Saffron Industry Worth, Price Analysis and Growth Rate
by Susan Hill Business ConsultantThe global saffron market is expected to reach USD 2.0
billion by 2025, according to a new report by Grand View Research, Inc. Rising
product use in food applications as a flavoring and coloring agent will augment
growth over the next nine years.
The product is being employed in medical
applications to treat dry skin, cough, and asthma. Rising demand from the
pharmaceutical sector on account of its antioxidant, anti-inflammatory,
anti-tumor, and anti-diabetic properties is expected to have a positive impact
on the industry. Growing popularity as an herbal health supplement is expected
to propel product growth over the next nine years.
Rising product use in the treatment of acne, tan
removal, and other skin related issues, is expected to fuel its need in the
manufacturing of skin
care products which in turn will fuel demand.
Increasing product use in textile and paint
applications on account of properties such as oriental fragrance, natural color
dyeing, and replacement of chemical color pigment respectively will propel
industry development. Expansion of the perfume sector in Middle East &
Africa and Asia Pacific is expected to propel product need over the next nine
years.
The saffron market is a labor intensive sector along
with specific agro-climatic condition requirements, which imply high production
costs which in turn impact product prices. This factor may restrain industry
development over the forecast period.
Further
key findings from the report suggest:
- The market is expected to grow at a CAGR of 12.0% from 2016 to 2025
on account of increasing use in the food sector
- Food as an application of the product will witness the fastest
growth in terms of revenue at a CAGR of over 13% from 2016 to 2024 owing
to its flavoring and coloring properties
- Europe market is expected to witness significant development and was
estimated at over USD 250 million in 2015 on account of rising demand from
the food and healthcare sector
- Key participants include Gohar, Rowhani., Iran Saffron Company, and
Saffron Business Co.
- Key companies are focused on increasing their global presence
through the integration of supply chain.
- In January 2017, Rowhani revised its product manufacturing schedule
to implement mechanization and use scientific research to enhance product
quality
Access
full research report on global saffron market:
www.grandviewresearch.com/industry-analysis/saffron-market
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Created on Oct 16th 2019 02:22. Viewed 294 times.