Spanning across the globe as one of the most essential ingredient in the world, saffron continues to gain surplus demand in both, developed and developing economies. Future Market Insights has recently published its report on the saffron market, specifically targeting countries such as the US, China, Iran, Belgium, Netherlands, Luxemburg, Germany, Italy, Spain, France and the UK. According to the report, more than US$ 360 Mn worth of saffron was consumed across these countries in 2016. The report further projects that saffron market for these targeted countries will grow steadily at 5.3% CAGR, bringing in an estimated US$ 617 Mn by the end of 2026.
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.
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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