The Global Saffron Market is expected to reach USD 2.0 billion by 2025, according to a new report by Hexa Reports. Rising product use in food applications as a flavoring and coloring agent will augment growth over the next nine years.
The product is being employed in medical applications to treat dry skin, cough, and asthma. Rising demand from the pharmaceutical sector on account of its antioxidant, anti-inflammatory, anti-tumor, and anti-diabetic properties is expected to have a positive impact on the industry. Growing popularity as an herbal health supplement is expected to propel product growth over the next nine years.
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Rising product use in the treatment of acne, tan removal, and other skin related issues, is expected to fuel its need in the manufacturing of skin care products which in turn will fuel demand.
Increasing product use in textile and paint applications on account of properties such as oriental fragrance, natural color dyeing, and replacement of chemical color pigment respectively will propel industry development. Expansion of the perfume sector in Middle East & Africa and Asia Pacific is expected to propel product need over the next nine years.
The saffron market is a labor intensive sector along with specific agro-climatic condition requirements, which imply high production costs which in turn impact product prices. This factor may restrain industry development over the forecast period.
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Further key findings from the report suggest:
• Food as an application of the product will witness the fastest growth in terms of revenue at a CAGR of over 13% from 2016 to 2024 owing to its flavoring and coloring properties
• Europe market is expected to witness significant development and was estimated at over USD 250 million in 2015 on account of rising demand from the food and healthcare sector
• Key participants include Gohar, Rowhani., Iran Saffron Company, and Saffron Business Co.
• Key companies are focused on increasing their global presence through the integration of supply chain.
• In January 2017, Rowhani revised its product manufacturing schedule to implement mechanization and use scientific research to enhance product quality
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