SAN FRANCISCO, Oct. 19, 2021 /PRNewswire/ -- The global saffron
market size is expected to reach USD
721.5 million by 2028, according to a new report by Grand
View Research, Inc., expanding at a CAGR of 8.5% over the forecast
period. The demand for saffron has been growing rapidly owing
to several factors, such as the growing demand for natural
ingredients in the food industry. Furthermore, the medicinal
properties of saffron have also been one of the key driving factors
contributing to the growth of the market. Saffron is the most
versatile and costliest spice in the world. Saffron is the dry
stigma of Crocus Sativus, where each flower has only 3 stigmas. The
process of handpicking the saffron thread is very labor-intensive
and over 70,000 flowers produce 1 pound of saffron.
Key Insights & Findings:
- The grade I segment accounted for the largest revenue share
of over 59.98% in 2020 and is estimated to retain the dominant
position throughout the forecast period
- The medical application segment is projected to be the
fastest-growing segment over the forecast period
- The increasing product usage in dietary supplements and
medicines for the treatment or prevention of various health
conditions, such as high cholesterol levels and healing of
second-degree burns, boosts the segment growth
- Middle East &
Africa is the key region, which is
anticipated to witness the fastest growth in the market over the
forecast period
- Middle East holds the
largest production cluster of saffron and has increasing product
usage in the food as well as medical applications contributing to
the highest growth of the regional market
Read 135 page market research report, "Saffron Market
Size, Share & Trends Analysis Report By Application (Cosmetics,
Food, Medical), By Grade (Grade I, II, III, IV), By Region (APAC,
MEA, North America, Europe), And Segment Forecasts, 2020 -
2028", by Grand View Research
The extensive production process coupled with lower production
volumes makes it the most expensive spice among others. Saffron
corms are needed for the production of saffron, and the key
suppliers of this raw material include Roco saffron, American
Meadows, and Bloembollenbedrijf J.C.Koot (sattivus.com). Saffron is
available in four grades including grades I, II, III, and IV.
However, grade I is the highest quality of saffron containing all
red stigmas having excellent coloring, flavoring, and aromatic
properties, whereas grade IV is the lowest quality of the product
that needs to be used in a large quantity to get the optimum
results. Asia Pacific is one of
the key regions in the market with the dominant share in 2020.
The demand for saffron is continuously on the rise owing to its
increasing usage in the traditional cuisines of Asia Pacific countries. Furthermore, saffron
is used in traditional Asian medicines to treat or prevent various
diseases and health conditions. The increasing usage of the product
in various dietary supplements as an ingredient is also expected to
bolster the demand over the forecast period. The majority of the
players operating in the global market are export-oriented and
focus more on their supply chain and global distribution network to
meet the increasing demand from various application industries
across the globe.
Grand View Research has segmented the global saffron market
on the basis of grade, application, and region:
- Saffron Grade Outlook (Volume, Tons, Revenue, USD Thousand,
2017 - 2028)
-
- Grade I
- Grade II
- Grade III
- Grade IV
- Saffron Application Outlook (Volume, Tons, Revenue, USD
Thousand, 2017 - 2028)
-
- Food
- Medical
- Cosmetics
- Others
- Saffron Regional Outlook (Volume, Tons, Revenue, USD
Thousand, 2017 - 2028)
-
- North America
-
- Europe
-
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
-
- China
- India
- Japan
- Australia
- Central & South
America
-
- Middle East & Africa
-
- UAE
- South Africa
- Saudi Arabia
List of Key Players of Saffron Market
- Esfedan Trading Company
- Safran Global Company S.L.U.
- Tarvand Saffron Co.
- Saffron Business Company
- Gohar Saffron
- Rowhani Saffron Co.
- Mehr Saffron
- Flora Saffron
- Royal Saffron Company
- Iran Saffron company
Browse through Grand View Research's coverage of the
Global Food Additives & Nutricosmetics
Industry:
- Beauty And Personal Care Products Market –
The global beauty and personal care products market size is
anticipated to reach USD 716.6
billion by 2025. The market is anticipated to tread along a
healthy growth track owing to rising preference for natural and
organic personal care products.
- Home Fragrance Market – The global home fragrance
market size is expected to reach USD 9.1
billion by 2025. It is expected to register a CAGR of 4.4%
from 2019 to 2025.
- Fragrance Market – The global fragrance market
size is expected to reach USD 91.17
billion by 2025. The rising importance of personal hygiene
and grooming among both men and women is expected to remain one of
the key driving factors.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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