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Saffron Market

Saffron Market

Saffron Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

132

Base Year:

2022

Date

Jan - 2024

Format:

PDF XLS PPT

Report Code:

VMR-2367

Segments Covered
  • By Type By Type Organic, Conventional
  • By Form By Form Thread, Powder, Liquid
  • By Application By Application Food & Beverage, Medicine, Cosmetics, Other Applications
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 510 Million
Revenue 2030Revenue 2030: USD 770 Million
Revenue CAGRRevenue CAGR (2023 - 2030): 5.4%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): Middle East & Africa
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Saffron Market Share

The global Saffron Market is valued at USD 510 Million in 2022 and is projected to reach a value of USD 770 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 5.4% between 2023 and 2030.

Premium Insights

Saffron, derived from the dried stigmas of Crocus sativus L. flowers, holds the prestigious title of the world’s most expensive spice, often called “Red Gold.” Iran has held the reins of Saffron manufacturing for years, boasting a staggering 90% in international output and exports. Saffron cultivation in Iran requires substantial labor, with 200 person-days per hectare in the production phase alone. Astonishingly, over 70% of family income in Iran is derived from Saffron-related activities, underscoring its economic significance. Saffron extends beyond culinary and medicinal realms and is crucial in various industries. Its historical use as a dye for clothes and artistic endeavors has evolved into a modern application in perfumery and cosmetics. The antioxidant properties of Saffron make it a sought-after ingredient in skincare products, such as sunscreens and lotions, protecting against harmful UV radiation.

Saffron Market Size, 2022 To 2030 (USD Million)

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  • Health and wellness are emerging as driving forces, with Saffron’s rich phytochemical profile making it a focus of medicinal research.
  • The Middle East and Africa accounted for the significant growth, with a revenue share of over 52% in 2022.
  • In 2022, the Thread segment gained around 56% of the Saffron market share.
  • The Conventional segment is contributing to the largest market growth in 2022.
  • Based on Application, the Food and Beverage segment accounted for the potential market expansion.

Top Market Trends

  1. Consumers worldwide have been showing a growing preference for natural and organic products. This trend has influenced the Saffron market, with consumers seeking Saffron free from synthetic additives and pesticides.
  2. Saffron is utilized in traditional cuisines and has also found its way into numerous innovative products, including Saffron-infused drinks, cosmetics, and wellness products. This diversification of product offerings has contributed to market growth.
  3. Advances in agricultural practices and technology have contributed to increased Saffron production efficiency. This includes improved cultivation methods, irrigation systems, and post-harvest processing techniques, leading to higher yields and potentially more competitive pricing.
  4. Consumers are becoming more conscious of the product’s origin and quality. Saffron producers and suppliers are responding by implementing quality control measures and obtaining certifications to ensure the authenticity and purity of their Saffron products.

Report Coverage & Deliverables

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  • Real-Time Data Updates:
  • Competitor Benchmarking
  • Market Trends Heatmap
  • Custom Research Queries
  • Market Sentiment Analysis
  • Demographic and Geographic Insights

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Economic Insights

The Saffron production industry extensively influences the global economy, providing a significant income supply for countries such as Iran, India, Afghanistan, and Spain. Employment generation is notable, with thousands of individuals globally involved in cultivation, processing, and marketing. However, challenges persist, including high labor requirements and marketing margins, often leaving producers with less than 65% of the final consumer price. Moreover, Saffron’s importance in global trade is evident through its integration into various food products, such as Saffron rice, tea, and spice mixes. The spice’s diverse applications generate widespread demand, fostering international trade and economic growth.

Market Segmentation

The Global Saffron Market is segregated into the below-mentioned segments as:

The global Saffron market can be categorized into Type, Form, Application, Region. The Saffron market can be categorized into Organic, Conventional based on Type. The Saffron market can be categorized into Thread, Powder, Liquid based on Form. The Saffron market can be categorized into Food & Beverage, Medicine, Cosmetics, Other Applications based on Application. The Saffron market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Below tree is interactive. You can click the nodes to get more information.

Based on Type

Conventional Saffron Expected to Lead Maximum Market Share in the Future

The conventional Saffron market is currently the largest segment. Conventional Saffron still dominates the global market, although there is high demand for organic Saffron because of its perceived health and environmental benefits. This can be attributed to lower manufacturing prices, easy availability, and long-standing market presence. However, the organic Saffron market is gradually expanding as more consumers prioritize organic and sustainable products.

