Global Saffron Market to Grow at 7.76% During 2024-2032, Catalyzed by Widespread Product Utilization in the F&B Industry

June 08, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Saffron Market Report by Type (Organic, Conventional), Form (Thread, Powder, Liquid), Application (Food, Pharmaceuticals, Cosmetics, and Others), and Region 2024-2032," the global saffron market is expected to grow at a CAGR of 7.76% during 2024-2032. Saffron refers to a vibrant, reddish-gold spice thread derived from the delicate stigmas of the saffron crocus flower. Its commercial production involves careful handpicking of stigmas from each flower, followed by drying, separation, grading, and packaging. Saffron is a rich source of carotenoids, niacin, dietary fiber, proteins, amino acids, potassium, calcium, magnesium, iron, and vitamins A, C, and B3. It is widely used in cooking, baking, confectionery, traditional medicines, cosmetics, fragrances, textiles, and personal care products. It has an earthly, floral, and slightly bitter flavor, which provides a distinct taste and aroma to dishes. Saffron also assists in uplifting mood, enhancing cognitive functions, increasing satiety, reducing the risk of vision loss, relieving digestive issues, and alleviating menstrual symptoms.

Global Saffron Market Trends:

The widespread product utilization in the food and beverage (F&B) industry is one of the primary factors propelling the market growth. Saffron is widely used in culinary applications to add distinct aroma, flavor, and color to biryani, paella, soups, stews, sauces, teas, alcoholic drinks, cakes, pastries, cookies, ice creams, and chocolates. Along with this, the increasing product utilization in traditional and festive dishes in various cultures is acting as another growth-inducing factor. Furthermore, the growing product adoption in medicinal and herbal applications to treat digestive issues, menstrual disorders, insomnia, depression, and age-related macular degeneration, owing to its anti-inflammatory, antioxidant, and mood-enhancing properties, is favoring the market growth. Additionally, the introduction of precision agriculture and greenhouse cultivation, which improves crop quality, enables year-round production, and provides better control over environmental factors such as temperature, humidity, and light, is contributing to the market growth. Besides this, the implementation of supportive government policies to promote saffron cultivation and protect the identity, reputation, and origin of saffron produced in different regions is positively influencing the market growth. Apart from this, the rising product adoption in cosmetics and personal care products, such as serums, creams, face masks, perfumes, lotions, and soaps, to improve skin texture, reduce blemishes, and promote a youthful appearance is providing an impetus to the market growth. Other factors, including the growing expenditure capacities of consumers, the increasing adoption of sustainable agricultural practices, and widespread product availability across various online retail platforms, are anticipated to drive the market growth.

Market Summary:

  • On the basis of the type, the market has been bifurcated into organic and conventional.
  • Based on the form, the market has been classified into thread, powder, and liquid. Among these, thread accounted for the largest market share.
  • On the basis of the application, the market has been divided into food, pharmaceuticals, cosmetics, and others. At present, food holds the largest market share.
  • On a regional basis, the market has been categorized into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Among these, Asia Pacific represents the largest market.
  • The competitive landscape of the industry has also been examined, with some of the key players being Esfedan Trading, Flora Saffron, Gohar Saffron, Grandorco, Great American Spice Company, HEA&CO, Mehr Saffron Company, Rowhani Saffron Co., Safrante Global Company S.L.U., Taj Agro International, Tarvand Saffron Co.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Type, Form, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Esfedan Trading, Flora Saffron, Gohar Saffron, Grandorco, Great American Spice Company, HEA&CO, Mehr Saffron Company, Rowhani Saffron Co., Safrante Global Company S.L.U., Taj Agro International and Tarvand Saffron Co.
Customization Scope 10% Free Customization
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Global Saffron Market to Grow at 7.76% During 2024-2032, Catalyzed by Widespread Product Utilization in the F&B Industry
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