Saffron Market

Market Overview 2024-2032:

The global saffron market size reached US$ 518.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,017.8 Million by 2032, exhibiting a growth rate (CAGR) of 7.76% during 2024-2032. The increasing commercial spaces, rising health consciousness, and the growing product usage in medicines represent some of the key factors driving the market.

The Rising Government Schemes is Augmenting the Growth of the Market

Governing agencies of numerous countries are undertaking initiatives to increase the cultivation of saffron. This currently represents one of the major factors driving the demand for saffron around the world. These initiatives are also improving the livelihoods of the saffron farmers. Besides this, governing agencies are promoting advanced cultivation practices and providing constant support to saffron growers.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented due to the presence of numerous regional and global players. The volume of new entrants is moderate in the saffron industry due to low product differentiation.

What is Saffron?

Saffron refers to a spice derived from the dried stigmas of the Crocus sativus plant. It is rich in vitamins, minerals, manganese, potassium, magnesium, carotenoids, and other essential nutrients. It aids in improving mood, enhancing memory and cognitive function, reducing inflammation, and minimizing the symptoms of depression and anxiety. As it exhibits anti-depressant, antioxidant, and antiseptic properties, it is commonly used in the treatment of asthma, cough, cold, and measles. Saffron is also utilized for adding fragrances to perfumes and desired color to textile dyes. It is available in the form of thread, liquid, and powder and used as a coloring and flavoring agent in various food products.

COVID-19 Impact:

The COVID-19 pandemic outbreak caused a significant impact on the saffron industry and imposed unprecedented challenges on various countries. In the early stages of the pandemic, saffron farmers faced difficulties accessing labor to harvest the delicate flowers. Many of the migrant workers who typically traveled to saffron-growing regions were unable to do so due to travel restrictions and lockdowns. This led to labor shortages and lower yields, which resulted in higher prices for saffron. Additionally, the closure of restaurants and other food service businesses had a negative impact on demand for saffron. With fewer people dining out, the demand for high-end ingredients like saffron decreased, resulting in lower prices for the spice. Despite these challenges, some saffron producers were able to adapt to the changing market conditions. Some shifted their focus to online sales, while others began selling their saffron to local markets rather than relying solely on international trade. However, these solutions were not feasible for all saffron producers, particularly those in developing countries with limited internet access and e-commerce infrastructure.

Saffron Market Trends:

The increasing number of commercial spaces, such as restaurants, hotels, and cafes, that are incorporating the use of saffron as an ingredient in different cuisines represents one of the major factors strengthening the market growth around the world. Moreover, the rising health consciousness and the growing awareness about the health benefits of saffron are influencing the market positively. In addition, the increasing adoption of plant based diets among individuals is driving the demand for saffron to enhance the flavor of vegetarian and vegan dishes. Apart from this, the rising usage of saffron in traditional and alternative medicine to treat various ailments is favoring the growth of the market. Furthermore, saffron is employed in the manufacturing of personal care and cosmetic products, such as lotions, cleansers, face wash, shower gel, soaps, anti-blemish and fairness creams, and shampoos. This, coupled with the growing sales of saffron based personal care and cosmetic products via offline and online retail channels, is creating a positive outlook for the market. Besides this, product manufacturers are introducing organic and chemical-free variants to meet the requirements of consumers. They are also adopting the use of advanced methods and technologies to produce ready and semi ready to use saffron products to expand their consumer base and meet the changing needs of consumers. Key players are focusing on innovative packaging formats to attract more consumers and gain a competitive edge in the market. Additionally, the easy availability of saffron via offline stores and online websites or applications is strengthening the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global saffron market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, form and application.

Type Insights:

• Organic
• Conventional
   

The report has provided a detailed breakup and analysis of the saffron market based on the type. This includes organic and conventional.

Form Insights:

• Thread
• Powder
• Liquid
   

A detailed breakup and analysis of the saffron market based on the form has also been provided in the report. This includes thread, powder, and liquid. According to the report, thread accounted for the largest market share as it is the most basic form of saffron usually used in many end-use industries including the food and beverage (F&B) and is relatively cost-effective as compared to other counterparts, such as powder and liquid. It is also used to treat cough, cold, and other minor health conditions.

Application Insights:

• Food
• Pharmaceuticals
• Cosmetics
• Others
   

A detailed breakup and analysis of the saffron market based on the application has also been provided in the report. This includes tea and coffee, chilled food and beverage, and other food and beverages. According to the report, food accounted for the largest market share due to its magnificent color richness and flavor. Moreover, the rising demand for packed food products and the presence of a large number of frozen food manufacturers is influencing the market positively.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for saffron. The increasing awareness about the benefits associated with saffron represents one of the major factors propelling the market growth in the Asia Pacific region. Moreover, the rising use of saffron in the preparation of various cuisines is favoring the market growth in the region. Besides this, the growing usage of saffron in the cosmetics industry is influencing the market positively in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global saffron market. Some of the companies covered in the report include:

• 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.
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the saffron market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global saffron market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the saffron industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.