Oilfield Chemicals Market Poised for Steady Growth in the Future By 2025

The global saffron market size was valued at USD 645.9 million in 2015 and is expected to grow at a CAGR of 12.0% over the forecast period on account of its increased use in food applications due to its superior flavor and color. It is mainly cultivated in arid and semi-arid climatic conditions and is labor intensive, which is a major factor responsible for the high price of saffron.
Product demand has been increasing in medical applications on account of its use as an antioxidant, antiseptic, anti-depressant, and an anti-convulsant. The rising popularity of natural products in the medical industry has boosted the need for herbal health supplements and is expected to propel the market over the next nine years. The product can also be used to treat asthma, whooping cough, dry skin, and similar other common ailments. Growth in the medical sector particularly in North America and Europe is expected to have a positive impact on the industry.
U.S. saffron market revenue, by application, 2014 - 2025 (USD Million)
U.S. saffron market
Food is the largest application segment and is expected to gain share on account of growing product use as a natural food ingredient. It is used as an alternative to chemical food ingredients in the diary & confectionery industry in various preparations including milk, tea, ice cream, jelly, fruit cakes, muffins, cake powder, and baking powder. Product addition to various food types enhances the essence. Expansion of the food sector in various regions is expected to fuel product demand over the next nine years.
Increasing need from the cosmetics sector on account of its growing use in the production of fairness creams, anti-blemish lotions, and cleansers is expected to fuel industry growth. In addition, the product is widely used due to its properties such as glowing skin, tan and acne removal, and treatment of similar other skin problems. Rising use in the cosmetic sector is expected to drive the market from 2016 to 2025.
Specific climatic conditions for cultivation, rising labor costs coupled with the high price of the product are expected to pose a challenge for industry growth. Additionally, lack of integration in the supply chain may have negative implications on the distribution network, which in-turn would restrict industry development. 
To Know More Information  @ https://www.grandviewresearch.com/industry-analysis/saffron-market
Further key findings from the report suggest
  • The market is expected to grow at a CAGR of 12.0% from 2016 to 2025 on account of increasing use in the food sector
  • 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
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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