Saffron Market Report

Saffron Market Analysis By Application (Food, Medical, Cosmetics), By Region (North America, Europe, Asia Pacific, South & Central America, Middle East & Africa, And Segment Forecasts, 2014 - 2025

Published: May 2017  |  75 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-471-0

Industry Insights

The global saffron market size was valued at USD 645.9 million in 2015 and is expected to grow at a CAGR of 12.0% over the forecast period on account of its increased use in food applications due to its superior flavor and color. It is mainly cultivated in arid and semi-arid climatic conditions and is labor intensive, which is a major factor responsible for the high price of saffron.

Product demand has been increasing in medical applications on account of its use as an antioxidant, antiseptic, anti-depressant, and an anti-convulsant. The rising popularity of natural products in the medical industry has boosted the need for herbal health supplements and is expected to propel the market over the next nine years. The product can also be used to treat asthma, whooping cough, dry skin, and similar other common ailments. Growth in the medical sector particularly in North America and Europe is expected to have a positive impact on the industry.

U.S. saffron market revenue, by application, 2014 - 2025 (USD Million)

U.S. saffron market

Food is the largest application segment and is expected to gain share on account of growing product use as a natural food ingredient. It is used as an alternative to chemical food ingredients in the diary & confectionery industry in various preparations including milk, tea, ice cream, jelly, fruit cakes, muffins, cake powder, and baking powder. Product addition to various food types enhances the essence. Expansion of the food sector in various regions is expected to fuel product demand over the next nine years.

Increasing need from the cosmetics sector on account of its growing use in the production of fairness creams, anti-blemish lotions, and cleansers is expected to fuel industry growth. In addition, the product is widely used due to its properties such as glowing skin, tan and acne removal, and treatment of similar other skin problems. Rising use in the cosmetic sector is expected to drive the market from 2016 to 2025.

Specific climatic conditions for cultivation, rising labor costs coupled with the high price of the product are expected to pose a challenge for industry growth. Additionally, lack of integration in the supply chain may have negative implications on the distribution network, which in-turn would restrict industry development.

Application insights

Medical was the second largest application segment accounting for over 25% of the global volume in 2015. The presence of crocin and safral as major active ingredients of saffron are expected to fuel its demand in the manufacturing of various antibiotics. This, in turn will fuel product need over the next nine years.

Global saffron market revenue, by application, 2015 (%)

Global saffron market

Product need in the cosmetic sector was estimated at over USD 58 million in 2015. It can be used in the production of various types of skin care products. It is used for tan and acne removal and to treat similar other skin ailments. The growth of the cosmetics industry in Asia Pacific is expected to have a positive impact on the industry.

The others segments include textile and paint which accounted for over 8% of the global share in 2015. Increased demand from these applications of on account of factors such as properties such as color dyeing, oriental fragrance, and replacement of chemical color pigment will propel product need over the forecast period.

Regional insights

Italy and Spain cumulatively accounted for the over 34% of the Europe market volume in 2015 on account of rising need from the food sector. These countries are engaged in product manufacturing. The innovative use of packaging technology to provide quality as per local food industry requirement is expected to have a positive impact on the industry over next nine years.

Demand in Asia Pacific was valued at over USD 198 million in 2015. This growth can be attributed to development of various application sectors including food, medical and cosmetics. Asia Pacific is expected to remain the second largest market during the period from 2016 to 2025.

Increasing product manufacturing in India on account of easy availability of skilled workforce is anticipated to result in higher overall production capacity. Substantial demand from the food industry in Asia Pacific is expected to boost the market over the forecast period.

Competitive insights

Key players in the market include Gohar Saffron, Rowhani Saffron Co., Iran Saffron Company, and Saffron Business Co. Intense competition has made producers focus on affordable pricing structure, integrated supply chain, and product quality differentiation. Hence, companies have been investing in integrating the supply chain to maintain market share along with a focus on sustainable growth. In January 2017, Rowhani revised its saffron production plan to implement scientific research and mechanization in order to enhance production quality.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2014 & 2015

Forecast period

2016 - 2025

Market representation

Volume in Tons, Revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, South & Central America, & Middle East & Africa

Country scope

U.S., Italy, Spain, China, India, Brazil

Report coverage

Volume & Revenue forecast, competitive landscape, growth factors and trends

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Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the saffron market on the basis of application, and region:

  • Application Outlook (Volume, Tons; Revenue, USD Million, 2014 - 2025)

    • Food

    • Medical

    • Cosmetics

    • Others

  • Regional Outlook (Volume, Tons, Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

    • Europe

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

    • South & Central America

      • Brazil

    • Middle East and Africa

      • Iran

      • UAE

      • Saudi Arabia

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