8-January-2019: According to a report by Grand View Research, Inc., global saffron market is anticipated to value USD 77.5 billion by 2024. Growing requirement for product in food applications as coloring and flavoring agent is anticipated to propel demand for saffron. It can be cultivated in arid and semi-arid climatic conditions and is likely to be labor intensive.
Rising product demand from pharmaceutical sector owing to its anti-inflammatory, antioxidant, anti-tumor, and anti-diabetic properties can influence market growth. Growing popularity as herbal health supplement is likely to surge demand for saffron over next few years. Increasing product use in manufacturing of skin care products attributed to its ability to treat acne, tan removal, and other skin related issues can stimulate market growth.
Based on application, the market can be categorized into medical, cosmetics, food, and others. In 2015, food segment dominated the market and accounted for largest market share. It is expected to grow fast in terms of revenue at CAGR of 13% from 2016 to 2024 attributed to coloring and flavoring properties. Saffron can be used as alternative to chemical food ingredients in dairy and confectionary products including tea, ice cream, fruit cakes, muffins, cake powder, and baking powder. Expansion of food sector in various regions is likely to surge product demand over the forecast period.
On the contrary, medical segment accounted for 25% of global volume in 2015 and became second largest application segment. Presence of safral and crocin as major active ingredients of saffron can surge its demand in manufacturing of various antibiotics. This, in turn can fuel product demand during the forecast period.
Cosmetic segment accounted for market share equivalent to USD 58 million in 2015. Rising demand for saffron to produce different types of skin care products can fuel market growth. It is expected to be used in anti-blemish lotions, fairness creams, and cleansers. In addition, it can be used for acne and tan removal and to treat various other skin ailments. Growth of cosmetics sector in Asia Pacific is likely to boost demand for saffron from 2016 to 2025.
Other segments including paint and textile accounted for 8% of global market share in 2015. High demand for saffron from these sectors owing to its properties such as oriental fragrance, color dyeing, and replacement of chemical color pigment can fuel market growth over the forecast period.
Regional segmentation includes Europe, North America, Asia Pacific, South & Central America, and Middle East & Africa. In 2015, Spain and Italy accounted for 34% Europe market volume attributed to rising product demand from food sector. These countries is expected to be engaged in manufacturing of saffron. Increasing use of innovative packaging technology to deliver quality according to requirement of local food companies can boost market growth during the forecast period.
On the contrary, Asia Pacific accounted for market share equivalent to USD 198 million in 2015. Continual development of various application sectors such as medical, cosmetics, and food can augment market growth in the region. The region is expected to remain second largest market during the period from 2016 to 2025. Rising product manufacturing in India owing to easy availability of skilled workforce that can result in higher production capacity can fuel market growth. Moreover, significant product demand from food sector is predicted to boost growth of market over the forecast period.
In Middle East & Africa, the market is predicted to grow well during the forecast period attributed to expansion of perfume sector in the region. Increasing use of saffron in perfumes attributed to its oriental fragrance can fuel growth of market.
Some of the leading companies offering saffron are Iran Saffron Company, Gohar Saffron, Rowhani Saffron Co., and Saffron Business Co., and Esfedan trading company. Intense competition in the market is expected to push producers to focus on affordable pricing structure, integrated supply chain, and product quality difference. Hence, companies are likely to invest in integration of supply chain to maintain their market share coupled with focus on significant growth.
In-Depth Research Report On Saffron Market:
https://www.grandviewresearch.com/industry-analysis/saffron-market
No comments:
Post a Comment