3rd October 2019 – 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.
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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.
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