Saffron Market - Forecast 2022-2027

Soumya kalaveni

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The Saffron Market size is estimated to reach $682.3 million by 2027, growing at a CAGR of 8.1% during the forecast period 2022-2027.

Saffron Market

The Saffron Market size is estimated to reach $682.3 million by 2027, growing at a CAGR of 8.1% during the forecast period 2022-2027. Saffron is an aromatic, bitter grassy spice fabricated from a flower named crocus sativus which belongs to the Iridaceae plant family used for food coloring. This spice has a hay-like aroma because of its phytochemicals presence and comes in a variety of colors which include red, yellow, orange, and others. Saffron is one of the costliest (by weight) and most commonly used seasoning and coloring agents that confer adequate color to foods. Safranal, crocin, crocetin, kaempferol, and monoterpene glycoside picrocrocin are examples of chemical compounds that are found in this medicinal spice and help in preventing certain brain complications. Moreover, they safeguard body cells from free radical attacks. Apart from antioxidants, saffron is home to vitamins such as riboflavin, vitamin A. Vitamin C, and niacin play a decisive role in ensuring the overall health of the body. The ascending awareness among people regarding health benefits and heightened demand for packaged food, natural coloring agents, and spices like chili powder are factors set to drive the growth of the Saffron Market for the period 2022-2027.

Report Coverage

The report: “Saffron Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Saffron Market.

By Application: Personal Care Products, Food & Beverages, Nutraceuticals, and Others.

By Form: Strands and Powder.

By Distribution Channel: Offline and Online.

By End User: Industry (Pharmaceutical, Foodservices, and others) and Households.

By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).

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Key Takeaways

Geographically, Asia-Pacific Saffron Market accounted for the highest revenue share in 2021. Furthermore, Asia-Pacific is poised to dominate the market over the period 2022-2027.
Enlarging health conditions like asthma, Alzheimer's, and cancer, spiking threat of communicable viruses, and escalating usage in foods, pharmaceuticals, and personal care products are said to be preeminent drivers driving the growth of the Saffron Market. Exorbitant prices, negatively impacted processing activities because of the pandemic, and the growing threat of climatic abnormalities are said to reduce the market growth.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Saffron Market report.

Saffron Market Share, By Geography (%) in 2021