North America Saffron Tablet Market - Segmented by Type, Packaging, and Geography (2017 - 2022)
The North American saffron tablet market was valued at USD XX billion in 2016 and is projected to reach USD 134.8 million by 2022, registering a CAGR of 4.1%, during 2017-2022 (the forecast period). North America is the largest consumer of saffron while most of it is imported in the region. Iran is the world’s largest producer of saffron.
Saffron tablet is composed of bioactive compounds extracted from saffron (Crocin) that has numerous health benefits and medicinal properties.
GROWTH IN NUTRACEUTICALS MARKET= INCREASED SAFFRON PILL DEMAND
The demand growth for a natural and herbal supplement is driving the North American market. The elimination of ban for saffron import to the United States from Iran is another major factor driving the market growth. The demand for premium quality saffron is high in the United States, which is mainly used for nutraceutical/pharmaceutical grade tablet production. High dependency on saffron import, which is used as raw material for the industry, is affecting the market growth.
NUTRACEUTICALS DRIVING THE MARKET
The market has been segmented on the basis of the application type, and geography. Based on application, the market is segmented into pharmaceutical, and nutraceutical. Saffron application in pharmaceuticals accounts for the major market share, in terms of value. Nutraceutical/health supplement market is growing at a higher rate. The pharmaceutical application involves premium grade of the saffron bioactive compound called crocin. It is then formulated with other active components for drug formulation.
Major Market Players Include:
Tallwell Nutrition Inc.
Evolva dominates the market with a share of XX%, followed by Epicure Garden.
Partnerships are the major focus of companies, in order to sustain in the market competition.
NOTABLE MARKET DEVELOPMENTS
Evolva Holdings SA signed a partnership agreement with, the flavour giant, Takasago, to expand flavour and fragrance segment of the market.
Epicure Garden launched a new nutraceutical product based on saffron, which provides eye-related health benefits.
Our North America Saffron Tablet Market Report Covers:
Market trends & dynamics
Latest News & developments
Porter’s five force analysis
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