Jan 23,2023 | Food
Saffron is a thread like spice that derives from the flower named saffron crocus. These threads are collected and dried and mainly used as seasoning and colouring agent in food. Saffron is mainly cultivated in the countries like Iran, India and few others. Nicknamed as the sunshine spice, the increasing use in medicinal applications, textile dying, rapid development in cosmetics industry, alternative to artificial additives and adaptation of saffron as a cooking ingredient is fuelling the demand in market.
The food applications sector grabs the highest revenue share, followed by the medical application sector due to the increasing expenditure in research and development on saffron compounds. Also, with the increasing use of saffron in cosmetic products owing to concerns regarding aging along with climate change is likely to increase the market growth during the forecast period.
The global saffron market is poised to grow by US$ 255.0 million during 2022-2028, progressing at a CAGR of 8.3% during the forecast period. Under the Life Sciences – Healthcare Services categories, this exclusive market report offered on Bharatbook covers the market size and growth, segmentation, regional breakdowns, competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., trends and strategies for global saffron market. It traces the market’s historic and forecast market growth. The report identifies top segments for opportunities and strategies based on market trends and leading competitors’ approaches. This study also provides an analysis of the impact of the COVID-19 crisis on the saffron industry.
Furthermore, this industry analysis offers market estimates and forecasts of the global market, followed by a detailed analysis of the grade, application, and region. The global market for saffron can be segmented by grade: grade I, grade II, grade III, grade IV. According to the research, the grade I segment had the largest share in the global saffron market. Saffron market is further segmented by application: food, healthcare, personal care, others. In 2021, the food segment made up the largest share of revenue generated by the saffron market. Based on region, the saffron market is segmented into: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. Among these, Europe was accounted for the highest revenue generator in 2021.
The report explores the recent developments and profiles of key vendors in the Global Saffron Market, including Esfedan Co., Gohar Saffron, Rowhani Saffron Co., Royal Saffron Company, Saffron Group, Safrante Specialty Foods S.A., Tarvand Saffron Company, among others.
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