Saffron Market Set for Huge Expansion during 2022-2026 Profiling Leading Players

By the end of 2026, the saffron market in target countries (Netherlands, Iran, United States, United Kingdom, Germany, France, Spain, China, Belgium, Luxembourg, and Italy) is estimated to be worth roughly US$ 620 million, with a CAGR of 5.3%.

In the report, titled "Saffron Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," Future Market Insights projects that rising demand for plant-based natural ingredients is driving the saffron consumption in these countries. Key findings in the report indicate that demand for saffron threads, in particular, is expected to be higher than other forms. In 2016, more than US$ 200 Mn worth of saffron threads were consumed across targeted countries. Demand for powdered saffron, however, is also gaining momentum, and is anticipated to register a value CAGR of 6.6% through 2026.

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The report reveals that retail industry will continue to be the largest end-user of saffron in these countries. More than US$ 160 Mn worth of saffron is projected to be accounted by retail businesses. Nevertheless, the market will notice considerable rise in the end-use of saffron for production of cosmetics, revenues from which will soar at 5.1% CAGR. Consumption of saffron will also be driven by its function as a spice, herb, or a flavouring ingredient. And, nearly three-fourth of saffron revenues amassed from these countries will be accounted by flavouring & spice function throughout the forecast period.

Key highlights from the report on saffron market for targeted countries include:

Iran's saffron market will expand at 5.7% CAGR, and register substantial growth in production of powdered saffron
More than 90 Mn worth of saffron powder will be consumed in the US by the end of 2026
In UK's saffron market, medical & pharmaceutical industry will record revenue growth at 6% CAGR during forecast period
Demand for saffron will be low in Germany as the country's market is expected to be valued at just over US$ 4 Mn by 2026-end
The saffron market in France, Spain, China, Luxemburg and Italy will exhibit growth at less than 3% CAGR
Between 2016 and 2026, Netherlands' saffron market will showcase an incremental opportunity of US$ 2 Mn

The report also profiles leading manufacturers of saffron partaking in the markets across these targeted countries, namely, Safrante Global Company, SLU, Evolva, Rowhani Saffron Co., Hijos de Eustaquio Abad & Co. SL, Sara Nuts, Tarvand Saffron Co., USMS Saffron Co. Inc., Royal Saffron Company, Saharkhiz International Group Companies, Gohar Saffron, Novin Saffron Co., and Azafranes Machegos SL.

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Market Segmentation

By Form

Thread
Powder
Liquid

By End Use

Retail
Food Service
Culinary Products
Dairy Products
Confectionery
Tea
Others
Medical & Pharmaceuticals
Cosmetics
Skin Care
Hair Care
Others

By Function

Flavouring & Spice
Herbs
Others

By Key Countries

Netherlands
Iran
U.S.
U.K.
Germany
France
Spain
China
Belgium
Luxembourg
Italy

Frequently Asked Questions

What is the outlook of the saffron market from 2016 to 2026?
Which manufacturers are currently active in the global saffron industry?

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.