Based on Form

Thread Form Forecast to Lead Extreme Market Revenue in Forecast Period

In 2022, Saffron in thread form is expected to account for approximately 56% of the Saffron market. The increasing preference for pure and unadulterated products is a key factor propelling the demand for Saffron threads. These threads align with consumers’ preferences for authentic and healthy products, as they maintain the spice’s original state without adding additives or undergoing extensive processing. Beyond their culinary appeal, Saffron threads hold symbolic and cultural significance in various cuisines, enhancing traditional dishes’ authenticity and visual allure. Renowned for adding elegance and a striking visual impact, Saffron threads have gained popularity in gourmet and upscale dining experiences.

Based on Application

Food & Beverage Segment Anticipated to Dominate the Market in Projected Period

The Food and Beverage segment will likely witness the greatest market growth during the forecast period due to the increasing incorporation of Saffron as a natural ingredient in formulations. The addition of Saffron enhances the flavor profile of diverse food types. The expanding food sector across different regions is expected to contribute to the rising demand for Saffron. Also, the growing demand for premium cuisine, ethnic food trends, and gourmet products is driving this segment.

Based on Region

Middle East & Africa Expected to Dominate Global Sales in Estimated Period

Geographically, the Middle East & Africa is contributing to the global market. This can be attributed to the increase in popularity of its inclusion in traditional cooking. Saffron plays a vital role in numerous regional dishes, including biryanis, pilafs, and tagines. Additionally, it is utilized to give flavor to various sweets and desserts. Among regions, Iran is the foremost Saffron-producing nation, attributed to its extensive scale of production volumes.

The popularity of Moroccan Saffron is not confined to culinary applications but extends to various facets of daily life. Beyond the kitchen, the spice plays a central role in cultural practices, utilized to brew Saffron tea and even as a natural dye in fabrics. Widely integrated into traditional dishes, Saffron is a staple in Moroccan cuisine, adding flavor and vibrant color. Incorporating Saffron into Moroccan cosmetics and beauty products, including lotions and creams, showcases its versatile applications.

Competitive Landscape

The Saffron market is expanding worldwide, with new players coming from diverse areas across Asia, Europe, and the Americas. As cultivation extends beyond traditional hubs, the competitive landscape becomes more varied, fostering innovation and a steady supply to meet the growing global demand. For instance, Safrante Specialty Foods S.A. is a prominent player in the Saffron market, boasting a skilled professional team and extensive experience in Saffron production. They focus on manufacturing and wholesaling Saffron threads, Saffron powder, and their flagship derivative, Safrante.

With a global presence spanning over 20 nations, Safrante has established itself as a key player in the Saffron market. Their main brand, SAFRANTE®, stands out as a unique and natural derivative with no additives. This innovative product preserves Saffron's distinct aroma, vibrant color, and unparalleled flavor. Notably, SAFRANTE is the first and only product globally that can rival the queen of spices while offering a significant cost advantage. This competitive edge positions Safrante Specialty Foods S.A. as a leader in the Saffron market, combining quality, innovation, and affordability. The key players in the global Saffron market include - Esfedan Trading Company (Iran), Safrante Specialty Foods S.A. (Spain), Saffron Business (Iran), Gohar Saffron (Iran), Rowhani Saffron Co. (Iran), Tarvand saffron Ghaen Company (Iran), Kashmir Kesar Leader (India), Mehr Saffron Company (U.S.), King Kesariya (India), Great American Spice Company (U.S.) among others.

Segmentation of the Global Saffron Market

Parameter Details
Segments Covered

By Type

  • Organic
  • Conventional

By Form

  • Thread
  • Powder
  • Liquid

By Application

  • Food & Beverage
  • Medicine
  • Cosmetics
  • Other Applications

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Esfedan Trading Company (Iran)
  • Safrante Specialty Foods S.A. (Spain)
  • Saffron Business (Iran)
  • Gohar Saffron (Iran)
  • Rowhani Saffron Co. (Iran)
  • Tarvand saffron Ghaen Company (Iran)
  • Kashmir Kesar Leader (India)
  • Mehr Saffron Company (U.S.)
  • King Kesariya (India)
  • Great American Spice Company (U.S.)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Saffron valued at USD 510 Million in 2022 and is expected to reach USD 770 Million in 2030 growing at a CAGR of 5.4%.

  • The prominent players in the market are Esfedan Trading Company (Iran), Safrante Specialty Foods S.A. (Spain), Saffron Business (Iran), Gohar Saffron (Iran), Rowhani Saffron Co. (Iran), Tarvand saffron Ghaen Company (Iran), Kashmir Kesar Leader (India), Mehr Saffron Company (U.S.), King Kesariya (India), Great American Spice Company (U.S.).

  • The market is project to grow at a CAGR of 5.4% between 2023 and 2030.

  • The driving factors of the Saffron include

  • Middle East & Africa was the leading regional segment of the Saffron in 2022.