Saffron Market size to grow by USD 210.37 million from 2022 to 2027, Driven by the growing use in the pharmaceutical and cosmetics industries - Technavio

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Dec 08, 2023, 00:15 ET

NEW YORK, Dec. 8, 2023 /PRNewswire/ -- The saffron market size is set to grow by USD 210.37 million between 2022 and 2027 and register a CAGR of 8.1%, according to Technavio's latest market research report. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Technavio offers an overall analysis of the current global market scenario and the market environment through relevant charts, graph,s and illustrations. View Sample Report

Technavio has announced its latest market research report titled Global Saffron Market 2023-2027

Saffron Market 2023-2027: Segmentation

The Saffron Market is segmented by the following:

Type

Food
Medical
Cosmetics
Others

Geography

APAC
Europe
North America
South America
Middle East And Africa

The market share growth by the thread segment will be significant for the market growth during the forecast period. The thread segment is defined by the sale of saffron in the form of threads or stigmas. The main drivers for the segment growth include the high demand for premium-quality saffron in a variety of applications, including food, beverages, cosmetics, and pharmaceuticals. The price and quality of saffron threads vary according to these variables. The premium quality saffron commands a higher price. Hence, due to such factors, the segment is expected to witness an accelerating year-over-year growth rate during the forecast period.

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Saffron Market 2023-2027: Vendor Analysis and Scope

To help businesses improve their market position, the saffron market provides a detailed analysis of around 15+ vendors operating in the market. Some of these vendors include Al Hasad Al Fakher Trading Est., Azafran de La Mancha, Great American Spice, Mehr Saffron, Organic Spices Inc., Rumi Spice, and Safrante Specialty Foods S.A.
Vendor Offerings

Al Hasad Al Fakher Trading Est. - The company offers saffron that is used extensively for rice dishes.
Azafran de La Mancha - The company offers saffron which is the slender, dried, reddish-brown, and flattened stigma of a small crocus.
Great American Spice - The company offers saffron with threads that sport a deep orange-red color, impart a robust flavor to fish dishes, soups, broths, stews, bouillabaisse, paella, and rice.

The saffron market is concentrated, and the degree of concentration will accelerate. The growing use in the pharmaceutical and cosmetics industries will offer immense growth opportunities. However, the high production costs will hamper the market growth.

Saffron Market 2023-2027: Market Dynamics

Key Drivers

A major driver for the growth of the saffron market is its growing use in the pharmaceutical and cosmetics industries.
Saffron is a spice that has been utilized in cooking and conventional medication for millennia.
Saffron has recently attracted attention due to its potential applications in the cosmetics and healthcare industries. Saffron has been examined for its likely mitigating, hostile to malignant growth, and neuroprotective properties in the drug area.
Moreover, it has been exhibited to further develop temperament and may assist with treating wretchedness and uneasiness.
Saffron has likewise been explored for its capability to bring down the gamble of coronary illness and work on cardiovascular well-being.
Hence, such uses are expected to drive the demand for the market during the forecast period.

Major Challenges

A major challenge hampering the growth of the saffron market is the high production costs.
Saffron is one of the most expensive spices in the world due to its labor-intensive cultivation method. Saffron is physically reaped by hand-picking blossoms that just have three marks of shame.
Saffron requires approximately 75,000 flowers to make one pound (lb). The labor-intensive and time-consuming process of harvesting drives up production costs.
Saffron is a low-yield crop that grows best in conditions with adequate sunlight, well-drained soil, and dry conditions. The way that not all regions approach these ideal developing circumstances further decreases the stockpile of saffron and raises its price.
Hence, such factors are known to impede the market growth of saffron during the forecast period.

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Saffron Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist saffron market growth during the next five years
Estimation of the saffron market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the saffron market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of saffron market vendors

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TOC

Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Formulation
Market Segmentation by Type
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Company Landscape
Company Analysis
Appendix

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SOURCE Technavio