enhanced standard of living and rapid development are driving the market. Increased demand for cleansers, fairness creams and anti-blemish creams are contributing factors to the growth of the market.