With a CAGR of 5.3 percent, the saffron market in target countries (Netherlands, Iran, United States, United Kingdom, Germany, France, Spain, China, Belgium, Luxembourg, and Italy) is expected to reach US$ 620 million by 2026.
According to Future Market Insights’ analysis, “Saffron Market: Global Industry Analysis and Opportunity Assessment, 2016-2026,” increased demand for plant-based natural ingredients is driving saffron consumption in these nations. The report’s key findings suggest that demand for saffron threads in particular will be stronger than for other forms. Saffron threads worth more than US$ 200 million were eaten in the targeted nations in 2016. Powdered saffron, on the other hand, is gaining traction and is expected to grow at a CAGR of 6.6 percent through 2026.
The development of the worldwide saffron market is being influenced because of the creation of phony saffron. Fake saffron is sold at far lower costs, which is influencing generally market development. The exchange of fake saffron is influencing shopper buying choices and adversely affecting the generosity of makers. Moreover, with diminished market validity, there is an absence of unofficial laws and steps to control the progression of fake saffron on the lookout, as most would consider being normal to limit market development during the figure time frame
The retail business will continue to be the major end-user of saffron in these nations, according to the analysis. Retailers are expected to account for more than US$ 160 million in saffron sales. Nonetheless, the market will see a significant increase in saffron’s end-use for cosmetics manufacture, with sales rising at a CAGR of 5.1 percent. Saffron’s use as a spice, herb, or flavoring element will further influence its popularity. Moreover, the flavoring & spice function will account for roughly three-quarters of saffron sales generated in these nations over the forecast period.
Key highlights from the report on the saffron market for targeted countries include:
- More than 90 Mn worth of saffron powder will be consumed in the US by the end of 2026
- In the UK’s saffron market, the medical & pharmaceutical industry will record revenue growth at a 6% CAGR during the forecast period
- Demand for saffron will be low in Germany, with the country’s market expected to be valued at just over US$ 4 Mn by 2026-end.
- The saffron market in France, Spain, China, Luxembourg, and Italy will expand at a rate of less than 3% per year between 2016 and 2026.
- The saffron market in the Netherlands will grow by US$ 2 million between 2016 and 2026.
The report also profiles leading saffron manufacturers operating in these countries, including 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.