As cited by the business intelligence report titled ‘Global Saffron Market Size study, by Application (Food, Medical, Cosmetics and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global saffron market was worth USD 881.7 million in 2019 and is projected to record a 7.3% CAGR over 2020-2027, subsequently reaching a valuation of USD 1.549 billion by the end of the forecast period.
 

As per the report findings, rising adoption of the product in various medicinal applications as well as textile dying, coupled with rapid development in the cosmetics vertical are accelerating global saffron market expansion.
 

Surging investments towards research & development activities on saffron compounds, along with increasing utilization of saffron as a cooking ingredient, primarily due to rising disposable incomes and evolving standards of living, are adding substantial traction to the market growth.
 

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For those unaware, saffron is a thread-like spice that is derived from a flower named saffron crocus. It is widely used for coloring and seasoning of food after it is collected and dried. In this context, shifting consumer preferences towards naturally sourced products instead of artificial additives is stimulating global saffron market outlook.
 

On the contrary, specific cultivation requirements, and high costs associated with the product as well as rigorous agricultural labor will continue to barricade business development in the forthcoming years.
 

From a regional frame of reference, North America, Asia-Pacific, Europe, and Latin America are the key contributors of global saffron market valuation. Among these, Europe currently leads the market forecast and is predicted to experience considerable expansion through 2027. Rapid development in existing trade channels, along with evolving standards of living are propelling the regional industry growth.
 

Meanwhile, Asia-Pacific saffron market is anticipated to amass significant returns over 2020-2027, on account of increasing export activities, and surging domestic demand for natural ingredients.
 

Moving on to competitive landscape, Rowhani Saffron Co., Mehr Saffron Co., Concentra Inc., Iran Saffron Co., Tarvand Saffron Ghaen Co., Saffron Business Co., Esfedan Saffron Trading Co., Royal Saffron Co., Safrante Global Company S.L.U., and Flora Saffron are the prominent organizations influencing global saffron market trends.